Synthetix Exchange is currently running a trading competition among 100 top crypto influencers. Each influencer was given $50,000 to trade on the platform.
As of now:
Only 19 of the 100 traders have a positive PnL (meaning their account balance is above $50,000). 7 participants have made no trades at all, placing them between ranks 20–26 by default. 32 traders have lost 99% or more of their starting balance, meaning their accounts now hold less than $500.This is a perpetual futures DEX, meaning traders can go long or short. Since it’s a perp-dex, their performance isn’t tied to simple market direction because they can profit whether prices go up (long) or down (short) if they predict correctly. Despite that flexibility, the majority are losing heavily.
It’s a reminder that most influencers don’t make their money through trading. Their income often comes from deal flow, sponsorships, or promoting the platforms they appear to be using successfully. Many are subsidized or incentivized to generate high volume, creating the illusion of skill or profitability.
If they do make money trading, it’s frequently by buying small cap coins early and shilling it later. These small caps are rarely put on perp dexes so they don’t have this advantage.
Events like this pull back the curtain. Even with a fair playing field and access to the same tools as everyone else, very few of the so-called “top traders” can actually trade profitably.
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