The global crypto spot and derivatives exchange platform OKEx has a reason to rejoice as it is officially declared the world’s largest crypto derivatives exchange. The new milestone is an outcome of the analysis conducted by CoinDesk Research, which evaluated data from CoinGecko that puts the value of outstanding contracts on OKEx at $1.6 billion at the end of last month.
Following the announcement, OKEx CEO Jay Hao said, “We are delighted that our efforts in continuously improving the trading experience and flexibility of products we offer are paying off. It is extremely gratifying to see OKEx taking the top place among all crypto derivatives exchanges, and we will do our best to ensure that we retain that title.”
According to skew data, the aggregated daily volumes of BTC futures on OKEx during the month of August reached all the way till $5.5 billion (on Aug 27), way higher than the rest of the platforms. Apart from BTC futures, the platform also offers a range of derivatives products at the most competitive rates which makes OKEx the platform of choice among traders. The average BTC perpetual swap funding rates on OKEx has been around 0.0052%, making it the second-lowest among all major exchanges.
In addition to BTC futures, OKEx also enables users to indulge in futures trading on a variety of cryptocurrencies through its perpetual swap product. Along with popular cryptos, the list of supported assets includes some of the high-growth as well as promising DeFi tokens like Chainlink (LINK), yearn.finance (YFI), Polkadot (DOT) and Algorand (ALGO). It also offers crypto options trading for BTC, ETH and EOS where traders can buy and sell call and put options on very flexible terms with daily, two-day, weekly, bi-weekly, monthly, quarterly and biquarterly contract expirations.
OKEx has been very receptive to the feedback received from the trading community, which has resulted in it emerging as one of the diverse crypto trading platforms in the industry. It constantly adds new features and support for some of the promising projects in the blockchain and DeFi sector which makes OKEx users a privileged group who can trade these assets on a top-tier exchange before others.
“Unlike some of our competitors, OKEx’s main focus is on providing the most diverse suite of products for our global user base. Cryptocurrency trading is still very fragmented with traders often having to open accounts across several exchanges. OKEx is fast-becoming a one-stop trading platform that accommodates users from entry-level to institutions and professional traders. We’re very proud of the growing number of innovative products that we have listed in the fast-growing crypto derivatives market and spot market as well,” said Jay Hao. “Not only do we offer a wider variety of derivatives products beyond traditional BTC futures, but we also provide users with different amounts of funds and allow them to experiment with trading strategies to continually improve the trading experience for all our users,” he added.
With its diverse offering, OKEx has already gained a lead on its competitors as the crypto trading landscape continues to evolve. According to The Block report, the Bitcoin derivatives market is growing faster than the spot market. The ratio between spot and futures volume has more than doubled in less than a year, from 1:2.3 to 1:5. The changing ratio is a result of increased maturity and institutionalization of crypto space, indicating a shift that is more along the lines of the traditional futures market. These changes will have a positive effect on the demand, which OKEx is currently more than capable of handling. It also means that OKEx can potentially continue to lead the market for a long time.