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Monday, November 23, 2020

Binance becomes the biggest crypto derivatives exchange

  • Binance exceeded its largest competitors in terms of trading volume for September.
  • The exchange saw a total of $164.8 billion traded, which made its volume $8B higher than Huobi’s.
  • The worst performer was BitMEX, which saw a 30.7% drop, even before its leaders were forced to resign.

Binance exchange recently managed to become the world’s biggest crypto derivatives exchange, after its volume skyrocketed in September. The exchange saw so much traffic last month that it even managed to overtake some of the crypto derivatives giants, such as OKEx and Huobi.

Binance takes the lead

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According to recent data by CryptoCompare, Binance saw a massive surge in volume last month, reaching a height of $164.8 billion by the end of the month. In fact, the surge in volume was impressive enough to have CryptoCompare look into the trading volumes of other exchanges, as well.

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After a thorough comparison, the data firm found that Binance managed to exceed the trading volume of its largest competitors. As mentioned, Binance saw a total of $164.8 billion, meaning that it managed to exceed Huobi ($156.3 billion), OKEx ($155.7 billion), and BitMEX ($54.4 billion) alike.

How did others perform?

As many may already know, BitMEX’s officials were recently charged with failure to prevent money laundering. However, the exchange’s volume for September shows that the platform saw a massive decrease in usage even before the accusations have surfaced.

In fact, BitMEX’s volume is the largest monthly decrease so far, marking a 30.7% drop.

As for Huobi and OKEx, they, alongside Binance, accounted for approximately 90% of all derivatives volume traded in September. This is even true for the period when the volume dropped by 17.5%. In fact, only FTX saw an increase in volume, which had gone up by 12% in September.

As for daily volumes, reports suggest that the highest ones were seen on September 3rd, when $27.6 billion was traded. This was actually a new ATH, which exceeded the previous one, made on July 27th ($27.1 billion).

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