OKEx Trades Over $2.4Bn in Crypto Derivatives in 24 Hours, Tops BitMEX

OKEx simply hit a document in crypto derivatives buying and selling, knocking BitMEX off the highest spot. 

---

Turning Issues Round

OKEx ended final yr amid a deluge of criticism from offended merchants. Not solely was the Asian-turned-Malta-based change referred to as out for market manipulation when it pressured the early settlement of BCH futures, with out warning, proper earlier than the fork, but it surely was additionally slammed for falsifying buying and selling quantity.

Nevertheless, the main digital asset change that tells merchants “it’s OK to be daring” has put all that behind it — and its relentless efforts to beat BitMEX at its personal recreation look like paying off.

In keeping with a media launch, the corporate simply registered a record-breaking 24-hour buying and selling quantity on crypto derivatives. OKEx racked up extra trades than BitMEX or every other futures change, “topping the industry globally” whereas buying and selling $2.four billion in at some point.

Simply in case you had been questioning the place the numbers got here from, the corporate reinforces this was “according to the official data.”

Who Trades on OKEx?

At one level, it regarded as if OKEx was going to see a mass exodus of merchants from its platform. Now, it seems to be to have turned issues round. The introduction of the most recent perpetual swap product appears to have been a success with futures merchants, amongst whom some 56 % go lengthy on BTC.

This, they are saying, displays the market’s total optimism that the worst of the bearish situations are over. Head of Operations Andy Cheung enthused:

It’s encouraging that merchants are constructive and open-minded to the way forward for cryptocurrency. This actually strengthens our religion in going additional.

He additionally assured merchants that the platform will proceed to innovate and work on making a extra “trader-friendly” setting.

Contributing to the amount, OKEx’s perpetual swap registered over $53 billion in whole buying and selling quantity. It presently has 9 totally different contract varieties out there for buying and selling — together with Bitcoin (BTC), Ethereum (ETH), and EOS with 100x leverage, and Bitcoin Money (BCH), Ethereum Traditional (ETC), Bitcoin SV (BSV), Litecoin (LTC), and XRP with 40x leverage.

Do you suppose OKEx actually topped BitMEX? Tell us your ideas within the feedback beneath!

---

Photographs courtesy of Shutterstock.

The publish OKEx Trades Over $2.4Bn in Crypto Derivatives in 24 Hours, Tops BitMEX appeared first on Bitcoinist.com.