Binance Futures Reports A “Wildly Successful” First Month; Capturing Almost 12% Market Share
“Binance Futures had a wildly successful first month,”
On September 13, the leading cryptocurrency exchange launched its futures platform and traded 19,253 BTC in volume in the first 24 hours.
In the next ten days, the volume increased to 74,647 BTC, seeing a growth of 388 percent from the first day and marking an all-time high.
In another bout of a surge, on October 3, the daily volume on Binance Futures exceeded the volume on Binance BTC/USD spot trading and
“this has been the case ever since.”
This growth saw Binance reaching the 4th place in the BTC/USDT futures volume rankings, as reported by Skew. The exchange is reportedly staying in that range to the present day.
The growth has been unstoppable as on Oct. 14, it reached it highest futures market share at 11.79 percent with over $600 million in trading volume.
At one point, more than 16,000 BTC of the volume was recorded in a single hour.
The driving factor behind this success, AG Binance said has been its development process where the focus is on “quality over quantity.”
“We felt that a smaller team of dedicated, super hard-working, and brilliant individuals can outperform a larger, less cohesive, and less focused team.”
Other factors contributing to this success are the industry-best matching engine, real protections from the insurance fund, a liquid spot market, a liquid spot market, and lowest taker fees that can be
“as much as 7.5 times cheaper than some exchanges.”
In the first month, Binance Futures build several features and functions including types of orders in terms of post only, take profit limit, reduce only, visual depth in one screen, 24h volume display, mobile web trading, funding rate history, insurance fund history, market depth level filters, 200,000 USDT welcome bonus program, and content creation bonus program among others.
Now, in Q4, the platform is planning to roll out various new major features and “several surprises,” for its customers.