CryptoCompare has released its September 2020 Exchange Review in which it has reported that the world’s leading digital currency exchange in terms of trading volume Binance was the largest cryptocurrency derivatives exchange in the month of September. Binance recorded the highest trading volume as compared to other derivatives exchanges.
According to CrptoCompare’s data, the monthly derivatives trading volume of the cryptocurrency exchange Binance reached $164.8 billion in the month of September. The major cryptocurrency exchange Huobi is on the second spot as it saw its monthly derivatives trading volume hitting $156.3 billion.
The Malta-based digital currency exchange OKEx came on the third spot and its trading volume stood at $155.7 billion. While on the other hand, the Seychelles-based cryptocurrency exchange BitMEX which is currently facing legal filing in the United States court was also able to make its place in the top cryptocurrency derivatives exchanges as it recorded $56.4 billion in derivatives trading volume in the month of September.
Source: CryptoCompare
However, according to CryptoCompare, their trading volume was down in September as compared to the month of August. Though Binance was on the top in terms of monthly derivatives trading volume in September it was relatively down by 10.7% as compared to August.
Similarly, the other exchanges trading volumes were also down comparatively. The cryptocurrency exchange Huobi’s trading volume was down by 25.8%, OKEx’s trading volume was down by 18.5% while on the other hand, BitMEX saw its trading volume going down by 30.7% in the month of September.
In total, cryptocurrency derivatives exchanges monthly trading volume was $634.9 billion which indicates a decrease of 17.5% in September. Moreover, the spot trading volume of these exchanges also went down to the $676.6 billion mark dropping by 17.5 percent. Almost all of the derivatives exchanges witnessed a drop in their trading volume in the month of September except only one exchange.
FTX, a digital currency derivatives trading platform headquartered in Antigua and Barbuda was the only exchange whose trading volume surged high by approximately 12 percent and reached $23.89 billion.