On 15<sup>th</sup> October, <a href="https://www.binance.com/en">Malta-based cryptocurrency exchange</a> Binance, Bitcoin Futures Shatter $700,000,000 in Volume. A leading crypto data agency reported a surge in volume on Binance’s new Bitcoin futures platform. More than $700 million of activities took place on its BTC/USD futures product, making it the third most traded after Huobi and <a href="https://www.cryptoknowmics.com/crypto/bitmexs-hayes-bitfinexs-leo-sale-sign-of-returning-bitcoin-bull-market/">BitMEX’s</a>.
Binance previously stated an “overwhelming” response to its futures platform in its beta phase and officially opened futures to the public on 13<sup>th</sup> September. These future contracts need collateral in the form of stable coin Tether. These are priced in USDT with a support of 20 times leverage. The exchange said it would support other crypto coin futures too in addition to Bitcoin but any mention of when or which coins didn’t occur yet.
The Skew tweeted:
<div class="css-901oao r-hkyrab r-1qd0xha r-1blvdjr r-16dba41 r-ad9z0x r-bcqeeo r-19yat4t r-bnwqim r-qvutc0" dir="auto" lang="en"><span class="css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0">Binance just had a record volume day for its newly launched BTCUSDT futures product: $700mln+ traded on the 15th.</span></div>
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<img class="css-9pa8cd" src="https://pbs.twimg.com/media/EG-FolZUwAAvRAx?format=jpg&amp;name=small" alt="Image" />

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According to various sources, overall Bitcoin trading touched low levels since October including Bakkt (launched in September) that managed to trade just 10 BTC ($81,000). It can be said that Bitcoin futures are the only winner in this lethargic market. Binance’s product has continued smashing new records since its launch. While its exceeding expectations, other platforms seem to be dwelling volumes.
<h2>Strengthening Binance in Weakening Market</h2>
The market share of Binance reached 8.63 percent on 14<sup>th</sup> October. Considering the rapid growth and acceptance of Binance’s new product, it is assumed that it’ll soon be a competition to BitMEX. The report said Binance already surpassed other platforms like Deribit and By bit. Though surpassing Bit MEX won’t be easy. Recently the CEO of BitMEX, Arthur Hayes announced the annual trading volume that crossed 1$ Trillion.

However, Bakkt’s  Bitcoin futures platform still seems to gain traction. So far, the best trading day of Bakkt was on 9<sup>th</sup> October when it recorded trading of $1.93 million on 212 contracts.

Binance Futures registered a record of $700 Million trades in one day

Debarati is a finance MBA who is a keen observer of the current crypto currency market. She likes to read and write about the game changer and industry transforming news of the market.

Binance Futures registered a record of $700 Million trades in one day

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