OKEx Trades Over $2.4Bn in Crypto Derivatives in 24 Hours, Tops BitMEX

OKEx just hit a record in crypto derivatives trading, knocking BitMEX off the top spot. 

Turning Things Around

OKEx ended last year amid a deluge of criticism from angry traders. Not only was the Asian-turned-Malta-based exchange called out for market manipulation when it forced the early settlement of BCH futures, without warning, right before the fork, but it was also slammed for falsifying trading volume.

However, the leading digital asset exchange that tells traders “it’s OK to be daring” has put all that behind it — and its relentless efforts to beat BitMEX at its own game appear to be paying off.

According to a media release, the company just registered a record-breaking 24-hour trading volume on crypto derivatives. OKEx racked up more trades than BitMEX or any other futures exchange, “topping the industry globally” while trading $2.4 billion in one day.

Just in case you were wondering where the numbers came from, the company reinforces this was “according to the official data.”


Who Trades on OKEx?

At one point, it looked as if OKEx was going to see a mass exodus of traders from its platform. Now, it looks to have turned things around. The introduction of the latest perpetual swap product seems to have been a hit with futures traders, among whom some 56 percent go long on BTC.

This, they say, reflects the market’s overall optimism that the worst of the bearish conditions are over. Head of Operations Andy Cheung enthused:

It is encouraging that traders are positive and open-minded to the future of cryptocurrency. This really strengthens our faith in going further.

He also assured traders that the platform will continue to innovate and work on creating a more “trader-friendly” environment.

Contributing to the volume, OKEx’s perpetual swap registered over $53 billion in total trading volume. It currently has nine different contract types available for trading — including Bitcoin (BTC), Ethereum (ETH), and EOS with 100x leverage, and Bitcoin Cash (BCH), Ethereum Classic (ETC), Bitcoin SV (BSV), Litecoin (LTC), and XRP with 40x leverage.

Do you think OKEx really topped BitMEX? Let us know your thoughts in the comments below!

Images courtesy of Shutterstock.

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