Binance Futures is breaking into the Big Three of crypto futures trading
In a tweet a few days ago, Binance Futures vice president, Aaron Gong, announced that Binance Futures is currently leading the volume of Bitcoin contracts traded over 24 hours. Besides, the Skew analytical team, which addresses the cryptocurrency derivatives trading market, published their latest trading volume statistics. Some changes occurred in its list of leaders.
A big thank you to everyone trading with us!
If you haven’t made an account yet, use someone’s referral link and get a discount on fees.
— Aaron Gong (@AG_Binance) March 22, 2020
Gong thanked Binance Futures users for creating this feat
Binance issued a full report explaining that the Bitcoin perpetual contract averaged $ 2.43 billion in 24-hour trading volume, far higher than Bitmex’s $ 2.125 billion in the same time frame. At one point, Binance successfully processed $ 9 billion worth of Bitcoin contracts in a single day.
Launched in September 2019, Binance Futures currently has 24 USDT contracts covering significant digital assets such as Bitcoin, Ethereum, XRP, Litecoin, Dash, Link, etc. Such a variety has allowed the exchange to host half of all the top 10 most liquid altcoin contracts. It should also be noted that in September 2019, the exchange acquired JEX, the cryptocurrency derivatives trading platform. Gong was quoted as explaining that Binance’s credibility is the reason for its rapid growth.
“Since our inception, it has been an exciting time for traders as crypto markets displayed more robust demand and volatility. Therefore, gathering a reliable and trustworthy exchange for risk-hedging has never been more critical than before. Hopefully, Binance Futures emerge as the market -standard choice for traders as we continue to expand our ecosystem throughout 2020.”
Besides, Binance has one of the lowest transaction fee structures available in cryptocurrencies as well as a remarkably fast and stable matching tool.
Hard times for BitMEX
As revealed by Skew analysts, Binance Futures has started to ‘compete consistently’ since its 24-hour derivatives trading volume reached $3.44B. That is 8.9% bigger than the results of the BitMEX, one of the pioneers of this type of digital asset trading.
On bitcoin futures, the big three (OKEx, Huobi, BitMEX) has now become the big four with Binance starting to compete consistently pic.twitter.com/6izVbN71JZ
— skew (@skewdotcom) March 24, 2020
Now, every exchange in the Top-3 is an ecosystem in which futures trading is accompanied by classic spot trading. Though, BitMEX still outperforms other futures-only competitors by a wide margin.
Yesterday, the BitMEX team published a detailed explanation of its Insurance Fund mechanism to put to rest the rumors of insufficiency allegedly caused by the unmatched market volatility. According to the report, the volume of this fund dropped only slightly during the recent crypto market carnage.
So here’s what we know so far: on Mar 13 at both 02:15 UTC and 12:56 UTC, we came under attack from a botnet that appears to have been probing the system for some time. This botnet was also responsible for an attack on Feb 15.
— Samuel Reed (@STRML_) March 16, 2020
Moreover, BitMEX admitted that their system was taken down by the DDoS-attack which resulted in a halt of operations. Platform CTO Mr. Samuel Reed highlighted that the attack was carried out by the botnet that had already tried to corrupt the operations on BitMEX one month ago.
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