OKEx Expands Derivatives Line With Tether-Margined Bitcoin Futures
Malta-based, OKEx, which describes itself as ‘the world’s largest futures cryptocurrency change’, has simply expanded its product providing, to incorporate Tether-Margined Bitcoin Futures. The launch follows a profitable simulation interval, which started on Nov 5.
Benefits Of Utilizing Tether
The brand new BTC/USDT futures product is a digital by-product, quoted and settled in Tether. It has a face worth of 0.0001 BTC, and merchants can lengthy or brief a place, with leverage from 0.01 to 100x. However why commerce with Tether over BTC/USD futures… and even Bakkt’s Bitcoin settled futures?
OKEx lists a number of benefits in its press launch. Firstly, as a linear contract, it claims there is no such thing as a must hedge the margin danger of an inverse contract. Additionally, buying and selling in Tether removes the necessity to change between fiat and cryptocurrencies, bettering effectivity and lowering price.
OKEx claims that the buying and selling expertise can be extra intuitive, making it simpler for customers to grasp. It describes the system as ‘much like spot buying and selling, with the addition of leverage’.
The Future Of OKEx Futures
Following the profitable simulation interval, OKEx CEO, Jay Hao, stated that he had acquired constructive suggestions from merchants. Nevertheless, he claimed that this was just the start for Tether-backed futures merchandise.
At OKEx, we’ve developed a secure, dependable, and secure setting for cryptocurrency buying and selling, and attempt to supply new companies based mostly on our prospects’ pursuits.
Following the addition of the USDT linear futures contract, there are plans so as to add the pairing to OKEx’s perpetual swap market. Different cryptocurrencies, reminiscent of EOS, ETH, LTC, and BCH can even launch on the USDT-margined futures market quickly.
World’s Largest Futures Cryptocurrency Change?
OKEx claimed over $2.four billion of crypto derivatives was traded in simply 24 hours again in March, leapfrogging BitMEX, and knocking it off the highest spot.
Nevertheless it has additionally confronted accusations that as much as 90% of claimed spot-volume was wash-traded. This even led CEO, Hao, to put up a 100BTC guess, that he may show that at the very least 10.1% of the change’s quantity was actual.
Due to course, 89.9% of quantity being wash-traded can be wonderful.
What do you make of the brand new Tether-margined Bitcoin futures? Add your ideas under!
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