Huobi’s crypto derivatives market, Huobi Futures , has revealed that the total volume of trades it recorded on its platform last year was $2.3 trillion.
The fourth quarter of 2020 saw an increase in trading volumes, as the average daily trading volume reached $12.3 billion, based on the report provided by the firm.
The volume rose by an impressive 402% when compared to the $3 billion average daily volume the previous year.
Huobi has also been very busy in the market as it has expanded into trading services in other regions in the world. The company now has a presence in Korea, Russia, Argentina, and Malaysia. Presently, it’s planning to set up an office in London.
Increased performance in coin-margined futures trading
Huobi also revealed that its performance in coin-margined futures trading volume for October and November was better than many of its competitors, including OKEx . According to the crypto derivatives exchange, it recorded a futures trading volume of $66.2 billion in October and $124 billion in November.
According to the Singapore-based exchange, it’s performance on ETH trading was $120.2 billion in the first half of 2020, which was higher than OKEX’s $49.3 billion within the same period.
After introducing its coin-margined future, the exchange outperformed BitMEX within 45 years. Before Huobi’s coined-margined introduction, BitMEX held the largest coined-margined swaps.
Several crypto exchanges have focused on popular crypto derivatives offerings In the market, including BitMEX.
Huobi is growing rapidly
Generally, the expansion of crypto derivatives trading volume is gradually overshadowing that of sot trading.
CryptoCompare, a data analysis firm, revealed in a recent data that the volume of trades on crypto derivatives reached $1.4 million in December. It broke the previous all-time high set the previous month at $1.32 trillion.
However, CryptoCompare revealed that Binance was the largest derivatives exchange for December trading volume, hitting $451 billion.
The next largest was OKEx, with a rise of 22% to $284 when it comes to trading volume. Huobi took the third spot, hitting $269 billion, which is a 7.6% rise.
After witnessing a high demand for derivatives trading, Huobi Futures introduced Bitcoin options so that traders can hedge against risks such as high market volatility.
This is a syndicated post from https://www.cryptovibes.com/blog/2021/01/23/trading-volumes-at-huobi-hit-2-3-trillion-as-crypto-derivatives-trade-surges/