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Binance captures the numero-uno spot as the largest Crypto Derivatives Exchange

Photo of: Sangeetha Golchha
by Sangeetha Golchha

The results are out and the numbers are here. According to CryptocCompare’s September 2020 Exchange review 2020, Binance has been crowned the largest cryptocurrency derivatives trading platform in the month of September. As per the estimates in the month of September alone the traders moved $164.8 billion which is why Binance was given the acclaimed status. 

Surprisingly enough, Binance did well but not as good as its performance in August. Notably, the trade figures in August were 10.7% more than September, but the other top exchanges were even worse in their performance. After Binance Huobi came in second clocking a trade figure of $156.3 billion, 25.8% less than in August. The third slot was occupied by OKEx at $155.7 which was down by 18.5%. The fourth position went to BitMEX which was down 30.7% to $56.4 billion.

Source: CryptoCompare

CryptoCompare’s report details that cryptocurrency derivatives trading volumes went down 17.5% in September to $634.9 billion, while spot trading volumes decreased by 17.5% to $676.6 billion. Derivatives exchanges, as seen above, did not escape the downward trend, with one exception.

FTX, the cryptocurrency derivatives exchange experienced a slight increase in its trading volume in September by 12% as compared to August to $23.9 billion. CryptoCompare has carved a niche for itself in the services of providing data. Founded in 2014, it is a global-level cryptocurrency market data provider that gives investors both retail and institutional access to real-time, high quality. Reliable market data on more than 5000 coins and 240,000 currency pairs. 

After the price of Bitcoin went below $11,000, the top derivatives trading platforms traded a total of $47.35 billion. This is despite the top four exchanges namely Binance, Huobi, OKEx, and BitMEX representing less than 90% of the volume traded throughout the month. It is worthy to note that as per one of the reports, Binance had already captured the leading spot for derivatives trading platforms last month. Back then it came behind the top trading platforms. But in August the derivatives trading volumes witnessed a surge with Binance, Huobi, and OKEx seeing major growth.

What caught our attention was how last week BitMex was rounded up by the  U.S Commodity Futures Trading Commission (CFTC) by bringing charges against five entities and three individuals. This had made the traders vigilant leading them to withdraw a major portion of their funds which they had in their exchange.

As per the report, Binance is the largest top tier trading platform in terms of trading volume last month. CryptoCompare’s Exchange review is a much-awaited review of the monthly trends in industry circles and among users. It evaluates the monthly trends in exchange volume. It examines and carefully assesses the exchanges based on spot 24-hour volume, derivatives volume, and pricing data. The comprehensive report encompasses several rubrics including exchange rankings by volume; predominant fee types; derivatives data; derivative products; fiat, bitcoin, stablecoin volumes, and more