Binance Futures Boom: Nearly $3 Billion 24-Hour Volume With New Features Incoming by Year End
Aaron Gong, the head of Binance Futures, just did his first AMA (ask me anything) on Periscope. The former director of Northeast Asia proprietary trading firms at CME Group, Gong has gotten Binance Futures off to a solid start.
The platform officially opened to the public on September 13th and reached $700 million in trading volume on October 15 for its BTC/USDT futures product.
Gong says Binance’s matching engine, the core technology of the exchange, is the finest in the industry, handling up to 100,000 orders per second with other key benchmarks reaching Nasdaq-level performance. Coupled with Binance’s highly liquid spot exchange and low fees, the Malta-based powerhouse made its strategic move into the lucrative crypto futures.
“The results have been very strong. We’ve reached a volume of #2 on Skew, and achieved a nearly $3 billion 24-hours notional… We believe the current momentum will continue growing and expect to see further gains in the coming months.”
Last week at #BinanceFutures
1. ATH 24h volume, nearly $3 billion notional
2. Android mobile app
3. $250,000 welcome bonus concluded in less than 24h
4. Percentage order
5. Sub accounts
— Aaron Gong (@AG_Binance) November 2, 2019
Before the end of this year, Binance Futures plans to roll out three main features: an iOS app, more trading pairs and cross-collateral trading, among other developments. The platform also launched its market-making program on Monday as well as a sub-accounts feature for API clients. Gong says even more features are coming, including one for community feedback to improve the user experience.
Bitcoin is in demand on the platform and Gong says that the cross-collateral feature will allow users to use BTC in addition to Tether (USDT).
Regarding futures on Binance.US, Gong says,
“At this moment we don’t offer futures for Binance.US but we will take this into our roadmap and see if we will in the future.”
— Binance (@binance) November 5, 2019