A leading crypto data aggregator is reporting a surge in volume on Binance’s new Bitcoin futures platform.
According to Skew Markets, the leading crypto exchange recorded more than $700 million in trading volume on Tuesday.
Binance just had a record volume day for its newly launched BTCUSDT futures product : $700mln+ traded on the 15th pic.twitter.com/w0MX0csBEt
— skew (@skewdotcom) October 16, 2019
Binance reported an “overwhelming” response to its futures platform during its beta phase and officially opened futures up to the public on September 13th.
The futures contracts require collateral in the form of the stablecoin Tether (USDT) and are priced in USDT, with support for to 20x leverage.
The exchange says it will support other crypto asset futures in addition to Bitcoin, but has not released a timeline or hinted at which coins it may add.
According to CoinGecko, Binance Futures is currently the sixth most popular futures platform. Here’s a look at the current rankings.
- Huobi DM
- Bitflyer Futures
- Binance Futures
Meanwhile, Bakkt’s physically-settled and US-regulated Bitcoin futures platform is still looking to gain traction.
So far, its best day was on October 9th when it set a daily record of $1.93 million on 212 contracts.