The world’s largest cryptocurrency exchange for futures OKEx has announced the launch of USDT-margined futures.
According to the press release published Nov. 14, USDT-margined futures are now live on OKEx’s crypto trading platform. The product concluded a successful simulation which began on Nov. 5, with the new feature making its official live debut on Thursday.
— OKEx (@OKEx) November 14, 2019
USDT-margined futures serve as a virtual derivative product that is quoted and settled with the digital stablecoin USDT. Each BTC/USDT contract has a face value of 0.00001 BTC, with leverage ranging from 0.01 to 100x.
The release states,
Traders can long or short a position to profit from the increase or decline of a cryptocurrency's price respectively. OKEx provides a wider derivative portfolio with a greater variety of underlying currencies and more comprehensive functionality to meet users' trading requirements.
Contracts can be set to weekly, biweekly and quarterly expirations. Contract delivery is set for 8:00 (UTC) on the Friday of the expiring week. It’s worth noting OKEx was, according to CryptoCompare’s September 2019 Exchange Review, the top crypto derivatives exchange.
The cryptocurrency exchange, per the report, represented 33.7% of the daily derivatives volumes in the month of September, trading around $3.08 billion a day. Behind it was Huobi, with a $2.82 billion a day volume, followed by BitMEX’s $1.88 billion.
FCA-regulated exchanges like Deribit and CryptoFacilities fell behind, representing only $334 million and $74 million a day, respectively. In an interview with CryptoGlobe OKEx’s head of operations, Andy Cheung, noted the exchange stands out through its investment in innovation and security.
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