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29 October 2020

Competition for global crypto derivatives market dominance heats up

Competition for global crypto derivatives market dominance heats up

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In the midst of all this, the crypto derivatives market also witnessed a major development in the form of Binance overtaking Huobi and OKEx to become the largest crypto derivatives exchange by volume for the month of September, with the platform recording a total trade volume of $164.8 billion for the month.

The data, released by U.K.-based crypto analytics firm CryptoCompare, took into consideration the trading volume of the aforementioned exchanges and found that Binance drew in a total of $8 billion more in trade volume than its closest competitor, Huobi, which raked in $156.3 billion during the same time period, while OKEx drew in around $155.7 billion.

Binance and OKEx demonstrated relatively similar derivatives volumes during July and August; however, it’s worth noting that during this same time window, Huobi had quite a margin on both its closest rivals.

According to a Binance spokesperson, one of the key drivers that helped spur the recent market performance was user feedback, especially in regard to the less-than-ideal trading experiences that many customers had previously faced on other derivatives exchanges: “They told us about system outages or instability, interfaces that weren’t user-friendly, and that all the exchanges then were only offering incentives for market makers, which created a lopsided environment that disadvantaged market takers.”.

While September saw Binance lead the derivatives roost, heading into October, OKEx is leading all Bitcoin futures exchanges in terms of Bitcoin futures open interest.

That being said, it is worth remembering that when the ban was proposed in July last year, it generated a total of 527 responses from various companies that sell derivatives as well as crypto exchanges, law firms, trade bodies and other entities

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