Binance Futures Records $850 Million All-Time High Volume Following Bitcoin’s Price Action

After a few weeks of sideways action, Bitcoin experienced a severe price plunge yesterday, resulting in the lowest price since May this year. The trading volume picked up with the rising volatility. Binance Futures Exchange seemingly caught the tide, and the volume reached its all-time high.

Binance Futures Volume Improving

Back in September, Binance announced the acquisition of a futures exchange. Shortly after, the company launched Binance Futures, allowing traders to use a leverage of up to 125x so that they can open both short and long positions on Bitcoin.

Despite being the new kid on the block, the trading volume on the futures platform has already surpassed that of the spot exchange. It seems that the latest price action in the cryptocurrency market has had its reflection.

According to Aaron Gong, the head of Binance Futures, the daily volume had reached 108,500 Bitcoins, which are roughly 0.85 Billion USD as of today.

It’s worth noting that the trading fees on the Binance Futures platform are already lower compared to the other margin exchanges; this could be related to the high level of leverage the exchange is offering.

Added to the above, CryptoPotato readers can enjoy a 20% discount on all Binance futures trading fees (using this link to register). Please note that margin trading is considered very risky and is not recommended for beginners.

Binance Still Has To Catch Up

Looking at the bigger picture, which includes other well-known cryptocurrency margin trading exchanges, it’s safe to say that Binance still has some way to go.

Image data: Skrew

The graphic above shows that BitMEX is reportedly leading with a significant difference. BitMEX is the only futures exchange with a 24h Bitcoin volume above $3 billion, and Huobi is following with $2.3 billion.

Binance, however, is improving fairly quickly. Reaching an all-time high volume yesterday, during the market crash, is a step in the right direction. The company made another change recently when they allowed traders to set leverage between 1x and 125x as opposed to the previously existing automatic 20x leverage.

Bakkt Volume Follows Along

Initially starting with minimal volume, Bakkt’s also reached a new all-time high yesterday in this regard. The Bitcoin futures platform had reached a total of 640 contracts that were traded, implying an increase of 650% from the previous day. The total volume in USD, given that one contract is measured as one Bitcoin, is $4.8 million or almost three times higher than the previous all-time high; however, very far from the leading crypto exchanges mentioned above.

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