{"id":174940,"date":"2020-10-30T12:04:48","date_gmt":"2020-10-30T12:04:48","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=174940"},"modified":"2020-10-30T12:05:22","modified_gmt":"2020-10-30T12:05:22","slug":"binance-futures-surpasses-bitmex-becomes-most-liquid-bitcoin-perpetual-swap","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-futures-surpasses-bitmex-becomes-most-liquid-bitcoin-perpetual-swap\/","title":{"rendered":"Binance Futures surpasses BitMEX, becomes most liquid Bitcoin perpetual swap"},"content":{"rendered":"

According to the data from Skew, Binance Futures now has the most liquid Bitcoin perpetual swap contract. It surpassed BitMEX, which was probed by U.S. regulators in early October.<\/a><\/p>\n

Binance Futures, the futures exchange arm of Binance, launched in September 2019. Since then, it has become one of the largest futures exchanges alongside OKEx and CME Bitcoin futures.<\/p>\n

\"bitcoin
The liquidity of BitMEX and Binance Futures. Source: Skew<\/a><\/figcaption><\/figure>\n

Binance Futures already the biggest Bitcoin futures exchange in volume<\/h2>\n

In cumulative daily volume, Binance Futures is already the largest Bitcoin futures exchange. It processes $6.2 billion daily, which is higher than Huobi and OKEx, based on Skew\u2019s data.<\/p>\n

The figure is impressive for two reasons. First, it shows the rapid growth of Binance Futures in a span of 13 months.<\/p>\n

Second, the exchange has integrated many alternative cryptocurrencies onto its futures platform apart from Bitcoin. That means the total daily volume of the entire futures exchange is much larger than its Bitcoin futures volume.<\/p>\n

The researchers at Skew said:<\/p>\n

\u201cBinance overtook BitMEX this month as #bitcoin's most liquid perpetual swap.\u201d<\/p><\/blockquote>\n

The abrupt halting of withdrawals at OKEx, the probe against BitMEX, and the uncertainty around major exchanges led to an overall rise in demand for Binance Futures.<\/p>\n

The BitMEX probe helped Binance\u2019s dominance<\/h2>\n

It was not long ago when BitMEX was the most dominant player in the Bitcoin futures market.<\/p>\n

On May 12, 2019, BitMEX CEO Arthur Hayes<\/a> said the exchange reached $10 billion in 24-hour volume. At the time, the demand for BTC was rising and in the next two months that followed, BTC neared $14,000.<\/p>\n

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New record for BitMEX trading volume. Praise be to volatility and our wonderful traders! pic.twitter.com\/iLMGdpz65n<\/a><\/p>\n

— Arthur Hayes (@CryptoHayes) May 12, 2019<\/a><\/p><\/blockquote>\n