Cryptocurrency Derivatives Series: Spotlight on Binance Futures Daily Volume

Binance has made an announcement that they are developing two futures platforms, namely, “Futures A” and “Futures B,” that enable their clients the opportunity to choose their favorite system. With a view of encouraging users to participate in the voting process, Binance will host a trading competition granting winners a total of 10,000 BNB, worth over $216,000.

The 24-hour trading volume of major cryptocurrency exchange Binance’s futures markets has exceeded $150 million denominated in Tether (USDT).

On Sept. 10, a Reddit user published their findings on Binance’s futures markets performance. During the competition, Binance said it would provide all participants with 100,000 USDT tokens in simulated funds on both Binance futures platforms, for testing purposes only.

A Seychelles-registered crypto-exchange ‘BitMEX’ and a counterpart of Binance, alleged Binance of plagiarizing BitMEX documents as part of its futures testnet launch. 

Binance is moving closer to the launch of its much-anticipated futures offering. As part of a dual-platform strategy, Binance recently acquired JEX, a spot and derivatives trading platform. The platform will be rebranded and tested by Binance users.

Yi He, a Binance Co-founder, says JEX has a quality team of developers with proven experience in crypto product development. He further added “JEX has developed solid derivatives product offerings including perpetual contracts and options, which are aligned with Binance’s derivatives product roadmap”.