FTX Crypto Derivatives Exchange Removes All Maker Fees as it Gears Up for a ‘Massive Push’
Crypto derivatives exchange FTX is removing all the maker fees for the rest of 2020, making all the spot and futures markets on the platform absolutely free, announced the CEO Sam Bankman-Fried.
From today onwards, there will be zero maker fees, and “market makers can even earn a rebate.”
Up until today, FTX has been charging 0.02% maker fees for under $1 million trades, 0.015% between $1 million and $10 million, and 0.01% in the $15 million to $35 million range.
Sam took to Twitter to share with the community how they have “grown from nonexistent to one of the industry leaders in the last year,” the result of the tons of work they put in. He said,
“Over the first 9 months we had massive volume growth, up to $1b/day. Over the _last_ nine months our userbase has doubled, and retail following quadrupled, even as industry volumes declined.”
Currently, the exchange is managing $130 million worth of volume a day in Bitcoin futures and the open interest of $200 million compared to nearly $100 million in Ethereum futures and $198 million in open positions in Ether futures OI, as per the data source Skew.
Behind the Scenes
During this past year, FTX also hired a dedicated mobile developer and rolled out revamped applications. More recently, Sina Nader, the former head of crypto at brokerage firm Robinhood joined the exchange as COO, and the exchange has “exciting things in the works.”
Nader will be helping the exchange scale up “massively” in the US, where they launched in May this year, offering spot trading in six coins, including Bitcoin and Ether. The exchange currently operates in all US states except for New York and Washington. In comparison, Hawaii is awaiting support for Coinbase, while Binance.US is restricted in more than ten states.
FTX is also working on increasing its access in other large markets, “gearing up for a massive push over the rest of 2020.”
Recently, FTX delved deep in the craziness of DeFi by announcing its decentralized derivatives exchange built on Solana blockchain — Serum, whose native token SRM had an eventful launch with over a thousand percent increase in its price. The CEO said,
“We've also begun scaling things up behind the scenes more and more–from ProjectSerum to the upcoming FTX US push to some really exciting partnerships. We've begun investing more, too.”