Huobi’s Crypto Derivatives Market Already Above $20 Billion in Trades
Huobi’s crypto derivatives market is growing at a rapid rate. Fifteen days ago the platform revealed that they had hit $10 billion in total volume, and today they announced they’ve seen $20 billion. In a note provided to CCN, Huobi describes the timeline of the Derivatives Market thus:
- November 21: Huobi DM launches in beta mode with BTC contract trading
- December 5: Huobi DM launches ETH contract trading
- December 10: Huobi DM exits beta mode and is integrated with Huobi Global, Huobi’s flagship cryptocurrency exchange. Huobi DM’s daily trading volume reaches $195 million for the first time
- December 25: Huobi DM’s 24-hour trading volume breaks through $1 billion for the first time
- December 28: EOS contract trading added. Reaches $10 billion in cumulative trading volume
- December 31: Huobi DM’s first-month cumulative trading volume reaches $12 billion
- January 12: Huobi DM’s total cumulative trading volume breaks through $20 billion
HBDM.com offers derivatives on three major cryptocurrencies: Bitcoin, Ethereum, and EOS. Each has weekly, bi-weekly, and monthly markets. It works like any other derivatives market if not for the fact that the assets are based on cryptocurrency rather than traditional commodities.
Huobi Global CEO Livio Weng said:
“This reinforces our belief that Huobi DM truly caters to our user’s needs. We’ve been getting positive feedback from our clients on our lack of clawbacks as well as Huobi DM’s capacity to help sophisticated traders manage the risk of spot market fluctuations. I believe this explains our platform’s exploding growth, even in the midst of the ongoing bear market.”