Leading web3 technology company and cryptocurrency exchange OKX recently revealed that as of September 2023, the trading volume for futures spreads on its Liquid Marketplace has increased to an unprecedented US$1.54 billion.
The OKX Liquid Marketplace is a network providing options liquidity, futures spreads, and spot over-the-counter (OTC) trading. In September 2023, trading volumes on the network reached a new high of US$1.54 million per month, or 62% of the institutional market share for futures spreads.
OKX’s Liquid Marketplace Gains Momentum With the Release of Nitro Spreads
Since the introduction of Nitro Spreads on OKX’s Liquid Marketplace in July 2023, the market has been drawn to the company’s cumulative futures spread volumes. From August 28 to October 11, 2023, OKX distinguished itself by rising to the top of the list of major institutions. Nitro Spreads is an online trading platform that provides institutional traders with a range of trading methods, such as funding rate arbitrage, futures spreads, and basis training.
Nitro Spreads reportedly exceeded a combined trading volume of more than 2 billion USDT since its launch in July 2023.
Furthermore, during the “high water mark” volume days, OKX’s futures spreads volumes saw a massive spike, with notional volumes above 100 million USDT four times during the relevant date range ( September 12, for example).
October 10; September 19; September 28. The rapidly increasing trading volumes suggest that institutional traders looking to take advantage of improved liquidity for a variety of trades, such as futures spreads, spot OTC basis, and other options, are turning to OKX’s Liquid Marketplace.
OKX Is Becoming A Web3 Instigator
“The newest futures spread volume statistics reaffirmed that the OKX Liquid Marketplace is a dynamic ecosystem encompassing counterparties pursuing a wide range of trading strategies indicating that the network has become a go-to choice for traders,” said Lennix Lai, Chief Commercial Officer at OKX. The company asserts that it has worked tirelessly to create products, provide liquidity, and provide the user-friendly trading tools that consumers have come to expect in a fiercely competitive market.
By advancing to the final phases of VASP (Virtual Asset Service provider) license clearance in Hong Kong in September 2023, OKX achieved astounding strides recently in the crypto and web3 worlds. Furthermore, the company announced the collaboration between Manchester City, a top-tier football team, and the company itself, providing a fully immersive, fan-only metaverse experience along with collectible OKX items.