Bitcoin Futures Shatter $700,000,000 in Volume on Binance As Crypto Startup Bakkt Searches for Traction

By Daily Hodl Staff

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 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.

OKEx
BitMEX
Huobi DM
Bybit
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.

Source: twitter.com/BakktBot

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