The threshold for the $NIGHT trading competition has surprised many. Initially, there was speculation that 400,000 points would be enough to make the leaderboard, but once the list was released—35,000 points are no longer guaranteed.

Interestingly, the difficulty of the trading competition is never about the number of spots available; it mainly depends on whether the reward amount is attractive enough. 20,000 spots with a $180 hedging cap? A quick calculation makes it clear. Even if you surpass $500,000 to make the leaderboard, a 0.2% trading fee is only about $100. After deducting fees, there's still profit to be made. Plus, with rebate rewards for trading pairs, studios have the motivation to bring all their small accounts into the competition.

To put it simply, even if 20,000 more spots are opened, it would still be far from enough for studio teams to add more accounts. That’s why the threshold is set at this level—it's a true reflection of liquidity and participation enthusiasm.