According to the cryptocurrency data provider Skew, on October 15, the Binance cryptocurrency exchange set a new record – $ 700 million in the volume of daily trading in bitcoin futures:
Changpeng Zhao entered the futures market in early September with two test platforms Futures A and Futures B. On October 8, according to Skew, Binance bitcoin futures were already in fourth place in daily trading volume after bitFlyer, Huobi and BitMEX. On October 14, Binance’s Bitcoin futures market share reached 8.63%.
Binance Futures Director Aaron Gong cited Binance’s ability to meet demand, low fees and a liquid spot market as the main reasons for the rapid growth of this product.
A battle ahead?
The rapid growth of bitcoin futures will soon make Binance a serious competitor to the BitMEX exchange, which is still considered the number one trading platform for cryptocurrency derivatives.
Binance has already surpassed such platforms as Deribit, Bybit and others, however, to take the place of BitMEX, apparently, will not be easy. In June, BitMEX CEO Arthur Hayes announced that the annual trading volume on his exchange was more than $ 1 trillion.