Coinbase Champions Cup Global Trading Competition Terms & Conditions

Last Updated: 10/28/2026

These Terms and Conditions (“Terms”) govern the Coinbase Champions Cup Global Trading Competition (the “Competition”) offered and administered by Coinbase Bermuda Ltd. (“CBBM”), a Bermuda company and Class F digital asset business licensed by the Bermuda Monetary Authority (“BMA”).

CBBM is a member of, and broker to, the derivatives exchange operated by Deribit FZE ("Deribit"), a Dubai-based entity licensed by the Virtual Assets Regulatory Authority (VARA). Where CBBM is a Participant's broker, orders placed with CBBM are routed to Deribit for execution and resulting positions are administered on Deribit in accordance with Deribit's trading rules; the Participant's contractual relationship for derivatives trading remains with CBBM under the CBBM User Agreement. In certain jurisdictions a different Coinbase entity is the Participant's broker and/or custodian (i.e. Coinbase India Private Limited in India and Coinbase Australia Pty Ltd in Australia, except in Australia, where Coinbase Australia Pty Ltd is the issuer of derivatives traded on the Coinbase platform), and other Coinbase entities may provide local servicing, onboarding, account, or related services. Each Coinbase entity is responsible only for its own obligations, and no Coinbase entity assumes liability for another Coinbase entity solely because it is an affiliate. References in these Terms to "Coinbase" mean the relevant Coinbase entity in the context.

For eligible U.S. Participants who participate through trading activity, futures trading services may be provided by Coinbase Financial Markets (“CFM”). Only futures contracts designated as Eligible Markets and made available to the Participant through CFM may count toward the Competition. Such transactions are subject to the applicable exchange rules. The description above of CBBM’s brokerage relationship with Deribit does not apply to futures trading through CFM.

1. Eligibility

1.1 General eligibility.

To be eligible to participate, a Participant must, at the time of first participation and throughout the Competition Period:

1.2 Eligible jurisdictions.

Subject to applicable law, product availability, and Coinbase’s eligibility requirements, the Competition is open only to eligible users who lawfully reside in, and are physically located in, a jurisdiction listed in Exhibit A (Eligible Jurisdictions). Exhibit A identifies the products that may be available in each jurisdiction and any applicable jurisdiction-specific restrictions. A Participant may participate only in the Eligible Markets made available to that Participant through the applicable Coinbase broker entity and Coinbase Advanced. The listing of a jurisdiction or product in Exhibit A does not guarantee that the product will be available to any particular Participant, account, or jurisdiction at any particular time. If Deribit or the applicable Coinbase broker entity restricts an instrument, product, market, or jurisdiction, that instrument, product, market, or jurisdiction is unavailable for the Competition.

 U.S. Participants are eligible only for the PnL Notional Leaderboard and PnL Percent Leaderboard and are not eligible for the Volume Leaderboard. U.S. Participants may use the no-purchase mail-in participation method described in Section 3.4.

1.3 Ineligible persons.

The following are not eligible to participate:

1.4 Verification.

Coinbase may require a Participant to provide identification documentation or additional information to verify eligibility and may disqualify the Participant if the Participant fails to do so or if any information is inaccurate, incomplete, or outdated.

2. Competition Period and Scope

2.1 Competition Period.

The Competition is expected to run from November 4, 2026 at 00:00 UTC through November 25, 2026 at 23:59 UTC (the “Competition Period”). Coinbase may adjust these dates, including any registration opening date, in its sole discretion as communicated on the Competition page, in-app, or through other Coinbase-controlled channels. The Regional Competitions occur on the first, second and third weekends within the Competition Period and each Regional Competition shall have its own end date and time.

2.2 Registration window.

Participants may register before the Competition begins and may also register after the Competition has started, provided registration remains open. For clarity, registering after the Competition start does not retroactively count activity that occurred before the Participant’s registration time except to the extent Coinbase expressly states otherwise.

2.3 Eligible products and markets.

The Competition applies only to designated perpetual futures, dated futures, and, where applicable, options markets made available to the Participant by Coinbase through Coinbase Advanced and executed or otherwise supported through the applicable Coinbase broker entity and exchange venue (the “Eligible Markets”), as identified in Exhibit A and on the Competition landing page. The availability of a product or market may vary by jurisdiction, account, and broker entity. CBBM may add, remove, suspend, or restrict an Eligible Market at any time, including to comply with applicable law, product availability, exchange requirements, or risk controls. If Deribit or the applicable Coinbase broker entity restricts an instrument, product, market, or jurisdiction, that instrument, product, market, or jurisdiction is unavailable for the Competition. Spot trading and any other products or services not expressly included in Exhibit A or otherwise designated by CBBM are not eligible.

3. How to Participate

3.1 Registration.

To participate in the Competition, an eligible user must:

Completing the registration steps does not guarantee eligibility or a right to receive any prize; eligibility is determined under Section 1 and these Terms.

3.2 No separate participation or membership fee.

There is no separate participation fee or additional membership fee for the Competition. Normal trading fees, spreads, funding payments, and other charges will continue to apply.

3.3 Qualifying Trade Activity.

A “Qualifying Trade” is an executed and filled transaction in an Eligible Market during the Competition Period, including an opening, closing, reducing, or increasing transaction in a perpetual futures or dated futures position, using the Participant’s Competition Account.

An order, position transfer, expiration, settlement, liquidation, or other account event is not itself a Qualifying Trade unless CBBM expressly designates it as eligible. CBBM may exclude from Qualifying Trades any transactions that are canceled, reversed, corrected, adjusted, or deemed abusive or otherwise ineligible under Section 7. For dated futures, a transaction is eligible based on the time the transaction is executed and filled. Expiration and settlement are addressed separately in Section 4.4.

3.4 No-Purchase Mail-In Participation (U.S. Residents Only)

To participate without making a trade, a U.S. Participant must hand-print and complete the following on the front of a piece of paper or post card: name, address, city, state, ZIP code, email address, and telephone number.

Insert the paper in an envelope or send your postcard with sufficient postage and mail it to:

Coinbase, Inc.; Global Trading Competition,

 119 S Western Ave Unit 1 #482, 

Chicago, IL 60612.

Participants may only choose one method of entry, entering either via qualifying trade activity or the mail-in participation method. A mail-in submission counts as one (1) entry. Multiple mail-in entries will not be counted; only the first entry received will serve as the Participant’s allowable entry. Mail-in entries must be postmarked by November 30, 2026 and must be received on or by December 2, 2026 (one week following the close of the Competition Period on November 25, 2026). Mail-in entries are eligible only for the PnL Notional Leaderboard and PnL Percent Leaderboard and are not eligible for the Volume Leaderboard.

A digital submission is considered submitted when the Participant clicks “Sign Up” or similar language within the user flow and Coinbase records the submission. Coinbase’s recorded timestamp will determine the submission time. A submission is complete upon submission but remains subject to the eligibility, verification, and accuracy requirements, mailing the submission, and these Terms. Coinbase may reject or disqualify any submission that is incomplete, inaccurate, or otherwise ineligible.

NOTE: To claim a prize in this Competition, all potential winners must have an active Coinbase account or create an account that has been verified by Coinbase at the time of prize awarding. Mail-in entrants who do not create a Coinbase account, agree to the Coinbase User Agreement and Privacy Policy, and complete the required identity-verification process will be ineligible to receive a prize. Creating an account requires personal information for identity verification, including a valid and current driver’s license, passport, or state ID, and completion of identity-verification questions. potential winners who do not complete these requirements will be disqualified.

3.5 Regional Competitions

To participate in a Regional Competition, an eligible user must otherwise be eligible for the Competition under Section 1 of these Terms. There is no additional registration step for Regional Competitions.

4. Leaderboards and Performance

4.1 Leaderboards.

The Competition will feature up to three separate leaderboards:

A Participant’s eligibility to rank on a particular leaderboard is determined by the Participant’s jurisdiction, method of entry, and the Eligible Markets made available to the Participant under Exhibit A. Participants who qualify through trading activity may rank on the leaderboards applicable to their jurisdiction and Eligible Markets. Valid United States mail-in participants may rank only on the PnL Notional Leaderboard and PnL Percent Leaderboard and may not rank on the Volume Leaderboard.

4.2 Eligible accounts (Competition Account).

For each Participant, a single designated futures trading account will be linked to that Participant’s profile as their “Competition Account.” Only Qualifying Trades using balances in the Competition Account, executed in Eligible Markets during the Competition Period, determine a Participant’s position on the leaderboards. Any other trades or balances, including trades or balances in spot accounts or non-designated derivatives accounts, do not count for this Competition.

4.3 Minimum activity threshold.

Except for a valid U.S. mail-in participation under Section 3.4, to qualify as a Participant and be eligible for any leaderboard or prize, a user must complete a minimum of 100 USDC in Qualifying Trade volume in the Competition Account during the Competition Period. A valid U.S. mail-in submission is not subject to this minimum Qualifying Trade volume requirement. A registered user who fails to meet the applicable participation requirement will not appear on any leaderboard and will be ineligible for any prize.

This volume requirement is separate from the 100 USDC minimum Capital Base used solely to calculate PnL Percent under Section 4.4(b).

4.4 Leaderboard calculations.

For purposes of these Terms, “PnL” refers to the Participant’s net profit and loss during the Competition Period, measured in USDC.

“Equity” means the total value of the Participant’s Competition Account, including cash and other wallet balances, unrealized PnL on open perpetual futures and dated futures positions, including funding, and the current market value of open options positions, less any liabilities or other amounts that CBBM treats as non-equity. Changes in the value of assets held in the cash balance and the results of spot trades are reflected in Equity and therefore may affect PnL, but spot trades are not Qualifying Trades and do not count toward Volume. Unrealized profits and losses on perpetual futures and dated futures remain part of Equity until they move into the cash balance at the 08:00 UTC daily settlement. Balances in a Participant’s retail Coinbase account, and in any account other than the Competition Account, are not included.

U.S. Participants trading through CFM, Equity includes only USD and USDC balances in the Competition Account, together with unrealized PnL on open futures positions, less any liabilities or other amounts that CFM treats as non-equity. Spot trades and changes in the value of any other asset do not affect PnL for those Participants

(a) Starting Equity and Ending Equity. “Starting Equity” means the Equity in the Participant’s Competition Account immediately after the Participant’s first Qualifying Trade executed at or after the Competition start time, as determined from Coinbase’s official internal records. The fee and other transaction costs of that first Qualifying Trade are excluded from PnL. Assets and positions held in the Competition Account at that time are valued at their then-current market price. A Participant who does not execute a Qualifying Trade has no Starting Equity and will not rank on the PnL Notional or PnL Percent Leaderboards, except as provided in Section 3.4. “Ending Equity” means the Equity in the Competition Account at the end of the Competition Period.

For dated futures and options, realized gains and losses are recognized when a position is closed, liquidated, settled, exercised, or otherwise resolved under the applicable product and exchange rules. Open positions at a leaderboard measurement time may be valued using the official mark price, index price, settlement price, option market price, or other objective valuation source designated by Coinbase or the applicable exchange.

(b) Adjusted PnL. The Adjusted PnL calculation excludes the effect of deposits, withdrawals, rewards, and activity in products that do not count for that Participant:

Ending Equity − Starting Equity − Net Deposits − Rewards = Adjusted PnL

“Net Deposits” means deposits credited to the Competition Account during the period used to calculate PnL, minus withdrawals debited from that account during that period. Because Equity reflects borrowed funds and the corresponding liability on a net basis, borrowed funds are not treated as profit and are not separately deducted from PnL. Loan interest and other borrowing charges may reduce PnL.

(c) PnL Percent. CBBM calculates PnL Percent by dividing the Participant’s Adjusted PnL by the Participant’s Capital Base and expressing the result as a percentage:

Adjusted PnL ÷ Capital Base = PnL Percent

“Capital Base” means the value, at the time Starting Equity is determined, of the Competition Account balances used to calculate the Participant’s PnL, plus deposits and rewards credited during that period. The Capital Base does not include balances in products that do not count for that Participant. Withdrawals do not reduce Capital Base. If the resulting Capital Base is less than 100 USDC, a Capital Base of 100 USDC applies, so PnL Percent equals the Adjusted PnL expressed as a percentage; for example, a 2.63 USDC loss is displayed as −2.63%. PnL Percent is displayed to two decimal places and rounded toward zero.

Participants are ranked on the PnL Percent Leaderboard from highest to lowest PnL Percent.

(d) Volume. For the Volume Leaderboard, CBBM measures the total USDC-equivalent notional value of Qualifying Trades executed in Eligible Markets in the Competition Account during the Competition Period.

For perpetual futures and dated futures, notional value is calculated as price multiplied by size, using the applicable contract specifications. For coin-margined perpetual futures and dated futures, size is already expressed in dollars and no further conversion is applied.

For options, notional value is calculated for each leg as the number of contracts or other applicable size multiplied by the applicable index price. A spread counts once per leg. If the option premium is at least 0.24% of the applicable index price, the full notional value of that leg counts toward Volume; otherwise, 12.5% of that leg’s notional value counts. Eligible maker and taker fills count once per Participant.

Liquidations count as Qualifying Trades and contribute to Volume in the same manner as other qualifying transactions. Spot trades, inverse options, expiration, exercise, delivery, funding payments, collateral movements, and other non-trade events do not count as Volume. CBBM may exclude canceled, reversed, corrected, or otherwise ineligible transactions.

If the leaderboard display differs from CBBM’s internal records, CBBM’s internal records control. CBBM may correct calculation errors, omissions, delays, or discrepancies and may perform a final recomputation after the Competition Period and completion of applicable compliance, surveillance, fraud, and abuse reviews. The final recomputation controls.

4.5 Leaderboard display and updates.

4.5.1 Leaderboards may display the top 100 Participants for each category and may show additional ranks at Coinbase’s discretion.

4.5.2 Where feasible, a Participant may be able to view their own rank and performance values even if they fall outside the displayed leaderboard range, for informational purposes only.

4.5.3 Leaderboard standings are for reference only and may be updated periodically. Final rankings will be determined by Coinbase after the Competition Period ends and after completion of all compliance, surveillance, fraud, and abuse reviews.

4.5.4 In the event of a tie on any leaderboard at the end of the Competition Period, the Participant who first achieved the relevant performance measure, as determined by Coinbase’s internal timestamp records, will rank higher. If a tie remains, Coinbase may apply additional objective tie-break criteria in its sole discretion.

4.6 Regional Competitions

Regional Competitions are available only to Participants located in jurisdictions and trading products designated by Coinbase for the applicable Regional Competition, as reflected in Exhibit A and/or the Competition landing page.

Excluding India, execute Qualifying Trades in Eligible Markets and finish in your Eligible Market’s Volume Leaderboard top 20. Over three weekends during the Competition Period, your weekend-only Qualifying Trade volume is tracked independently of the overall Competition Volume Leaderboard. Each weekend measurement period concludes on Sunday at 11:59 PM local time. Each Eligible Market’s Volume Leaderboard rankings reset each weekend for the purposes of the regional Competitions only. The top 20 Participants in each Eligible Market by weekend notional volume will earn a share of their Eligible Market's respective weekend Prize Pool (as described in Section 5.4 below), distributed as follows: 1st (20%), 2nd (15%), 3rd (10%), 4th–10th (5% each), and 11th–20th (2% each).

For India, Execute Qualifying Trades and rank in the qualifying positions. Over five distinct periods during the Competition Period, your Qualifying Trade activity is tracked independently of the overall Competition leaderboards. Rankings reset for each event for the purposes of the India Regional Competitions only. The top Participants in each event - specifically the top 50 on the Volume Leaderboard for the First Period, and the top 25 on the Volume Leaderboard for the Second Period. The Third Period is open to Participants who have traded over $100,000 of volume during the Competition Period at the time of the start of the Third Period. Two eligible Participants for the Third Period, one who exceeded $8,000,000 in trading volume and one who exceeded $4,000,000 in trading volume during this Third Period, with the biggest net position improvement on the Volume Leaderboard within the Third Period will earn a share of the respective event's Prize Pool (as described in Section 5.3 below). India’s Regional Competition periods are below:

5. Prize Pool

5.1 Total Prize Pool. The Competition will have a total Prize Pool of at least 100,000 USDC and no more than 2,000,000 USDC (the “Prize Pool”).

The Prize Pool starts at 100,000 USDC and may increase to higher Prize Pool levels (“Unlock Tiers”) as the total Qualifying Trade Volume increases. Each Unlock Tier corresponds to a specific volume threshold. Reaching a threshold increases the Prize Pool to the higher level for that tier.

5.2 Leaderboard Allocation. At each Unlock Tier, 100% of the then-applicable Prize Pool is allocated across the leaderboards as follows: 

5.3 Regional Competition Prize Pools

5.4 Prize Form and Delivery. Unless otherwise stated:

5.5 No Guarantee of Winning. Participation does not guarantee any prize. The chance and size of any prize depends on a Participant’s performance relative to others and the final Prize Pool size and Unlock Tiers reached.

6. Taxes

Competition prizes may be subject to tax, withholding, reporting, or similar obligations under applicable law. Coinbase may withhold, report, condition delivery on receipt of required tax documentation, or otherwise handle prize-related tax compliance as required by applicable law or internal policy.

Each Participant is solely responsible for determining their own tax obligations arising from participation in the Competition or receipt of any prize, filing any required returns, paying any applicable taxes, duties, levies, or charges, and maintaining their own tax and financial records. Coinbase does not provide tax, legal, or investment advice. Participants should consult their own professional advisors.

7. Anti‑Abuse, Surveillance, and Disqualification

Coinbase may use both automated and manual reviews to monitor Competition activity for wash trading, self‑matching, circular trading, collusive trading between accounts, use of multiple accounts or structures controlled by the same person or group to artificially inflate PnL or Volume Leaderboard calculations, volume churning without genuine economic risk, and any other behavior inconsistent with fair and orderly markets or the intent of this Competition. Coinbase, in its sole and absolute discretion, may exclude or zero out Volume and/or PnL associated with any trades, accounts, or markets it deems abusive, and may disqualify Participants and withhold or redistribute prizes if their activity triggers surveillance thresholds or other abuse indicators, if they violate these Terms, the Coinbase User Agreement, or applicable law, or if they otherwise pose regulatory, legal, or integrity concerns. Coinbase’s determinations regarding abuse, calculation adjustments, eligibility, and disqualifying otherwise Qualifying Trades and/or Participants are final and binding. Coinbase may rely on trade surveillance, market abuse and market-integrity determinations made by Deribit in respect of activity on its exchange, and a Participant's disqualification or the exclusion of trades may follow from such determinations. Participants' trading activity is also subject to the Prevention of Money Laundering Act (PMLA) and Financial Intelligence Unit (FIU) guidance; any violation of these requirements may result in disqualification.

8. Responsible Trading; No Advice

The Competition is a skill-based promotional event for experienced traders using Coinbase Advanced and does not change the risk profile of perpetual futures trading. Perpetual futures and other derivatives are high-risk products that can amplify gains and losses, and Participants should trade only with capital they can afford to lose and only if they fully understand the risks. Any content displayed or distributed in connection with the Competition — including leaderboards and performance stats — is for informational and educational purposes only and does not constitute investment, legal, or tax advice or a recommendation to buy, sell, or hold any asset or to use any particular strategy. Crypto products and NFTs are unregulated in India and can be highly risky, and there may be no regulatory recourse for any loss from such transactions. 

9. Data Protection and Publicity

Personal data collected in connection with the Competition will be processed in accordance with the Coinbase Privacy Policy and applicable data‑protection laws. A Participant’s selected competition username and certain anonymized stats (e.g., rank, PnL, or Volume) may be displayed publicly on leaderboards and shareable “rank cards” or PnL cards in‑app and on Coinbase‑controlled marketing surfaces. With the Participant’s consent where required by law, Coinbase may also use the Participant’s name, image, likeness, city and state, and/or Competition performance for promotional or publicity purposes in connection with Coinbase products and services, without further compensation, to the extent permitted by law.

10. Changes, Suspension, Termination, and Limitation of Liability

Coinbase may, in its sole discretion, modify, suspend, or cancel the Competition, these Terms, the Prize Pool, Unlock Tiers, or structure of the Competition at any time, including to address fraud, technical issues, or security incidents, to comply with legal, regulatory, or tax requirements, or where continuing the Competition is impracticable or infeasible. If the Competition is suspended or terminated early, Coinbase may (but is not required to) award prizes based on metrics as of the effective suspension time, after completing anti‑abuse and compliance review, or may cancel some or all prizes. To the fullest extent permitted by law, Coinbase and its affiliates, and their respective officers, directors, employees, and agents will not be liable for any indirect, consequential, incidental, special, punitive, or exemplary damages, or for any losses arising from system failures, unauthorized access, errors or inaccuracies in metrics or leaderboards, or any decision to suspend, modify, or terminate the Competition, except to the extent such liability cannot lawfully be excluded or limited under applicable Indian law.

11. Governing Law and Dispute Resolution

11.1 These Terms and any dispute or claim arising out of or in connection with the Competition, including any non-contractual dispute or claim, are governed by and construed in accordance with the laws of Bermuda, without regard to conflict-of-laws principles.

11.2 Subject to any mandatory rights a Participant may have under applicable law, any dispute, controversy, or claim arising out of or relating to these Terms or the Competition shall be submitted to the exclusive jurisdiction of the competent courts of Bermuda.

12. Miscellaneous

12.1 Entire agreement. These Terms, together with the Competition announcement and the Coinbase User Agreement, constitute the entire agreement between a Participant and Coinbase regarding the Competition.

12.2 Severability. If any provision of these Terms is found invalid or unenforceable, that provision will be enforced to the maximum extent permissible and the remaining provisions will remain in full force and effect.

12.3 No assignment. A Participant may not assign or transfer any rights or obligations under these Terms. Coinbase may assign or transfer these Terms or the Competition in whole or in part without restriction, to the extent permitted by law.

Only available to eligible non-US customers in select jurisdictions. Offered by Coinbase Bermuda Ltd., a Class F entity licensed by the Bermuda Monetary Authority. The information provided is for educational purposes only. All trading and investment strategies involve risk, including risk of loss, and may not be suitable for everyone.

Exhibit A Eligible Jurisdictions

Subject to applicable law, account eligibility, broker-entity permissions, exchange restrictions, and product availability, the following jurisdictions are eligible for the Competition. Except for the United States, the jurisdictions listed below are eligible for perpetual futures and options (where available). 

Valid United States mail-in participants remain subject to Section 3.4 and may rank only on the PnL Notional Leaderboard and PnL Percent Leaderboard. Coinbase may add, remove, suspend, or restrict any product, market, or jurisdiction at any time.