Binance’s Crypto Derivatives Platform Sees Record Open Interest of $10B

According to data platform, Coingecko, Binance 24h open interest hit a record high of above $10 billion, dwarfing that of other derivative platforms like Huobi, FTX, Okex, and Bybit. Binance continues to retain its position as the industry leader and number one exchange in the derivative business.

By
Wilfred Victor
on
April 6, 2021
Category:
Breaking News

Introduction

Binance Exchange, the biggest exchange in the blockchain ecosystem and the owner of the popular DeFi smart contract Binance Smart Chain (BSC) network, has continued to grow in popularity relentlessly. Its quality range of products is among the most utilized and famous. That includes its crypto derivative platform known as the Futures market, which saw a record open interest of $10 Billion.

The future platform has continuously soared in popularity as more retail users add fuel to the bull run inspiring more signups even at this time of this report.

Record Open Intrest

Coingecko Derivative Data

According to data platform, Coingecko, Binance 24h open interest hit a record high of above $10 billion, dwarfing that of other derivative platforms like Huobi, FTX, Okex, and Bybit. Binance continues to retain its position as the industry leader and number one exchange in the derivative business.

Binance maintains lead when compared to platforms like Coinbase, Gemini, Kraken - BitcoinUncharted.

The increase in open interest or the value of derivative contracts traded, but not settled with offsetting positions reflects an increased inflow of money into the market. It also indicates that the high influx of new users to the Binance exchange may suggest a growing mass of retail traders compared to its US-based exchange counterpart Coinbase as cited by Glassnode founders in their recently released newsletter.

The futures platform was launched in September 2019 with a single Tether (USDT) margin perpetual futures market for Bitcoin. Today, it has grown to 180 pairs – 107 USDT- or Binance USD (BUSD)-margined futures contracts, 34 coin-margined futures, 36 Binance leveraged tokens, and six options, the exchange’s representative told CoinDesk in a Telegram chat.

According to data obtained from data analytics firm, Coingecko, the platform remains the most prominent bitcoin futures exchange, contributing $4.33 billion (18.44%) of the total global tally of over $25 million.

This dominance is likely to remain prevalent over the cause of time until a new leader emerges, which is not looking likely in the short term. Given the precedence and the activities of the exchange and blockchain platform, it seems Binance is here to stay.

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.