In the report “Exchange Review for September 2019” recently released by CryptoCompare, a cryptocurrency market data provider, the Malta-based cryptocurrency exchange OKEx has earned the distinction of being the top cryptocurrency exchange in terms of derivatives monthly volume.
The exchange known for its spot and derivatives trading while supporting hundreds of trading pairs registered a total derivatives volume of $90.34B in the previous month. The September 2019 figures for derivatives volume on OKEx is down by 14.9% when compared to the August 2019 figures, yet it emerged at the top while considering the entire market.
In fact, OKEx is not the only exchange that is affected by the drop in monthly volumes as the figures indicate that all platforms are equally affected by the turn of events in the derivatives market, resulting in a downtrend of anywhere between 1% to 19% across the sector.
Figure 1. Crypto Derivatives Total Monthly Volume (CryptoCompare)
Acknowledging the change in market conditions, the CEO of OKEx, Jay Hao recently shared a Tweet stating, “It’s been a tough month for us all. But let’s face it. Pain is good. It can’t be rainbows and sunshine every day. The overall crypto market simply reflects one thing – how we all perform. And now we need to do better.”
Hao further tweeted, “Still, we’re proud to have stayed at the top in derivatives trading. And we will keep innovating – a new derivatives product will be launched by the end of this year!”
The Exchange Review is one of the comprehensive monthly information gathering and publishing exercise handled by CryptoCompare, which is known for its real-time global cryptocurrency market data accessed by both institutional and retail investors alike. The data supplied by CryptoCompare includes over 5300 cryptocurrencies and 240000 currency pairs from exchanges across the world. OKEx features regularly in CryptoCompare data as it has a very huge userbase, in terms of millions spread across 100 countries, resulting in chart-topping market volumes.
Figure 2. Derivatives Exchange Volumes in September – Overview (CryptoCompare)
Contents of the Exchange Review report for the Month of September don’t come as a surprise as OKEx represented a significant share in overall daily derivatives volumes trading at $3B per day which is almost 33.7% market share. The availability of futures contracts and perpetual swaps for 9 different cryptocurrencies has further helped OKEx consolidate its position way ahead of its market competitors in terms of total derivatives volumes.
There are indicators that OKEx might launch a new derivatives product in the coming months. The speculation is further strengthened by Jay Hao’s recent tweet where he mentions a new derivatives product by the end of this year.
