Permuto Perpetuals Trading Contest-Official Rules & Disclosures

Permuto Perpetuals Trading Contest

Rules and Disclosures

NO PURCHASE NECESSARY TO ENTER OR WIN.

VOID WHERE PROHIBITED

ENTRY CONSTITUTES YOUR ACCEPTANCE OF THESE OFFICIAL RULES

1. Challenge Sponsor: Chia Network Inc., South San Francisco, CA, United States (the “Sponsor”).

2. Challenge Description: The Permuto Perpetuals Trading Contest (the “Challenge”) is a skill contest conducted on the Permuto perpetuals exchange at perps.permuto.capital (the “Exchange”). The Challenge has two categories: (a) Top Trader, awarded to the Contestant who achieves the highest net trading profit during the Entry Period; and (b) Top Market Maker, awarded to the Contestant who achieves the highest trading profit while keeping a seven day trailing 98% or more uptime of having both a bid and an ask on all three pairs. A prize will be awarded in each category. Contestants may compete in one or both categories. Capitalized terms have the meanings given to them in these Rules and Disclosures (the “Rules and Disclosures”). Each Contestant will receive simulated challenge dollars to participate with based on their chosen role, Trader (100,000 Simulated Dollars) or Market Maker (500,000 Simulated Dollars).

3. Agreement to Rules: Each individual who participates in any way in the Challenge is a contestant under these rules (“Contestant”). Each Contestant agrees to these Official Rules (the “Rules”) and acknowledges that trading activity on the Exchange during the Entry Period may be made available to the public for purposes of judging. These Rules form a binding legal agreement between each Contestant and Sponsor with respect to the Challenge. You may not participate in the Challenge or be considered for a Prize unless you consent to these Rules. If a Contestant is younger than 18 years old, or the age of majority in the jurisdiction in which they reside, a parent or guardian must consent to the minor’s participation and these Rules, as well as complete all required Challenge documentation and communications.

4. Eligibility Requirements: The Challenge is open to legal residents of the 50 United States, the District of Columbia, and other territories worldwide except for residents of Cuba, Crimea, Donetsk, and Luhansk, Iran, North Korea, Quebec (Canada); residents of any country or state where participation is illegal, prohibited, restricted or subject to tax or registration under applicable local laws; and any person who is subject to sanctions, blocking or other denial lists under U.S. law, including, but not limited to, persons on the US Treasury Department’s list of Specially Designated Nationals and Blocked Persons. Contestants may work individually or in teams; provided, however, that a team is entitled to a single prize to be split by the team at such team’s discretion. Contestants must be legally able to enter a contract in the jurisdiction where they reside and the US, if not a US resident. Individuals who have not reached the age of majority in the jurisdiction in which they reside may only participate with consent of Contestant’s parent or guardian. Employees, contractors, interns, officers, directors, agents or other representatives of Sponsor or of any of its parent companies, subsidiaries, or affiliates (the “Challenge Parties”) and all members of their immediate families and persons living in the same household with them, whether or not related, are not eligible to win the Challenge. Should anyone in this category win either of the contests, the next highest earning winner will be deemed to have won the Challenge. Immediate family members include spouse, parent, child, sibling, including step-parents, children, siblings, half siblings, legal guardians and all of their respective spouses, regardless of where they reside.

5. How to Enter: To enter the Challenge, each Contestant must complete the following steps during the Entry Period: (1) For the trading competition, create a Vault at vault.chia.net (existing Vaults are accepted) and then create an account on the Exchange at perps.permuto.capital; (2) For the market making competition, connect your market making software via Wallet Connect at perps.permuto.capital. Only one Entry per person (or team) per contest is permitted. A Contestant may, however, compete in both the Top Trader and Top Market Maker categories. Account registration is considered the entry (“Entry”). An Entry is not complete and will not be considered if any required information is missing.

6. Entry Period: The Challenge will begin at Monday June 15, 2026 at 6:30AM Pacific Time (“PT”) (“Start Date”) and end at July 10, 2026 at 4:00PM PT (“End Date”). Pacific Time means the time that is the current local time in Los Angeles on the dates above. Participants are responsible for determining the corresponding time zone in their respective jurisdictions. The Sponsor’s systems are the official timekeeping device with respect to all matters relating to the Challenge. Only trading activity conducted on the Exchange between the Start Date and End Date will be considered for judging purposes.

7. Cost of Entry: NO PURCHASE IS NECESSARY

8. Entry Limits: Each individual (or team) may submit only one Entry. However, a Contestant may elect to compete in both the Top Trader and Top Market Maker categories within that single Entry, and if they do, they will be evaluated independently in each category and are eligible to win both prizes. Entries on behalf of organizations are not permitted; the Challenge is open to individuals and teams of individuals only.

9. Judging Criteria: Entries will be judged as follows:

Top Trader: The Contestant with the highest net realized and unrealized trading profit, denominated in USD, across all positions on the Exchange during the Entry Period will be declared the Proposed Winner in the Top Trader category.
Top Market Maker: The Contestant with the highest net realized and unrealized trading profit, denominated in USD, across all positions on the Exchange during the Entry Period with a bid and ask uptime of 98% or higher in the trailing 7 days before the end of the contest will be declared the Proposed Winner in the Top Market Maker category. Uptime is defined as aggregate in-band two-sided quoting across QQQ, NVDA, and TSLA vol markets monitored every 10 seconds 24 hours a day.
Wash trading, self-dealing, collusion with other Contestants to artificially inflate performance metrics, or any other manipulation of the Exchange or the judging process is strictly prohibited and will result in immediate disqualification.
Cheating/Disqualification: Sponsor reserves the right to disqualify any Contestant that it believes has violated these Official Rules, is not eligible to participate, who has provided false information, acted in a harassing or unsportsmanlike manner with respect to Sponsor or any other Contestant, or tampered with the fair operation or administration of the Challenge, including through wash trading, collusion, or manipulation of the Exchange. Sponsor’s decisions as to all issues, including eligibility, shall be final.

10. Communications During Challenge: Beginning on the Start Date and ending on the End Date, Contestants may submit questions to the Sponsor via the Chia Network Discord (https://discord.gg/chia) in the permuto-capital channel. Sponsor will review all questions received and, if Sponsor in its sole discretion determines that providing a response would benefit the administration or enhance the outcome of the Challenge, Sponsor will post pertinent information publicly. Contestants are responsible for consulting the Exchange and any official Challenge communication channels periodically for updates and responses to questions. All documentation posted by Sponsor in connection with the Challenge will be automatically incorporated into and made a part of these Official Rules and become binding on all Contestants.

11. Judges and Judging: The Sponsor will review all eligible Entries following the close of the Entry Period. For the Top Trader category, the Contestant with the highest net trading profit on the Exchange during the Entry Period will be declared the Proposed Winner. For the Top Market Maker category, the Contestant who best satisfies the criteria defined in the Judging Criteria section will be declared the Proposed Winner. In the event of a dispute regarding any trading data, the Exchange’s official records shall be determinative.

The judges’ decision will be final and no correspondence will be entered into.

12. Prizes to be Awarded; Ties: A prize will be awarded in each of the two categories. One Top Trader Prize of $25,000.00 worth of XCH and one Top Market Maker Prize of $25,000.00 worth of XCH will be awarded. The XCH equivalent of each prize will be calculated based on the market price of XCH at the time of award. A Contestant may win both the Top Trader Prize and the Top Market Maker Prize if they are declared the Proposed Winner in both categories. In the unlikely event of a tie for any prize, that prize will be divided by the number of tied Contestants, with each Contestant receiving a pro rata share. Each prize is expressed in US Dollars for reference only and will be paid in XCH at the market price at time of award. No other cash alternatives or alternative prizes of any description will be awarded. WINNER(S) ARE RESPONSIBLE FOR ALL TAXES, TARIFFS, STAMPS, DUTIES, RESTRICTIONS AND LIMITATIONS ON THE PRIZE AWARDED. Winning Contestants may be required to supply the Sponsor with all information and documentation requested by Sponsor, including but not limited to a Social Security or other Tax Identification Number and government issued photo identification (passport for non-US citizens), for purposes of Contestant identification, due diligence, and legal compliance, including all state, local and federal tax reporting, withholding and filing requirements. Non-compliance will result in forfeiture of prize.

13. Winner Notification and Announcement: The Contestant declared a Proposed Winner will be notified by the posting of their xch address in the Chia Discord permuto-capital channel and/or publication on the permuto.capital website. Upon notification, the Contestant should email [email protected] to obtain, complete, and return to Sponsor an Affidavit of Eligibility and Publicity Release within five (5) days. Upon fulfillment of these requirements, the Contestant will be definitively declared the Winner of the prize for which they were notified, and Sponsor will announce the Winner’s identity (or pseudonym) on Sponsor social media. Personal data will not be released, unless consented to by the Winner (see “Privacy,” below). The date of the award announcement shall constitute the Award Date. In the event that the prize notification email is returned or undeliverable, Sponsor is unable to contact a Proposed Winner, or that Proposed Winner does not comply with the requirements of the prize notification email during the timeframes provided or is otherwise disqualified under these Official Rules, Sponsor will declare a new Proposed Winner of the prize, following all the Judging and notification procedures described above. By accepting a prize, the Winner grants its permission (except where prohibited by law) to the use of Contestant’s name, likeness, biographical information, and Prize won for future advertising and publicity in any form, media or technology now known or later developed, for any lawful commercial purpose, throughout the world in perpetuity, without additional compensation, notification or permission. By accepting a prize, the Winner agrees to release, discharge and hold harmless the Challenge Parties from any claims, losses, or damages arising out of the Challenge or the acceptance or use, misuse or possession of that prize.

14. Delivery of Prize: In the event any Winner is subject to or is the subject of any order or legal process issued by any US governmental agency having jurisdiction over the affairs of the Winner (i.e. garnishment, child support order, judgment, lien, and the like), the Sponsor’s delivery of the prize to the official representative of the governmental entity claiming a right to the prize shall be deemed as the Sponsor’s awarding the prize to the Winner. The Sponsor shall be entitled to rely in good faith upon any documents presented by the representative seeking to collect the prize in lieu of the Winner. The Sponsor shall not be liable for any claim for damages incidental thereto. Final delivery of the prize will be by sending the then calculated amount of XCH to the xch address for each Winner.

15. Estimated Numerical Odds of Winning: The odds of winning a prize will depend on the number of Contestants and skill of the Contestants.

16. Privacy: Personal data provided to Sponsor during the Challenge, including name, age, mailing address, and phone number, as well as information provided on affidavits of eligibility and releases of liability and publicity, including government issued identity documents and social security or other tax identification information, is being collected specifically for purposes of administration of the Challenge and complying with legal processes/regulatory requirements such as tax reporting and recordkeeping, and for the purposes set out in the affidavits/releases with respect to publicity. Personal data will be retained and accessed only by those company employees who have a legitimate business interest in accessing the data or a legal right to do so. This personal data will be transferred into the United States. You affirmatively consent to the transmission, processing, and storage of this personal data in the United States, and acknowledge that you have the right to inquire as to how it is being processed, except how the Entry is judged, and may do so by making such a request in writing to: [email protected]. However, personal data will only be released to the public if consented to by the Winner.

17. Limitation of the Sponsor Liability; Termination: The Challenge is void where prohibited by law or subject to registration or tax and is subject to all applicable US federal, state and local laws and regulations. Sponsor is not responsible for, and by participating each Contestant releases the Sponsor and Challenge Parties from, any liability, claims, losses, and damages arising out of or relating to their participation in this Challenge or the acceptance, use, misuse, or possession of any prize received in this Challenge. Sponsor is not responsible for any problems related to technical malfunctions of electronic equipment, computer online systems, servers, or providers, computer hardware or software failures, phone lines, traffic, congestion on the internet or any website, unauthorized intervention, telecommunication miscommunication or failure, unavailability of any website or platform, and failed, lost, delayed, incomplete, garbled, or misdirected communications which may limit a person’s ability to participate in the Challenge in any way. Sponsor is not responsible for any other errors or malfunctions of any kind, whether network, printing, typographical, human or otherwise relating to or in connection with the Challenge, including, without limitation, errors or malfunctions which may occur in connection with the administration of the Challenge, the announcement of any Winner, or in any Challenge-related materials. Sponsor reserves the right to modify, suspend, cancel or terminate without the award of any prizes the Challenge in the event Sponsor in its sole discretion determines that it cannot operate as intended, including due to any legal obligation, dispute, act of God, war or civil unrest, infection by computer virus, hacking or other technical impairment. Sponsor further reserves the right to cancel or suspend the Challenge in its entirety should tampering, unauthorized intervention, fraud, technical failures or other causes corrupt the administration, security, fairness, integrity or proper administration of the Challenge and, if terminated, at Sponsor’s discretion, determine the Winner(s) using all non-suspect, eligible Entries received up to time of cancellation using the procedures outlined above.

18. No Offer or Contract of Employment: Each Contestant agrees that their participation in the Challenge and any Entry submitted is voluntary, and not in confidence or trust; that no confidential, fiduciary, agency or other relationship or implied in fact contract exists between the Contestant and the Sponsor nor is any created by the Contestant’s participation in the Challenge; that under no circumstances will participation in the Challenge, submission of an Entry into the Challenge, selection as a winner or anything in these Rules be construed as an offer or contract of employment with Sponsor, and that no Entry constitutes a work for hire.

19. Disputes: The Sponsor shall be the sole arbiter of the Challenge and the interpreter of these Official Rules, including as to eligibility. Its decisions shall be final. Entry into the Challenge constitutes agreement by Contestants to abide by these Official Rules, as well as any other rules established by the Sponsor. The Sponsor reserves the right to disqualify any Contestant if any of the Official Rules are violated in any way. The Sponsor reserves the right to refuse awarding any prize to a person who is determined to have violated any Official Rule as outlined above, to be ineligible to enter, to have gained unfair advantage in participating in the Challenge, or obtained a winner status using fraudulent means. Except where prohibited by law, any action arising out of or relating to this Challenge or these Official Rules shall be resolved individually and exclusively by final and binding arbitration administered by the American Arbitration Association (“AAA”) and conducted before a single arbitrator, all pursuant to the AAA Commercial Arbitration Rules as supplemented by AAA’s Supplementary Procedures for Consumer-Related Disputes (collectively, the “AAA Rules”). If brought by a US resident, the arbitration shall be held at a location in the state in which you live. If brought by a non-US resident, the arbitration shall be held in the state where Sponsor is located. There shall be no authority for any claims to be arbitrated (or otherwise disputed) on a class or representative basis; arbitration can only decide Sponsor’s and your individual claims and the arbitration may no consolidate or join the claims of other persons or parties who may be similarly situated. ANY AND ALL DISPUTES, CLAIMS AND CAUSES OF ACTION ARISING OUT OF OR CONNECTED WITH THE CONTEST, OR ANYTHING AWARDED IN CONNECTION WITH THE CONTEST, WILL BE RESOLVED INDIVIDUALLY, WITHOUT RESORT TO ANY FORM OF CLASS ACTION. ANY RIGHT TO A TRIAL BY JURY IS HEREBY WAIVED. Notwithstanding anything to the contrary in these Official Rules, for US residents, if the amount in dispute arising out of or relating to this Challenge or these Official Rules is less than the jurisdictional maximum of a small claims court applicable in the US state in which the Contestant bringing the claim lives, the Contestant may bring an action in such small claims court for such dispute, which will be in lieu of arbitration or an action in any other court.

20. Applicable Forum and Governing Law: The validity, enforcement, interpretation, and performance of these Rules and the Challenge itself shall be governed by the laws of the State of California, United States of America, excluding all conflict of law rules. If any provisions of the Terms are held to be invalid or unenforceable, all remaining provisions hereof will remain in full force and effect, unless and until Sponsor determines that such invalidity or unenforceability warrants termination of the Challenge. To the extent permitted by law, all participants, without or not they ultimately become Entrants, expressly waive any and all rights to litigate or seek any other recourse to judicial or any other procedure in case of disputes or claims resulting from or in connection with these Rules and the Challenge.