Altcoin News: Binance Has Become the Second Largest Bitcoin Futures Platform

October 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The volume of trading in Bitcoin Futures on the new platform of the Binance exchange on Tuesday exceeded $700 million, which corresponds to a new maximum, according to data from the analytical portal skew..

Image credit skew.

Other statistics from the same source indicate that, along with this, Binance became the second-largest exchange on the daily trading volume in the Bitcoin Futures market, losing from BitMEX and bypassing Huobi.

Image credit skew.

Recently BitMEX cannot boast of increased volumes and is content with only a small part of what it had several months ago. According to analysts, this may indicate a loss of speculators’ interest in trading Bitcoin derivatives at the current stage.

Earlier, Binance Futures Director Aaron Gong presented a report for the first month of the service, in which he connected the initial success with a high-quality application matching engine, low fees and high platform liquidity.

“Our matching engine is benchmarked at 5ms latency and 100,000 orders per second; this is compared to many other matching engines that can only handle 100 or fewer orders in the same time frame. On September 24, when BTC price plummeted from 9800 USD to 7780 USD in just a few minutes, many other major platforms had overloads or complete outages, but we had no problems or delays of any kind,” he writes.

Gong also promised that in the fourth platform, Binance Futures will add several important features based on user needs.

It became known on Tuesday on the launch of an exchange product (ETP) linked to Binance Coin, which will be traded on the Swiss SIX stock exchange.

Author: Marko Vidrih