Binance Bitcoin Futures and its importance has been the talk of the crypto-industry for the last few months now. Bakkt’s launch brought in massive attention but, the Malta-based Binance wasn’t to be ignored as the CZ-led exchange introduced its own Futures market on 13 September.
The Malta-based exchange’s market was deemed incredibly successful after Binance traded 19,253 BTC in volume on the first day of active trading. Over the next 10 days, the volume hiked up to 74,647 BTC, marking an all-time high, in comparison to all the other spot market exchanges. It has also registered a growth of 388 percent since the start of trading.
The blog post added that the Binance Futures market claimed the 4th place on 8 October in terms of BTC/USDT Futures volume, while it currently holds the same rank. 14 October marked its largest market share at 8.63 percent, accumulating 69,158 Bitcoin in volume. It was claimed that around 16,000 BTC were traded in an hour on the same day.
Gong added that various factors had helped the Futures market get such a flying start. The Director said that on 24 September, when Bitcoin crashed from $9800 to $7780 in a flash, Binance Futures did not resonate any form of concern. The post read,
“Many other major platforms had overloads or complete outages, but we had no problems or delays of any kind.”
He also suggested that the liquidity index and easy access to the spot market, coupled with the lowest fees in the market had brought in a lot of users. Binance Futures implemented a simple procedure to transfer capital from spot to Futures, which made the transition from market to market highly efficient.
The taker fee rate was also very low on Binance Futures, which started at 0.02 percent and dropped down to 0.01 percent for higher-tier clients. The post said,
“Our taker fees can be as much as 7.5 times cheaper than some exchanges.”