> For the complete documentation index, see [llms.txt](https://docs.bullpen.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.bullpen.fi/features/social-leaderboard-and-competitions/competitions.md).
# Competitions
Trade. Compete. Win big.
Each competition type rewards a different trading strength — profitability, consistency, or sheer size. Across all of them, Bullpen tracks performance transparently and celebrates winners across the app. See all active [Bullpen competitions](https://app.bullpen.fi/competition).
#### Why Compete?
Bullpen competitions are a test of conviction, endurance, and edge.\
Top performers don’t just earn rewards, they earn bragging rights across the platform that attract followers, and can even impact future reward campaigns.
### **Key mechanics shared by all competitions:**
* **Eligibility:**
* You must meet minimum trading volume to appear on the leaderboard.
* Follow the competition rules to qualify for prizes
* Trade within the competition window
* **Leaderboard Recognition:** Winners are displayed throughout the app, and leaderboard finishers receive point bonuses during weekly allocations
* **Social Integration:** Link your **X (Twitter)** account to show off your rank, gain followers, and build your brand.
* **Rewards:** Prizes range from cash and NFTs to bonus $BULL points pools.
### Competition Types
#### 1. PnL Competition
In PnL competitions, traders are ranked by *Return on Equity (RoE)* — measuring how efficiently they grow their average balance. This ensures fairness between big and small accounts: it’s about percentage gain, not size.
**Leaderboard and Winning:**\
Ranks are determined by **ROI%**, updating live every few minutes. Deposits and withdrawals will be
**Core Mechanics:**
* ROI = (Total Realized PnL ÷ Time-Weighted Average Balance) × 100
* Balances constantly updated so Deposits or withdrawals won't affect your ROI
* EoD analysis to ensure no gaming
* Enrollment can happen before or during the competition, but not after it ends
**What it tests:**\
Discipline, and strategy. PnL competitions reward traders who can compound efficiently over time rather than swing for short-term gains. To be clear, your entire competition performance is evaluated, not just starting/ending balances.
#### 2. Liquidity League
Liquidity League ranks traders by total trading volume across supported chains — with separate leaderboards for Hyperliquid and Solana. It’s built for high-throughput traders and volume chasers.
**Leaderboard and Winning:**
Prize pool scales with volume traded on platform. As platform volume scales, the total prize pool increases linearly, then exponentially. Solana traders receive a bonus prize pool in addition to the Hyperliquid prize pool. This prize pool scales according to competition rules.
**Core Mechanics:**
* **Measurement:**
* *Perpetuals (Perps):* Both buys and sells count toward volume.
* *Spot Trading:* Sell volume counts (buys are excluded to avoid inflation).
* *Solana Volume:* All Solana trades count toward the Solana leaderboard
* **Leaderboard:**
* Hyperliquid and Solana are ranked separately.
* Winners determined by highest total trading volume during the comp.
**Ready to play?**\
Check the [Competitions page](https://app.bullpen.fi/competition) to see what’s live now, read the rules, and get trading.
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