Cryptocurrency Futures Exchange Industry Research Report Shows: Futures trading surged since May

6 min readSep 27, 2019

Tokeninsight has just released its Cryptocurrency Futures Exchange Industry Research Report to give you every important detail you need to know in the futures industry from February to July 2019. The report provides insights into industry landscape, trading dynamics, derivative products, industry news, and many other futures-related topics.

Key Points:

✅ The trading volume of token futures increased significantly from February to July 2019. The trading volume of crypto futures stood at US$ 1,605.7 billion in July, accounting for 26.15% of the total market trading volume (the spot trading volume totaled US$ 4,533.6 billion; the futures market trading volume totaled US$ 6,139.3 billion), and the daily average futures trading volume was US$ 8.87 billion.

Futures trading surged since May, and the market-wide futures trading volume increased from US$ 104.5 billion in February to US$ 412.7 billion in July, with a monthly average growth rate of 39% in half a year. The total trading volume of crypto futures in the three months of May to July was 3 times higher than the three months between February to April.

✅In regards to the trading volume of derivative exchanges, BitMEX, OKEx and Huobi DM have all managed to maintain their respective positions as the top three platforms within the crypto derivatives market for the current period of this report. Their futures trading volume of this period is US$ 649.7 billion, US$ 532.1 billion and US$ 280.1 billion respectively, with an average daily volume of US$ 3.6 billion and US$ 2.9 billion and US$ 1.5 billion.

✅The significant rise in the trading volume of crypto futures was attributed to lifting market sentiment caused by the rapid surge in the price of Bitcoin since April, 2019. As a result, existing derivative exchanges have successively offered a wide range of trading services, ranging from underlying trading pairs to more innovative types of futures products. Investors are increasingly recognising the value of crypto derivative products and has led to an emerging new category within the non-mainstream contract underlying.

✅Before September 2018, the cryptocurrency futures market was monopolised by BitMEX and OKEx. After Huobi Global launched the Huobi DM contract trading platform in early December 2018, it pursued all the way. From February to July, the trading volume continued to rise, and its market share gradually expanded. The trading volume of Huobi DM accounted for 43% of BitMEX and 17% of the total market. Although the growth rate is relatively fast, Huobi DM still has a long way to reach BitMEX and OKEx in terms of trading volume.

✅The Chicago Mercantile Exchange (CME) became the sole offline marketplace for the trading Bitcoin futures contracts in the US after the Chicago Board Options Exchange (CBOE) announced the closure of its offline trading platform in March, 2019. Data shows that approximately 97% of cryptocurrency futures are being traded on token exchange platforms in the current period while 3% of cryptocurrency futures are being traded on traditional exchange platforms.

Since 2019, cryptocurrency derivatives have been consistently upgraded with newly added features such as option contracts, index futures and leverage token. The option contract has become a new bellwether, and mainstream platforms are beginning to research and develop option contract products in succession. At present, the market is dominated by inverse contracts, perpetual contracts are currently more popular than deliverable contracts, and 100x leverage design has become the norm.

✅Derivatives underlying have been continuously enriched, not only a larger number of non-mainstream underlying appeared, but also included more stablecoins. The Initial Exchange Offerings (IEO) craze that swept the overall cryptocurrency industry earlier this year has led to an increase in popularity and demand for platform tokens among users.

✅Most of the design and innovation of futures products are based on the anti-over-loss design mechanism, which aims to optimize user trading experience and reduce the operational risks for a platform. Having a reasonable price marking system has been an integral part of the anti-over-loss design mechanism, which is tied to the pricing index. If the number of price index components is small, it is more easily affected by dramatic price fluctuations or safety accidents caused by problems with exchange API’s in which the index components are dependent upon.

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