Huobi Derivative Market (DM) Plans to Roll Out Perpetual Swaps For Cryptocurrencies In Q1 Of 2020
Huobi Derivative Market (DM), Huobi’s crypto contract service on Thursday announced that to mark its first anniversary it will launch perpetual contracts for digital assets in early 2020. Unlike traditional future contracts, perpetual contracts have no set timelines for ending or on settlements.
— Huobi DM (@HuobiDM) November 22, 2019
Huobi is currently one of the world’s leading cryptocurrency exchanges with millions of users in over 130 countries using their platform for trading in cryptocurrency.
An In-depth Look into Huobi’s Transaction Volume
Back in 2018, the exchange launched their committed derivatives platform resulting to a massive rise in market demand. Stats from the exchange show that Huobi DM’s volume of daily transactions has reached $2.1 billion. Between October 1 and November 15 2019, the daily average volume is reported to have crossed the two and a half billion dollar line, with the bulk of that were gained from Bitcoin contracts and with the majority of daily amounts of $1.5 billion. Also, October 26th of this year saw the peak of total 24-hour volume for both DM and BTC contracts, with $9.9 billion and $6.7 billion respectively.
The Vice President of Huobi Group Jason Lan recently gave out his views on the current rising demand. He said that he is hopeful that the platform will grow to other multiple markets and add more options. Jason Lan in his own words said that the wealth of products added to Huobi DM reflects on the overall strength of the platform. He believes that the introduction of perpetual contracts is just the beginning of better things on Huobi since the contracts are fast gaining popularity in the crypto market.
Huobi DM on An Expansion Spree
Huobi DM faces stiff competition from major exchanges like Bithumb, FTX, and KuCoin which also offer the new perpetual contract feature. Huobi DM which is Singapore headquartered, is, however, working earnestly towards its international expansion. Huobi’s most fierce market competitor Binance is also in the mix. Earlier this year, after acquiring JEX, a digital asset derivatives platform, Binance also hurried to offer perpetual contracts.
In a move to grow the exchanges international services, the Middle East and North Africa (MENA) area is where Huobi has released it's cloud-based services. In addition, the exchanges operating in the new region are being offered white label services. As of late summer, Huobi entered the Argentinian market transforming it from a hyperinflated state to crypto lucrative hotspot.
As of press date, Huobi DM is available in 6 languages namely English, Chinese, Russian, Vietnamese, Turkish and Korean. Among the cryptocurrencies listed by Huobi are BTC, EOS, BCH, ETH, TRX, BSV and ETC.