$200,000 USDC Trading Competition on Katana Perps
May 19th to May 26th, 2026
The first Katana Perps trading competition is in the books, and the numbers were impressive. In one week, 250 traders put up $64 million in total volume across 37,000 trades, with nearly $2 million in open interest at its peak. The competition paid out $30,000 in vbUSDC rewards.
Round two is bigger. New base, new cap, new volume curve.
On May 19th we are hosting our second trading competition on Katana Perps. Users have 1 week to earn their share of up to a $200,000 prize pool. The base prize pool is $50,000 in Vault Bridge USDC (vbUSDC) and scales up to $200,000 based on total cumulative trading volume during the competition.
The Pool
There are two buckets of USDC rewards:
Volume Pool - 70% ($35,000 - $140,000)
Pro-rata share of total qualifying volume across all markets. Your payout is based on your share of qualified volume. We'll publish a live leaderboard showing the top 50 wallets by volume.
PnL Leaderboard - 30% ($15,000 - $60,000)
Top 15 wallets by PnL percentage take this pool. Minimum $250 collateral deposit to qualify. Leaderboard updates every minute.
PnL leaderboard payouts:
Rank 1: $6,000
Rank 2: $2,500
Rank 3: $1,500
Ranks 4-5: $1,000 each
Ranks 6-10: $400 each
Ranks 11-15: $200 each
Incentives Scale With Size Up to $200K USDC
The prize pool grows with volume:
$50K prize pool for volume up to $100M
+$5K for every additional $10M in volume above $100M
$200K maximum pool at $400M+ in volume
At $120M total volume, the pool becomes $60K; at $200M, it's $100K. At $400M+, the full $200K is distributed.
Funded by Vault Bridge Yield
The $50K base and $200K cap are funded by a unique, structural Katana advantage known as Vault Bridge. On Katana, bridged assets are deployed into yield strategies on Ethereum mainnet, and the yield flows back to Katana as protocol revenue that funds initiatives like this competition. This yield is used to reward users for specific behaviors, such as this trading competition, and to boost returns for liquidity providers and vault depositors. The more the chain grows, the bigger the rewards engine gets.
Eligibility & Rules
Minimum: $10,000 minimum trade volume to qualify for the volume competition.
Deposit: Maintain a balance of $250 or higher to qualify for the PnL competition.
Markets: All markets are treated equally for both the PnL and Volume competition.
Opt-in: All participants must opt in on the competition page.
Wallets: Any connected wallet can earn from the volume pool and PnL leaderboard. A referral code is only required to earn referral rewards.
Disqualification: Wallets showing evidence of self-referrals or wash trading will be disqualified.
Not Eligible: Market maker partners are not eligible.
Payout: Up to a 7-day finalization period after the competition ends for wash trading review and final payout calculations.
Get Ready
The competition opens May 19 at 16:00 UTC and closes May 26 at 15:59 UTC. Fund your account and line up your strategy.
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Program Details & Disclaimer: This post is not investment, legal or tax advice and users are encouraged to consult personal investment, legal and tax advisors. This post and its contents, including the above-referenced statements related to any token, rewards, distributions, or program ("Program"), may be modified or terminated at any time without notice, and is subject to the Katana Foundation terms and conditions (here https://app.katana.network/legal/terms-and-conditions). Governance of the program, interpretation of terms, and application of the Program to individuals is subject to the interpretation and sole discretion of the Katana Foundation. Participation in crypto and emerging blockchain technology involves risk, and by participating in the Program you agree not to hold Katana Foundation liable for any losses or damages that you may incur for any reason including without limitation technology errors, investment value declines, or Program administration.
*Katana Perps is not available to persons located in or residents of the United States. Access to Katana Perps may be restricted in other jurisdictions. It is your responsibility to ensure that your use of Katana Perps complies with applicable laws in your jurisdiction.
