The cryptocurrency exchange Bitget has introduced the Bitget Alliance program, which will distribute 30% of the net revenue from trading fees into a rewards fund for its users. Eligible traders and asset holders with an average daily trading volume or balance of at least 100 USDT will benefit from this initiative, according to a press release.
This campaign commenced on September 28 and will run until October 26. It is divided into four weekly periods, with the exchange creating a fund for each week. The total fund is split into two sections:
- for trading — 60% of the fund;
- for account assets — 40% of the fund.
The calculations consider the fees from non-institutional users, excluding rebates to market makers, affiliate payouts, and discounts. The fund for the first period includes revenue generated from September 24. As of September 29, the fund has accumulated 1.21 million USDT, with 728,953 USDT allocated for trading and 485,969 USDT for assets.
Rewards will be calculated at the end of each period and distributed in USDT within two working days after the period concludes.
This initiative follows a security breach of the platform's hot wallets that occurred on September 24.
“In recent days, we have received tremendous support from users, partners, and the entire community. […] The Alliance program is our way of saying thank you. We understand that trust is earned through actions, especially during challenging times,” said Gracy Chen, CEO of Bitget.
How Trading Rewards Are Calculated
The trading portion of the fund is distributed based on trading volume. Bitget compares the user's average daily trading volume over a seven-day period to the platform-wide average:
- the participation threshold is 100 USDT on average per day, with days of lower volume still counted;
- the cap is set at 3 million USDT per day, with any excess being excluded.
For instance, if a trader’s daily trading volumes over a week were 100, 1000, 0, 88, 66, 1000, and 21 million USDT, the average would exceed 3 million USDT, so only the cap would be considered.
Eligible transactions include spot trades, USDT-M, USDC-M, and Coin-M futures, stock trading, trading bots, copy trading, API trades, and transactions from sub-accounts of the main account. However, operations in Bitget Onchain, CFDs, Stock+, exchanges via converters, stablecoin pairs like USDC/USDT, and commission-free pairs will not be counted.
How Asset Rewards Are Calculated
The second part of the fund is distributed based on the average daily value of assets over the week. Every hour, Bitget takes snapshots of user account balances and converts them to USDT using spot prices. All assets are considered, except those placed in Bitget Onchain, CFDs, and Stock+.
The thresholds for this section are stricter:
- a day with a balance below 100 USDT is counted as zero;
- the weekly average must be no less than 100 USDT;
- the cap is again set at 3 million USDT.
For example, if a user's balances over a week were 50, 50, 700 USDT for two days, followed by four days at 7 million USDT, the two days at 50 USDT would be disregarded, resulting in an average of about 4 million USDT. Since this exceeds the cap, only 3 million USDT would be considered.
VIP Level Protection
Clients at VIP levels 1 through 7 will receive a trial pass that preserves their status. After activation, this pass will maintain VIP privileges for 30 days. The pass will be automatically awarded to eligible users with a VIP level as of 04:00 (Kyiv/MSK) on September 28, with distribution expected to conclude by October 1.
VIP clients will also have access to personal managers and a dedicated support chat for inquiries related to withdrawals, accounts, and asset transactions.
Full rules are available on the program page.
Previously, Bitget granted traders from other exchanges direct access to VIP 7, the highest tier of its VIP program.
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