Binance Was the Only Platform to See Derivatives Grow in April, CryptoCompare Reveals

Popular cryptocurrency exchange Binance was the only trading platform in the space to see its derivatives trading volumes grow last month, to a total of $108 billion.

Binance’s derivatives trading volumes, according to CryptoCompare’s April 2020 Exchange Review, increased a total of 11.6% compared to last month, while those of BitMEX and other popular trading platforms offering derivatives trading dropped. Notably, Binance’s volumes surpassed those of BitMEX, as the latter saw its volume drop nearly 40% since March to $69.3 billion.

binance.pngSource: CryptoCompare

Huobi was, nevertheless, the largest derivatives exchange last month, trading a total of $133 billion throughout it. Its volume dropped 10.5% since March. The runner-up was OKEx, which traded a total of $113 billion last month, enduring a 31.4% drop compared to the month of March.

On April 30, as the price of bitcoin dropped below the $9,000 mark, Binance represented the majority of the BTC/USDT market’s trading volume, trading a total of $15 million at 11 am BST, CryptoCompare adds. At this moment, it represented around 50% of the trading volume among seven of the largest top-tier exchanges in the cryptocurrency space.

In terms of total trading volume, Binance and OKEx were the top players when compared to other top tier exchanges. On April 30, Binance and OKEx traded a total of $3.6 billion and $2.5 billion respectively, while the next largest trading platform, Coinbase, traded $800 million.

Binance, as CryptoGlobe reported, raised eyebrows last month after confirming the acquisition of cryptoassets tracking platform CoinMarketCap. The exchange also saw the Brave browser roll out support for its widget on the desktop version of the browser, allowing users to trade directly from their new tab pages.

Most Brave users, however, don’t use its cryptocurrency features, according to its CEO Brendan Eich.

Featured image via Unsplash.