Leading cryptocurrency exchanges OKEx has managed to propel itself to the forefront of the cryptocurrency derivatives industry, as it managed to capture around 37% of the market in August.
The cryptocurrency exchange traded around $3.66 billion in August on average, while the sum of all average daily derivatives volumes was $9.85 billion. Together with competitor Huobi it captured 69% of the market.
According to the data published in CryptoCompare’s August 2019 Exchange Review, OKEx and Huobi combined traded an average of $6.8 billion a day, while bitFlyer and BitMEX traded $952 million and $1.6 billion, or around 10% and 17% of the market respectively.
Regulated platforms trading cryptocurrency derivatives, namely ESMA-regulated Deribit and FCA-regulated CryptoFacilities – which is owned by Kraken – traded $363 million and $87 million a day, representing 4% and 1% of the market respectively.
Source: CryptoCompare Exchange Review
OKEx’s growth when it comes to cryptocurrency derivatives is notable, as the exchange launched its products near the end of last year. This isn’t the first time the exchange’s derivatives products stand out, as it topped the rankings for daily derivatives trading volumes earlier this year in March.
The top derivatives products when it came to trading volume in the month of August were BitMEX’s perpetual BTC futures product, and was followed by BTC futures products expiring on September 27 from Huobi and OKEx.
According to CryptoCompare’s report, OKEx also stood out when it came to crypto-to-crypto exchange volumes, as it recorded the second-largest trading volume in the market at $28.4 billion, behind Binance’s $28.45 billion. The trend may change this month, however, as Binance’s volume dropped 41.4% in August, while that of OKEx dropped 38%.
OKEx, the report adds, also had one of the largest average daily trade counts, recording an average of 240,000 trades per day. The lowest average trade size on the cryptocurrency exchange was of 0.115 BTC.
Source: CryptoCompare Exchange Review
OKEx’s growth has seen the value of its cryptocurrency, OKB, surge in the last few months – so much so it’s been outperforming other small-cap cryptocurrencies. CryptoCompare data shows that in the last 12 months the cryptocurrency’s price rose 62.4%, despite suffering a correction to $2.55 after hitting a $3 all-time high.
As reported on CryptoGlobe, blockchain investment firm Shinobi Capital has predicted OKEx’s OKB could grow by over 1,500% until 2020, as it estimates exchange tokens are going to be the “powerhouse of the development of the digital asset market and even blockchain technology.”
