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Cryptocurrency Derivatives Series: OKEx Schedules ‘Go-Live’ date For USDT Perpetual Swap Trading, Unveils Ethereum Classic and XRP Futures
Malta-based world’s largest cryptocurrency derivatives exchange by daily trading volume, OKEx has announced that it will soon be launching USDT-margined perpetual swap trading feature on its platform. As per the official sources, the exchange has scheduled the ‘go-live’ date on December 16th for this latest cryptocurrency derivative product.
In addition to this, OKEx has launched futures contracts trading facility for Ethereum Classic (ETC) and XRP. Both the ETC and XRP futures are going to be settled in Tether (USDT), and users can trade weekly, fortnightly, and quarterly basis.
Currently, Bitcoin (BTC), Ethereum (ETH), EOS, Litecoin (LTC), and Bitcoin Cash (BCH) are also available for trading on the USDT-margined futures market on the website. TRX and BSV are also on the cards for inclusion on the trading platform.
The concept of perpetual swap is more of a conventional futures trading wherein the trading mechanism remains intact as per the trader’s analysis, prediction & consent. But the notable difference in the new product is that offering is ‘Perpetual Nature’ which actually would mean that the trade will have positions open indefinitely with no expiry date. Just for an instance, if the trader reckons the price likely to dip in the future, he can stay short in futures contract or vice versa for an indefinite period.
OKEx CEO Jay Hao has appreciated the simulation of USDT Futures Contract that appeared to have a very successful and positive feedback from traders in the OKEx community.
OKEx twitted they were featured in the 1st place with a corresponding daily trading volume of $2.8 billion, as per a Bloomberg list ranked “cryptocurrency league table” for Futures crypto exchanges.
The head of Operations for OKEx, Andy Cheung said that “cryptocurrencies are global and decentralized, and the industry remains nascent, thus regulations by jurisdiction are not enough, the only way for exchanges to grow and deliver impact is by joining together to develop practices and policies that will set a global standard and adapt to regional regulatory frameworks.”