Seven months after launching a new derivative product called Perpetual Swap, OKEx has now revealed that the product is showing positive and steady growth.
Perpetual Swap is a virtual derivative developed by OKEx, one of the world’s largest cryptocurrency exchanges by trading volume – according to Coinmarketcap – that gives its customers a way to take a position and judge whether the price of digital assets is heading upwards, or down.
The product is designed to work in the same way as a futures contract, but it does not expire.
Each swap contract is valued at the equivalent of $100 in bitcoin.
The trading of the Perpetual Swap contracts allows customers to buy and sell cryptocurrencies at set prices at times in the future, allowing traders to open long and short positions, depending on where they see the market heading.
In a chart provided by OKEx, it shows that as of the middle of July, trading volume for Perpetual Swaps was around $1 billion, having spiked as high as $4.5 billion at the end of June, and overall shows a steady growth upwards.
In fact, since December when the product launched the product has exceeded a cumulative trading volume of more than $150 billion.
Give them what they want
A spokesperson for OKEx, said the product had proved a success with its customers.
“We always thought this would be a strong product for our users. We listened to what they wanted and delivered Perpetual Swap as a result,” they said.
“Now, more than six months into its life I think we can demonstrate that it’s been a success. It’s generating great trade volume and is giving OKEx customers another reason to choose us over rival exchanges.
“However, there is always risk involved in speculating on future market positions. As such, I’d like to remind customers to make sure they control their risk and exposure to risk appropriately.”
OKEx says that the Perpetual Swap is another product it is giving to its customers as it works to strengthen its position as the go-to exchange to trade cryptocurrencies.
OKEx, is based out of ‘blockchain island’ Malta. According to the most recent figures on Coinmarketcap it is the top exchange by adjusted trading volume. At press time it had recorded a 24-hour adjusted trading volume of nearly $1.3 billion.