Popular crypto futures trading platform Bybit is currently hosting thousands of participants for its World Series of Trading, or WSOT, competition. 

With roughly 12 days left before the competition concludes, 12,368 participants currently pursue 200 Bitcoin (BTC) in prize money, valued around $2.4 million, data from the exchange's WSOT page shows

Bybit unveiled its WSOT at the end of July, noting the event will occur twice per year going forward. On Aug. 10. traders threw their hats in the ring, seeking to secure the best profit/loss ratio, or P&L, prior to the event's completion on Aug. 31. 

The event hosts two branches — solo USDT and BTC Troop. In the Solo USDT competition, participants compete individually, trading Bybit's Bitcoin USDT perpetual swap product, battling to post the best P&L and overall profit.

In the BTC Troop category of the WSOT, participants trade Bybit's Bitcoin USD perpetual swap product as part of teams, divided into regional divisions. Troops compete for the best team P&L, the best individual profit and the best individual P&L, according to Bybit's WSOT website page. 

Junki84 hold first place in terms of individual P&L, touting 2,800% profit. In the team category, W.T.C hodls first place with a P&L of 417% at press time. 

The competition hosts a number of notable personalities, such as YouTuber Jason Appleton, host of the Crypto Crow YouTube channel, and poker star Doug Polk