JOIN Ambassador Program Mission 6: Upgrade with Benefits
Check Out the Latest Ambassador Mission and Join Our Community to Win Rewards in Cash & NFTs!
News Alert — Mission 6 of our Ambassador Program is out! Join now 👏👏👏
It’s been an amazing journey so far since we first launched the Ambassador Program in July 2021. Our initiative to incentivize our supporters and community members who share a strong belief in DeFi and SynFutures has received overwhelmingly positive feedback since day 1.
Following Mission 5 where we focused on providing an early opportunity for traders to win cash and NFT rewards by getting highly engaged in community campaigns and completing tasks, we will be providing enhanced earning opportunities and additional rewards for traders who leverage arbitrage opportunities on SynFutures.
Before we move on to explain the rules of this mission, we would like to once again highlight the fact that the Ambassador Program is set up by SynFutures with an aim to provide beneficial tools for our traders who want to learn more about our trading platform and share their experiences with fellow traders while gaining more insight from others’ perspectives.
Now, let’s take a deep dive into Mission 6!
Complete either Task 1 or Task 2 to level up.
Task 1: Help SynFutures partner with other projects to level up!
- Propose a project that you think SynFutures can partner with AND explain your reasons in a proposal.
- Proposal title format – Project Name + Project Contact
- Proposal content – Proposal should contain at least the following: 1) Introduction of the project. 2) Ways that SynFutures can partner with this project – co-marketing, integration, or others. 3) Brief introduction of the contact.
2️. The SynFutures team will read your proposal and decide whether the partnership would be a valuable addition to our ecosystem. Chosen proposals will move to the next step.
3. Help us set up the first meeting with the project team. Provide contact details, etc.
Once the first meeting is set up, SynFutures will take it from there—no extra work on your part required!
Task 2: Arbitrage on SynFutures to level up!
- Go to the SynFutures’ dApp: https://beta.synfutures.com/#/trade
- Find 3 arbitrageauable pairs that have a price gap of 10+%, meaning Fair price deviates from Spot Price by 10+% of Spot Price. Take a screenshot right before you trade. Screenshot should show information that includes Fair Price, Spot Price and your 0 position (meaning you have no position).
- Trade to close the price gap to less than 5% (tip: Long/Buy if Fair Price is lower than Spot Price; Short/Sell if Fair Price is higher than Spot Price). Take another screenshot right after your trade. Sceenshot should show information that includes Fair Price, Spot Price and your non-zero position (meaning you have position now).
- Hold the pair until expiry, or close the position when the gap goes down further. Please note: if you decide to close the position before expiry, the price gap after your closure needs to be less than 5% (screenshot right before and after you close your position please). DO NOT close your position right away since that won’t qualify as a successful arbitrage.
- If you hold the pair to expiration, take a screenshot of the history (expand the pair please) or account page (bottom half).
- If you close the position before expiration, take a screenshot right before and another one after you close the position. The two screenshots will help us decide if the price gap is still less than 5% after you close the position.
5. Submit proof of trades via https://synfutures.wufoo.com/forms/zls1w720gjetra/ , and also post the screenshots proofs on #mission-6-record channel.
See the summary of screenshots required below.
6. Admins will verify all the information and grant stars only for Ambassadors who have completed Mission 1- 5 (You could @Admin here after submission).
7. Ambassadors who complete Mission 6 will be upgraded and rewarded with a SynFutures customized NFT (of course, you also get to keep all arbitrage profits)
Please note: a successful arbitrage may take some time to be completed. DO NOT close a position right after you open it because that won’t account as arbitrage, and very likely you won’t profit. A successful arbitrage on SynFutures can be quite profitable, but please make sure you understand how it works before completing the mission.
See examples: https://twitter.com/SynFuturesDefi/status/1468867198274142208
Summary of the screenshots required
Note: The first 2 screenshots are required at all times; depending on what you do with your positions, scenario 1 requires one more screenshot while scenario 2 requires two more screenshots.
- One screenshot of the trading page right before your trade when the price gap is 10+%
2. One screenshot of the trading page right after your trade when the price gap should be <5% (meaning your trade moved the Fair Price to narrow the gap by enough percentage)
Scenario 1: If holding your position to expiration:
3. One screenshot of the history (expand the pair please) or account page (bottom half)
Scenario 2: Otherwise (meaning you close your position before expiration)
3. One screenshot of the trading page right before you close your position;
4. One screenshot of the trading page right after you close your position.
Are you excited?!
Here is a step-by-step guide on how to complete an arbitrage trade on SynFutures:
Step 1. Find Your Arbitrage Gap
If you choose a different base and quote currencies when trading, you will notice that some token pairs will end up with a rather high price basis. Take the “WBTC-MATIC-20211231-SUSHI” contract for an example, the basis between the fair price and spot price WBTC-MATIC is 20.22% over the Maturity period, which makes it a great arbitrage opportunity to buy WBTC on SushiSwap while shorting this contract on SynFutures. (Or you can simple short on SynFutures)
Step 2. Close the Arbitrage Gap
After filling in the sell amount, you can check the trade price/trade fee/price impact on the page (Price impact should be controlled to smaller than10%).
When the trade is finished, the basis becomes 9.89% (yes, that means there are further arbitrage gap) and your current position is -0.017 WBTC.
Step 3. Trade Spot (optional)
In order to lock in the profit, you need to buy 0.017 WBTC on SushiSwap.
After completing this step, the arbitrage opportunity is fully exploited.
Let’s calculate your profit and APY:
- You sold 0.017 WBTC at 27320 and bought it at 22720, that means your profit is 0.017*(27320–22720) =78.2 MATIC
- Suppose the arbitrage is done on 2021/12/7 and the contract will be settled at 2021/12/31, that leaves you 24 days. You spent 136.48 MATIC on SynFutures as margin and 388.13 MATIC on SushiSwap to buy WBTC, thus your annualized return is 78.2/ (136.48 + 388.13)/ 24*365=227%!
The arbitrage opportunity is quick and easy to operate simply by following the above step-by-step guide, and the returns can be significant with it likely reaching beyond 200% APY.
Check out our academy article on arbitrage here for more information: https://academy.synfutures.com/what-is-arbitrage-and-how-to-arbitrage-on-synfutures-from-the-very-basics/
So what are you waiting for? Go give it a spin!
SynFutures is a next-generation derivatives exchange focused on creating an open and trustless derivatives market by enabling trading on anything with a price feed. By cultivating a free market and maximizing the variety of tradable assets, SynFutures is lowering the barrier to entry in the derivatives market, creating a more equitable digital assets exchange market.