Huobi outperforms OKEx even as its Q3 turnover dips by 40%
2 min read- Huobi performs better than OKEx in the third quarter
- There are more investors in the crypto derivatives industry than in previous times
Huobi Ventures has revealed that the turnover on its platform dropped by 40% in the third quarter though its volume has, however, remained steady during the same period.
Upon the dip Huobi suffered, its platform still outperformed its major rival OKEx as its transaction records show that the trading volume for the quarter was $268 billion with an average of $2.9 billion per day. On the other hand, OKEx Futures platform only had $197.9 billion during the same period.
Earlier in the year, Huobi recorded $444.15 billion in the first quarter and $433.87 billion was recorded for the second quarter.
However, in recent time, derivatives platforms have enjoyed an increase in their trade volumes. Derivatives platform allows investors to bet on the price of crypto assets without them necessarily taking custody of such assets.
Reports from CryptoCompare, a crypto analytic firm has shown that tradings on crypto derivatives dropped to $619 billion for October. The figure stood at $635 billion in September while it was $712 billion in August.
The market has also seen the entrance of more popular investors like Binance and Bitmex who have their eyes set on an unnamed crypto platform. Binance recently rolled out a new feature for their users as the crypto firm now allows their traders have access to margin trading.
Huobi Futures gives Bitcoin option to its users
Huobi Futures has given their users an option to be able to trade in Bitcoin too. Like every other derivatives platform, Huobi Futures will give buyers a right to buy and sell Bitcoin for an agreed price and at a specific date.
These users are not necessarily obliged to however buy the coins they might have predicted on. The BTC option is quoted in USDT.
