KRAKEN FUTURES COMPETITION OFFICIAL RULES
BY ENTERING THE COMPETITION, YOU AGREE TO THESE OFFICIAL RULES, THE KRAKEN.COM TERMS OF SERVICE, AND THE PAYWARD BROKERS PTE. LTD TERMS & CONDITIONS, WHICH EACH FORM A CONTRACT, READ THEM CAREFULLY BEFORE ENTERING. NO PURCHASE, PAYMENT, OR FUNDING NECESSARY TO PARTICIPATE OR WIN. PURCHASE, PAYMENT, OR FUNDING WILL NOT INCREASE YOUR CHANCES OF WINNING.
Kraken Futures Competition (“Competition”) is run by Payward Brokers Pte. Ltd., a company incorporated in Singapore with registered number 201917834G and registered address at 8 Temasek Boulevard, #15-04, Suntec Tower Three, Singapore 038988 (“Kraken”).
Eligibility to Participate in the Competition:
Subject to these Ofﬁcial Rules, the Competition is open only to those who:
- Agree to the Kraken.com Terms of Service and create a Kraken Account (as defined in the Kraken.com Terms of Service) prior to entering the Competition; and
- Ensure your Kraken Account is verified to the Intermediate or Pro level; and
- Agree to the Payward Brokers Pte. Ltd Terms & Conditions and create an Account (as defined in the Payward Brokers Pte. Ltd Terms & Conditions) prior to entering the Competition; and
- Are not a Market Maker or Institutional account; and
- Are not otherwise ineligible to participate under the Kraken.com Terms of Service, the Payward Brokers Pte. Ltd Terms & Conditions, these Official Rules, and applicable law.
Employees, ofﬁcers, directors, managers, agents, consultants and representatives and family members of Kraken employees and consultants (or people living in the same household whether related or not), or their corporate partners, divisions, subsidiaries, afﬁliates, successors in interest, advertising, promotion, and public relations agencies (collectively, the “Competition Entities”) are not eligible. For the purposes of the Competition, family members are deﬁned as spouse, mother, father, legal guardian, in-laws, grandmother, grandfather, brother, sister, children and grandchildren (including “step” as they may apply).
The “Competition Period” begins at 00:00 UTC on October 30, 2023, and ends at 12:00 UTC on November 28, 2023. Prize Winners will be determined on or about November 28, 2023. You are only able to win 1 prize during the Competition Period.
How to Participate:
To participate in this Competition, you will need to:
- 1Click on the “Get Started Now” link from the Competition landing page.
- 3Once you are signed into your Kraken Account, you will need to verify your account to the Intermediate or Pro level if you have not already done so.
- 4Select your competition nickname and register from Kraken Pro.
- 5Once you have successfully registered for the Competition, your Multi Collateral Futures wallet will be funded with a Competition Voucher valued at the equivalent of $10 USD.
- 6Using your Competition Voucher, you can place your first Multi Collateral Futures Order and track your performance against other participants on the Competition Leaderboard on Kraken Pro.
Kraken reserves the right to disqualify participants for (1) violation of these Official Rules, including breach of the Kraken.com Terms of Service or the Payward Brokers Pte. Ltd Terms & Conditions; (2) violations of applicable law; (3) using an Account other than your own Account; (4) using multiple accounts; (5) engaging in unfair competition as determined by Kraken in its sole discretion, or (6) inappropriate, offensive, or other derogatory language or information (including for example offensive Competition nicknames).
Prize Winners must respond to the Prize Winner notification email within 96 hours of it being sent (or the time frame indicated in the Prize Winner notification email, if longer than 96 hours). If a Prize Winner fails to respond to the notification email within the stated timeframe, then that Prize Winner may be disqualified and will forfeit any claim to any Prize(s).
Kraken is not responsible for any changes or unavailability of your internet, your Kraken Account, your Account, or any other interference with your ability to access or otherwise participate in the Competition, including your ability to timely enter, be credited with a Competition Voucher, or receive notices or communicate with Kraken.
Your Multi Collateral Futures wallet will be funded with a Competition Voucher valued at the equivalent of $10 USD. Except as set forth in these Official Rules, the Competition Voucher will be treated on the same terms as if it is $10 USD collateral asset. The Competition Voucher may only be used as Collateral (as defined in the Payward Brokers Pte. Ltd Terms & Conditions) and pay fees/funding rates in your Multi Collateral Futures wallet and cannot be withdrawn, transferred, redeemed, or otherwise used except as Collateral within your Multi Collateral Futures wallet. If you do not make an Multi Collateral Futures Order during the Competition Period, you forfeit the Competition Voucher and it will be reclaimed from your Multi Collateral Futures wallet by Kraken at the end of the Competition Period. If you do make a Multi Collateral Futures Order during the Competition Period, the Competition Voucher will remain in your MC Futures wallet unless it is reclaimed to cover fees; reclaimed from your MC Futures wallet by Kraken in connection with a Position Liquidation, Position Assignment, or Position Unwind (as those terms are defined in the Payward Brokers Pte. Ltd Terms & Conditions); or reclaimed in connection with the closing of the associated Account.
Determination of Prize Winners:
Ranking of Competition participants will be determined by calculating return on investment (ROI) as follows:
- ROI = Profit / (future account balance at the start of the period + transfers into futures during the period)
- Profit = (futures account balance at the end of the competitive period + futures unrealised profit or loss end of Competition Period) - (futures account balance at start of the Competition Period + futures unrealised profit or loss start of Competition Period) + transfers out of futures wallet during the period - transfers into futures wallet during the period
- ROI will be calculated using USD rates for all futures balances.
For the purposes of the ROI and Profit calculations above, the Competition Voucher is included in USD balances.
Please note that sub-account Profit, loss, trading volume, and ROI will be ignored and not used in calculations of rankings in the Competition; only master account ROI and Profit will be included for the determination of rankings and prize winners in the Competition.
During the Competition Period, rankings will be visible on the Competition leaderboard. A final determination of rankings for the purpose of awarding prizes will be done promptly following the end of the Competition Period.
In the event that multiple participants have the same calculated ROI at the end of the Competition Period, the tie will be broken in the following order:
- 1The participant who has the highest ROI to the fourth decimal as calculated by Kraken.
- 2The participant who first registered for the Competition.
Winners will be notiﬁed via the email address you provided through your Kraken Account.
Ten (10) people will win a prize as follows:
|$100,000 Total Prize Pool
The MC Futures wallet USD collateral balance will be funded in the amount of the prize upon Kraken’s verification of all requirements to receive the prize.
In no event shall Kraken be obligated to award any prizes other than the prizes speciﬁed in these Ofﬁcial Rules. All prize details not speciﬁed in these Ofﬁcial Rules will be determined in Kraken’s sole discretion. Kraken will have no obligations or responsibilities to any participant after the Competition Period expires and prize winner Kraken Accounts have been funded with any prizes. Kraken is not responsible for any inability of the prize winner to accept, access, withdraw, or otherwise use any prize (or portion thereof) for any reason. Kraken is not obligated to award any prizes beyond the stated prizes in accordance with these Official Rules. Participants waive the right to assert as a cost of winning any prize, any and all costs of veriﬁcation and participation in the Competition. Any and all taxes and duties that may be due on the value of the prize is the responsibility of the prize winner.
Positions Remain Open After Competition Period:
Any digital asset or legal tender balances, other than the Competition Voucher, generated during the Competition Period are subject to the applicable terms of the Payward Brokers Pte. Ltd Terms & Conditions during and after the Competition Period, including the ability to withdraw those digital assets or legal tender from your Account at any time as well as the implications of a risk of loss. Lastly, at the end of the Competition Period, all MC Futures Orders will remain active unless you cancel the Order and all MC Futures contracts and positions will remain open unless you close the contracts and positions in accordance with the terms of the Payward Brokers Pte. Ltd Terms & Conditions.
Licenses and Approvals:
You further represent and warrant that you meet all eligibility criteria for participation in the Competition and grant the Competition Entities an irrevocable, perpetual, non-exclusive worldwide license to publish, post, display, copy, distribute, transmit, edit, use alone, together or with other works, and otherwise exploit your Competition information (including Leaderboard Rank, Nickname, P&L (%), and Potential Reward level), and any other indicia of persona in any manner whatsoever throughout the world, including on the internet, and at any time or times, in connection with the Competition, in any and all forms of media, now known or hereafter discovered, without additional compensation, review or approval rights, notiﬁcation or permission, except where prohibited by law, and you release all Releasees from any and all liability related thereto. For the sake of clarity, you give consent and approval to announce Competition results during and at the completion of the Competition Period on the internet and social media applications. YOU FURTHER ACKNOWLEDGE THAT IF YOU ARE A PRIZE WINNER, YOUR IDENTIFYING INFORMATION, INCLUDING BUT NOT LIMITED TO YOUR NAME AND ADDRESS, MAY BE DISCLOSED TO THIRD PARTIES.
Limitation of Liability:
By participating in the Competition, you agree to and hereby do release and hold harmless the Competition Entities from any damage, injury,death, loss, claim, action, demand, or other liability (collectively, “Claims”) that may arise from your acceptance, possession and/or use of any prize or your participation in this Competition, regardless of whether such Claims, or knowledge of the facts constituting such Claims, exist at the time of entry or arise at any time thereafter. Any person attempting to defraud or in any way tamper with this Competition may be prosecuted to the full extent of the law. Kraken reserves the right to modify these Ofﬁcial Rules in any way or at any time. Kraken reserves the right, in its sole discretion, to cancel or suspend this Competition should viruses, bugs or other causes beyond their control corrupt the administration, security or proper operation of the Competition. In the event of cancellation or suspension, Kraken shall promptly post a notice on Kraken’s website to such effect.
Without limiting any other provision in these Ofﬁcial Rules, Competition Entities are not responsible or liable to any participant or prize winner or any person claiming through such participant or prize winner for failure to supply the prize or any part thereof in the event that any of the Competition activities or the Competition Entities’ operations or activities are affected, as determined by the Kraken in its sole discretion, including, without limitation, by reason of any acts of God, any action, regulation, equipment failure, threatened terrorist acts, terrorist acts, air raid, blackout, act of public enemy, earthquake, war, ﬁre, flood, epidemic, explosion, unusually severe weather, hurricane, embargo, labor dispute or strike labor or material shortage, transportation interruption of any kind, civil disturbance, insurrection, riot, or any law, rule, regulation, order or other action adopted or taken by any governmental, federal, state or local government authority, or any other cause, whether or not speciﬁcally mentioned above.
Disputes and Governing Law:
BY PARTICIPATING IN THE COMPETITION, YOU AGREE THAT TO THE EXTENT PERMITTED BY APPLICABLE LAW: (1) ANY AND ALL DISPUTES, CLAIMS AND CAUSES OF ACTION THAT CANNOT BE RESOLVED BETWEEN YOU AND COMPETITION ENTITIES ARISING OUT OF OR CONNECTED WITH THE COMPETITION, OR ANY PRIZE AWARDED, WILL BE RESOLVED INDIVIDUALLY, WITHOUT RESORT TO ANY FORM OF CLASS ACTION; (2) ANY AND ALL CLAIMS, JUDGMENTS AND AWARDS WILL BE LIMITED TO ACTUAL THIRD-PARTY, OUT-OF-POCKET COSTS INCURRED, (IF ANY), NOT TO EXCEED TWENTY FIVE DOLLARS ($25.00), BUT IN NO EVENT WILL ATTORNEYS’ FEES BE AWARDED OR RECOVERABLE; (3) UNDER NO CIRCUMSTANCES WILL YOU BE PERMITTED TO OBTAIN ANY AWARD FOR, AND YOU HEREBY KNOWINGLY AND EXPRESSLY WAIVE ALL RIGHTS TO SEEK, PUNITIVE, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES, LOST PROFITS AND/OR ANY OTHER DAMAGES, OTHER THAN ACTUAL OUT-OF-POCKET EXPENSES NOT TO EXCEED TWENTY FIVE DOLLARS ($25.00), AND/OR ANY RIGHTS TO HAVE DAMAGES MULTIPLIED OR OTHERWISE INCREASED; AND (4) YOUR REMEDIES ARE LIMITED TO A CLAIM FOR MONEY DAMAGES (IF ANY) AND YOU IRREVOCABLY WAIVE ANY RIGHT TO SEEK INJUNCTIVE OR EQUITABLE RELIEF.
Any dispute arising under or related hereto (whether for breach of contract, tortious conduct or otherwise) will be governed by the laws of the State of California, without reference to its conflicts of law principles. By participating in this Competition, you agree that any dispute arising from or relating to this Competition shall be determined by conﬁdential binding arbitration only in San Francisco, CA, by and under the Streamlined Arbitration Rules and Procedures of JAMS, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Notwithstanding the foregoing, Kraken may seek equitable relief in any court of competent jurisdiction. If any provision of these rules is held to be illegal or unenforceable, such provision shall be limited or eliminated to the minimum extent necessary so that these rules otherwise remain in full force and effect and enforceable. The Competition Entities (are not responsible or liable for any of the following: (a) stolen, lost, late, misdirected, garbled, mutilated, damaged, incomplete, inaccurate, or illegible Participants, e-mail, mail, Competition-related correspondence or any technical, computer, mechanical, printing, typographical, human or other errors relating to or in connection with the Competition, including, without limitation, errors which may occur in connection with the administration of the Competition, the transmission of notiﬁcation or correspondence, the processing of participants, the announcement of any prize or in any Competition related materials; (b) technical failures of any kind; (c) unauthorized human and/or mechanical intervention; (d) human error; (e) any error, omission, interruption, defect or delay in transmission or communication; (f) viruses or mechanical malfunctions; (g) errors, typos, or misprints in these Ofﬁcial Rules, in any Competition related advertisements or other materials; or (h) lost or unavailable network connections. Kraken is not responsible for electronic communications that are undeliverable as a result of any form of ﬁltering or insufﬁcient space in your e-mail account. Kraken is not responsible, and may disqualify you, if your e-mail address, telephone, or other contact information does not work or if it is changed without giving prior written notice to Kraken. If for any reason your participant is conﬁrmed to have been erroneously deleted, lost or otherwise destroyed, corrupted or for any other reason not accepted as an entry into the Competition, your sole remedy is another entry in the Competition.
The terms of the Payward Brokers Pte. Ltd Terms & Conditions apply to your use of the Services (as defined in that agreement) and are incorporated herein by reference. Kraken’s failure to enforce any term of these Ofﬁcial Rules shall not constitute a waiver of that provision. Kraken’s decisions will be ﬁnal in all matters relating to the Competition. Kraken reserves the right to restrict or void participation from any IP address if any suspicious participation is detected. Kraken reserves the right, in its sole discretion, to void Participants who Kraken believes have attempted to tamper with or impair the administration, security, fairness or proper play of the Competition. In the event there is an alleged or actual ambiguity, discrepancy or inconsistency between disclosures or other statements contained in any Competition-related materials and/or these Ofﬁcial Rules (including any alleged discrepancy or inconsistency in these Ofﬁcial Rules), it will be resolved in Kraken’s sole discretion. You waive any right to claim ambiguity in the Competition or these Ofﬁcial Rules. If Kraken determines at any time in its sole discretion that you are disqualiﬁed, ineligible, or in violation of these Ofﬁcial Rules, or engaging in behavior that Kraken deems obnoxious, inappropriate, threatening, illegal or that is intended to annoy, abuse, threaten or harass any other person, Kraken reserves the right in its sole discretion to select an alternate winner. The invalidity or unenforceability of any provision of these Ofﬁcial Rules will not affect the validity or enforceability of any other provision. If the Competition is not capable of running as planned for any reason, Kraken reserves the right, in its sole discretion, to cancel, modify or suspend the Competition and award the Prize from eligible entries received prior to cancellation, modiﬁcation, or suspension or as otherwise deemed fair and appropriate by Kraken. Each potential Winner may be required to provide Kraken with proof that he or she is the authorized account holder. If a dispute cannot be resolved to Kraken’s satisfaction, the individual(s) may be deemed ineligible in Kraken’s sole discretion CAUTION: ANY ATTEMPT TO DAMAGE ANY ONLINE SERVICE OR UNDERMINE THE LEGITIMATE OPERATIONS OF THE COMPETITION VIOLATES CRIMINAL AND CIVIL LAWS. IF SUCH AN ATTEMPT IS MADE, KRAKEN MAY SEEK DAMAGES TO THE FULLEST EXTENT PERMITTED BY LAW AND MAY DISQUALIFY ANY PARTICIPANT MAKING SUCH ATTEMPT.