Trading volumes on Huobi Futures peaked during the fourth quarter of the year. The platform reported that its average daily trading volume went up to $12.3 billion.
Boom arrives on Huobi Futures
The crypto derivatives market run by Huobi Group noted that trading volume on its platform was $2.3 trillion in 2020. Volumes rose in the fourth quarter of the year as average daily trading reached $12.3 billion. The figure was 402$ higher compared to the less than $3 billion that traded hands each day during the same period in 2019.
The platform also outperformed rival OKEx in coin-margined futures trading volumes during two months- October and November. The total traded volume for the two months was $66.2 billion (in October) and $124 billion (in November). The first half of the year was equally good for the company as it performed better than its rivals in Ethereum trading volumes. While OKEx reported $49.3 billion in volume, Huobi’s volumes topped $120.2 billion.
Huobi managed to move past BitMEX, the largest coin-margined swaps exchange, within 45 days of launching its markets. The annual trading volume for the year was $785.5 billion which includes 57 prominent currencies and some DeFi tokens.
Huobi grows as one of the top 3 exchanges
As the crypto markets are maturing, the growth in crypto derivatives volumes is quickly moving ahead of crypto spot trading. CryptoCompare data suggests that crypto derivatives volumes in December 2020 were $1.43 trillion, hitting a new all-time high. The previous record was for $1.32 trillion which was set just a month ago in November.
Binance emerged as the largest derivatives exchange by monthly volumes. It handled trades worth $451 billion. OKEx was the second-largest exchange with volumes of $284 billion. The exchange’s volumes grew by 22%. Huobi was the third-largest exchange with volumes of $269 billion. Huobi has recently introduced Bitcoin options to provide a hedge against market volatility.
Remember, all trading carries risk. Past performance is no guarantee of future results.