Binance Futures Weekly Volume Hits Record $16B
Binance Futures has doubled its weekly trading volumes since the start of the year, according to a recent report published on Binance blog.
Binance Futures Weekly Volume Exceeds $16 Billion
The platform was launched six months ago and has managed to increase its weekly volumes from under $50 million to over $16 billion as of February 10. The expansion was possible thanks to several factors, including the introduction of new products.
The growth of Binance Futures comes amid a competitive market. Other major players, including Bakkt and Bitfinex, recently launched Bitcoin derivatives as well.
Binance claims that one of the reasons why traders prefer its futures trading platform is that they can get access to the entire ecosystem without the need to spend on fees when moving funds between spot and futures accounts.
Binance said that it offers exposure to 20 perpetual futures markets and 100 spot markets. In the first months, traders could open positions on BTC/USDT only. Then, the platform has gradually added other futures pairs traded against USDT, including ETH, XRP, EOS, LTC, BCH, TRX, ETC, LINK, XLM, ADA, XMR, DASH, ZEX, XTZ, BNB, ATOM, IOTA, ONT, BAT, NEO, and VET.
Another factor that helped Binance Futures stay competitive is that its futures contracts simulate the spot instruments. This has been achieved also because the perpetual contracts are denominated in USDT – the stablecoin pegged to the US dollar.
Altcoins Attract More Traders
Once Binance Futures started to expand its altcoin portfolio, the open interest and daily volume on its altcoin markets have got closer to BTC/USDT. In fact, the total daily volume of altcoin perpetual markets has exceeded the daily volume of BTC/USDT futures in mid-February.
In total, open interest across altcoin markets has increased from below USDT 20 million at the beginning of the year to over USDT 191 million as of mid-February. During the same period, open interest in altcoin markets on Binance Futures has increased from 10% of total open interest to 40%.
What other altcoins do think Binance Futures will add soon? Share your expectations in the comments section!
Image via Shutterstock, Binance.com