Binance Futures Volume Exceeds Spot Volume While OKEx Leads the Futures Race
- OKEx Beats BitMEX in Futures Race
- Binance futures Records 16k BTC Volume in Just an Hour
Bitcoin futures were first introduced in 2017, at the peak of the bull run by the CME Group and Cboe. After this launch, BTC price lost 84 percent of its value in 2018.
Since then, however, while Cboe delisted Bitcoin futures, in March this year, many new entrants have heated the competition.
Intercontinental Exchange’s Bakkt launching this September with the industry’s first physically-settled bitcoin futures has been the biggest name in the market, giving CME stiff competition.
Though Bakkt had a really slow start — with just 72 contracts traded in the first 24 hours — it has since gained momentum. On Oct. 9, the digital asset platform recorded its highest trading volume at 224 BTC contracts.
While CME has already announced its plan to launch another Bitcoin-related product in the form of options, Bakkt reportedly is also eyeing to beat CME with its own BTC option contracts.
OKEx Beats BitMEX in Futures Race
BitMEX, on the other hand, that has been the top player of the BTC futures market came under regulatory scrutiny for allowing US residents to trade on its platform.
According to the data provided by CoinGecko, in the crypto futures market, BitMEX has the second-highest trading volume at $3.2 billion for 8 coins and 13 trading pairs.
Recently, Blockchain Transparency Institute claimed in its report that the exchange has over 90% of its volume fake. Before this, Bitwise’s report in March made similar claims.
OKEx strongly opposed the finding of the former report calling it to be “inaccurate and misleading,” further accusing them of using “highly questionable and not transparent,” methodology.
Other exchanges on this top futures exchanges by volume list involve, Huobi, Bybit, Coinflex, Deribit, Prime XBT, and FTX among others.
Binance futures Records 16k BTC Volume in Just an Hour
Interestingly, just within the month of its launch, Binance Futures has taken the fifth spot — with almost $560 million in trading volume — on this list.
However, the futures platform of the leading cryptocurrency exchange has just one crypto, BTC, trading on its platform.
On Oct. 11, a user shared the latest Binance futures data on Twitter sharing how in just within an hour, it traded 16k in BTC.
16k BTC in 1 hour! 4th highest volume in the crypto futures industry (not even 1 month old!), the lowest taker fees, and the best matching engine. 0 outages, 0 ADLs. Experience the hype #binance_futures pic.twitter.com/hqvNtDgAPL
— Aaron Gong (@AG_Binance) October 11, 2019
At 8th spot is another Binance exchange, Binance JEX recording a volume of $245 million with 3 coins and 3 trading pairs. Combined, both the futures platform of Binance register more than $800 million.
Another interesting fact is the volume recorded on futures exchange has taken over Binance’s spot exchange.
If you haven't noticed, @binance Futures trading volume has been higher than spot (for BTC) for the last few days.
This boy's grown up real quick. pic.twitter.com/mD4q5vxxRV
— CZ Binance (@cz_binance) October 10, 2019
In the past 24 hours, Binance spot exchange-traded $720 million in volume (normalized) as per CoinGecko.