Nitro Spreads Lifts OKX To Its Peak of Futures Spreads Trading
OKX, a leading cryptocurrency exchange and web3 technology firm, recently announced that the futures spread trading volume on its Liquid Marketplace reached an all-time high of US$1.54 billion as of September 2023.
OKX Liquid Marketplace is a network that offers spot over-the-counter (OTC) trading, futures spreads, and options liquidity. The trading volumes on the network witnessed a record level, a monthly high of US$1.54 million, representing 62% of the institutional market share for futures spreads in September 2023.
OKX’s Liquid Marketplace Gains Traction With Nitro Spreads Launch
Since the launch of Nitro Spreads on OKX’s Liquid Marketplace in July 2023, the market gravitated towards OKX’s cumulative futures spreads volumes, and it stood out by becoming a leading institution from August 28 to October 11, 2023. Nitro spreads is a web3 platform that empowers institutional traders with various trading strategies, including basis training, futures spreads, and funding rate arbitrage strategies.
According to reports, since its inception in July 2023, Nitro Spreads transcended a cumulative trading volume of over 2 billion USDT.
Moreover, OKX’s futures spreads volumes witnessed a colossal surge during the ‘high water mark’ volume days, with notional volumes exceeding 100 million USDT on four occasions within the respective date range ( September 12, September 19, September 28, and October 10). The skyrocketing trading volumes imply that OKX’s Liquid Marketplace is the go-to-market for institutional traders seeking the advantage of superior liquidity for a range of trades, including futures spreads, spot OTC basis, and other options.
Also Read: Is Elon Musk’s Latest Move Aimed At Tackling Bots Or Offsetting Losses?
OKX Emerging As A Web3 Catalyst
According to Lennix Lai, Cheif Commercial Officer at OKX, “The newest futures spread volume statistics reaffirmed that the OKX Liquid Marketplace is a dynamic ecosystem encompassing counterparties pursuing a wide range of trading strategies indicating that the network has become a go-to choice for traders.” The organization claims to have put in all efforts to develop products and liquidity and offer user-friendly trading features demanded in a highly competitive market.
OKX made staggering advancements in the world of crypto and web3 recently by reaching the final stages of VASP (Virtual Asset Service provider) license approval in Hong Kong in September 2023. In addition to this, the firm unveiled the partnership between Manchester City, a leading football club, and the firm itself, offering OKX collectibles and a wholly immersive, fan-exclusive metaverse experience.
Also Read: Bitcoin Hits $29K, SEC In Constructive Talks With Bitcoin ETF Issuers: Bloomberg Analyst