Binance Crushes OKX, Bybit With Over 200% More Crypto Derivative Volume
Despite the continued rounds of FUD and panic calls against the Binance exchange, data shows the trading platform remains a leader in crypto derivative trades. According to information from the prominent crypto derivative data analysis platform CoinGlass, Binance’s 24-hour Futures trading volume sits at over $21 billion.
In particular, Binance’s futures volume is $21.06 billion. This figure implies the exchange controls 219.45% more crypto derivative volume than its closest competitor at OKX. The OKX exchange saw just $6.59 billion futures trading volume in the last 24 hours. Likewise, Bybit saw $4.34 billion.
Furthermore, in terms of Open Interest (OI), Binance also dominated the packs of other crypto derivative trading platforms. Specifically, Binance saw a 24-hour OI trading volume of $7.18 billion, leading the closest in line, Bybit, by nearly $4.28 billion. Similarly, crypto market participants have liquidated over $14.5 million on Binance over the same period.
Binance still doing between $15b to $45b in trading volume PER DAY from their futures trading ONLY👀
Roughly 20x the daily volume of ALL of decentralized perps combined (dYdX, GMX, Synthetix etc.)📊
Protocols building a CEX-like trading experience therefore have massive upside.… pic.twitter.com/EI75l961em
— Thor⚡️Hartvigsen (@ThorHartvigsen) September 5, 2023
Meanwhile, in a recent tweet, Thor Hartvigsen, a prominent>
Hartvigsen emphasized that protocols aspiring to provide a centralized exchange-like trading experience have immense growth potential in the crypto market. According to him, this involves several key factors, such as easy onboarding, great UI/UX, cheap fees, and multiple trading pairs.
Notably, Binance has come under stern scrutiny from top figures in the crypto community. Many have urged Binance users to withdraw their funds from the platform while it remains alive.