Binance Futures is possibly the fastest-growing crypto-derivative exchange by trading volume touched a new milestone by exceeding $1 trillion in trading volume this year. The milestone comes on a splendid note of the achievement of completing one year in the industry.
The exchange currently offers the highest leverage of 125x among major crypto exchanges, making it one of the most competitive products in the market. Binance has been leveraging (pun unintended) the momentum of the market by listing their tokens and staying ahead or at par with their competitors. The latest instance is when it listed Uniswap’s UNI token within 90 minutes of its launch, trailed by the launch of UNI USDT-Margined perpetual contract. The open interest on the platform followed suit and helped the exchange cross $1 billion for the first time.
Changpeng Zhao (CZ), Founder and CEO, Binance, said, “what worked for us in spot trading” when establishing the platform of the future. He further commented that Binance envisions “platform stability, product innovation, excellent user-friendly interface, and user support.”
Further, Aaron Gong, VP, Binance Futures also commented,
“We invested in an unparalleled matching engine that has proven itself time and again, and we focused our initial development in our first product to ensure we get it right. We now have 90 products across four product lines to meet user demand for greater diversification. Binance Futures offers a wide selection of altcoin products, including coin-margined and USDT-margined futures, options, and our innovative Binance Leveraged Tokens.”
Close competitor BitMEX continues to draw sizeable, though declining, volumes on crypto derivatives. The decline seems to be in part due to Binance Futures itself, ever since the Black Thursday crash from March 2020. However, it’s worth noting that BitMEX originally hit the $1 trillion volume mark way back in February 2019. In August 2020, BitMEX traded $72.5bn (up 43.6% MoM).
Check out a comparison between all major Crypto Derivatives Exchanges