Binance Futures Testnet Hits $150M Volume in Just One Day
The Binance futures markets, although currently available in closed invitation-only mode, have registered trading volumes of $150 million in Tether (USDT).
The first day of trading has been noted to reach high volumes in the BTC/USDT pairing. But the volumes pale in comparison to those of BitMEX, which is at the forefront of futures markets with a 24-hour volume of $ 2.4 billion.
Binance launched two futures platforms, a proprietary platform and the system provided by their newly bought JEX exchange.
The JEX exchange was purchase by Binance recently and rebranded the platform to Binance JEX. In terms of interface usability, the platform scored both positive and negative remarks. The acquisition of the JEX exchange means that Binance will also be managing the native JEX token of the former exchange.
Binance will direct its efforts into bringing awareness towards issues common in crypto derivatives trading, for example, price information latency and risk management.
“In a longer term, JEX tokens will be gradually distributed to all users via marketing activities and community incentives; subsequently, the tokens will be gradually retrieved and burned in various forms including trading commission deductions and so on,”- stated the company.
The price of Binance’s futures will be based on the data sourced from various exchanges, including Huobi, OKEx, Bittrex, HitBTC, Bitfinex, Huobi, and itself. This measure is done so that there will be no price manipulation and forced liquidations should there be sharp price movements.
The conditions and documentation for their futures API have also been updated.
Other crypto finance products recently developed by the exchange includes the Binance lending program. Users are able to lend their crypto to the exchange and make high returns on their interests. Three new cryptos have recently been added to the lending platform.
Featured image: Finance Magnates