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The Hamburg Grand Prix is a knock-out (or single-elimination) event. It's a format where the loser of each match is immediately eliminated from the tournament, and the winner will play another winner in the next round, until the final match, whose hero becomes the Grand Prix Champion.
There will be four rounds in the Grand Prix. Each consists of two games with the standard FIDE time control of 90 minutes for 40 moves followed by 30 minutes till the end of the game, with a 30 second increment from move 1.
In case of a tie, there is a tie-breaks round, consisting of two games with 25 minutes and 10 seconds per move for each player. If the score is still tied, there are two games with 10 minutes and 10 seconds per move for each player. If it's still a tie, it is followed by 2 blitz games of 5 minutes and 3 seconds per move. If the score is tied, then there is an Armageddon game.
The tournament has a prize fund of 130,000 EUR. Also, prizes for overall standings in the Series are 280,000 EUR, making the total prize fund of the Series 800,000 EUR.