Binance was the largest cryptocurrency derivatives trading platform in September by trading volume, seeing traders move $164.8 billion last month, according to CryptoCompare’s September 2020 Exchange Review.
Binance’s figure was down 10.7% when compared to August, but other top derivatives trading platforms were seemingly worst off. Huobi came in second, trading $156.3 billion, 25.8% less than in August. Next came OKEx, down 18.5% at $155.7 billion, and in fourth place came BitMEX, down 30.7% to $56.4 billion.
CryptoCompare’s report details that cryptocurrency derivatives trading volumes went down 17.5% in September to $634.9 billion, while spot trading volumes decreased by 17.5% to $676.6 billion. Derivatives exchanges, as seen above, did not escape the downward trend, with one exception.
Cryptocurrency derivatives exchange FTX reportedly saw its trading volume go up in September by 12% when compared to August, to $23.89 billion. Despite the decline throughout the month, derivatives trading platforms experienced a peak last month.
On September 3, CryptoCompare’s Exchange Review notes, after the price of bitcoin dipped below $11,000, top derivatives trading platforms traded a total of $47.35 billion, even though the top four exchanges – Binance, Huobi, OKEx, and BitMEX – generally represented less than 90% of the volume traded throughout the month.
As CryptoGlobe reported, Binance was already one of the leading derivatives trading platforms last month, falling behind other top trading platforms then. While in August Binance, Huobi and OKEx saw their derivatives volumes go up, BitMEX had already seen its volume drop 2.22%.
It’s worth noting that last week the U.S Commodity Futures Trading Commission (CFTC) announced that it had brought charges against “five entities and three individuals” that own and operate BitMEX. This led to traders immediately withdraw a large part of the funds they had on the exchange.
CryptoCompare’s report points out that Binance remain the largest top-.tier trading platform by trading volume last month, exchange $113.3 billion. It fell behind Huobi Global, which traded $60.75 billion, and OKEx, which traded $55.4 billion.
Featured image via Pixabay.
