Crypto derivatives exchange: Huobi battles OKEx for supremacy

The battle for supremacy has once again been reignited between crypto derivatives exchange, OKEx, and HUOBI GLOBAL as both are renowned for offering Bitcoin futures contracts.

Going by statistics published by CoinGecko, OKEx has been ranked as the biggest crypto derivatives exchange with contracts worth $1.26 billion on the platform. 

Huobi, which is based in Singapore, is the second biggest with contracts worth $1.25 billion. It ranks high in the trust department and has been steadily growing despite what other sites term as “average contracts”. In a new statement at the beginning of this month, Huobi announced that it has been able to reach new heights as it has ventured outside its comfort zone to rival other exchanges when the talk of futures trading volume is brought up.

Huobi is currently leading other crypto derivatives exchange in coin margined trading

In a new twist, Huobi is leading all other crypto derivatives exchanges especially its closest rival OKEx, in offering coin margined futures. Furthermore, Huobi has claimed that it has always been in the lead in quarterly Bitcoin contract volumes. 

Before the launch of Huobi in 2018, OKEx had the largest market share around the globe. Ciara Sun, the Vice President of Markets at Huobi said the company was always providing customers with the best markets.

OKEx says Huobi is following in its footsteps

The battle to be the number one between both crypto derivatives exchange firms has been heating up since the start-up of Huobi in 2018. Things took a very sour turn after previous OKEx CEO, Chris Lee went to become the Vice president of Global Business Development at Huobi. 

In a previous tweet, the CEO of OKEx referred to Huobi as the firm’s doppelganger and he thinks that the crypto derivatives exchange is following their lead. He further noted that the volatility in the market would affect them very soon.