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Binance Open Interest on Futures Testnet Hits $150m USDT in 24hrs

Binance has launched its futures markets in a closed invitation-only mode. Following a testing period on its two futures platforms, the leading exchange marked significant interest. Trading volumes reached $150 million, denominated in Tether (USDT). For now, Binance offers BTC/USDT futures markets, similar to BitMex.


Reddit users observed the initial performance of the Binance futures markets. The first day of trading achieved significant volumes in the BTC/USDT pairing. The sum is just a fraction of the leading futures market competitor, BitMEX, where activity surpasses $2.4 billion in 24 hours.


Binance now operates two futures platforms – its native trading system, as well as the trading system from the recently acquired JEX exchange. The leading crypto exchange joins the futures markets after OKEx and Huobi offered their own version of the derivatives. For now, the company sells both plain vanilla futures, and 100X leverage instruments.


JEX PLATFORM BOOSTS TRADING


Binance acquired JEX just days ago, renaming it to Binance JEX. The platform received mixed reviews for ease of use. Binance attempts to address problems with derivatives trading, such as price information latency, as well as risk mitigation. The acquisition of the JEX exchange will also introduce its native asset, the JEX token, to Binance users.

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#Binance #Futures #Trading