Major Exchange OKEx Adds 7 New Pairs to Crypto Derivative Product
As Cointelegraph reported in late December, the exchange first launched a derivative product called a “perpetual swap” that supports BTC/USD,with up to 100x leverage. As Cointelegraph reported at the time, the product is a margin trading instrument that lets users speculate on the future value of a given cryptocurrency against USD, according to OKEx’s index.
Today, the exchange announced it will add perpetual swaps contracts for seven additional major cryptos — Bitcoin Cash (BCH), Bitcoin SV (BSV), EOS (EOS), Ethereum Classic (ETC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). The newly added contracts will only support up to 40x leverage, according to the press release.
Meanwhile, news recently broke that the launch timeline for the Bakkt Bitcoin (USD) Daily Futures will be established by the Intercontinental Exchange in in early 2019. The news came the same day the Bakkt platform announced a massive funding round totalling $182.5 million. Michael Novogratz reportedly cited Bakkt’s launch as one of the industry developments that could help end the bear market in crypto.
In late November, crypto exchange Huobi launched a platform dedicated to crypto derivatives, dubbed the Huobi Derivative Market, which allows customers to take both long and short positions.
OKEx is currently the world’s second-largest crypto exchange by adjusted daily trade volumes, seeing about $564 million in trades on the day to press time.