Cohort is the term for a “trading group” that is settled together. It is defined by:

• Market (e.g. BTC/USD)
• Settlement (e.g. tomorrow at 3:00pm UTC)
• Trade Size (e.g. 0.01 ETH)

Traders compete for a spot in the top 9% within every Cohort. For example, a trader who trades in the BTC/USD market settling on 12/05/2025 with a Trade Size of 0.1 ETH does NOT compete with a trader who trades the same market and settlement with 0.01 ETH. They are in different Cohorts due to the Trade Size.