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Emerging Exchanges Gain Ground

The derivatives industry continued to show strength in 2020, with trading volumes totalling $2.16tn in the second quarter. Bingbon is one of the newcomers to the cryptoexchange market, with $30.5 billion in derivatives trading in the second quarter. The author of a recent report by TokenInsight, a global cryptocurrency data and rating agency, says the market for cryptocurrency derivatives is set to become more “competitive”. Competition will intensify from the “major emerging exchanges”, including Bingbon, ZBG, Phemex and HBTC, which are introducing a range of new services to the market in an attempt to untangle established exchanges.

The derivatives sector continues to demonstrate significant strength in 2020, with trading volume in Q2 totalling $2.16 trillion, representing year-on-year growth of 165%. Despite this rapid expansion of the market, the TokenInsight report found Q2 performance to be “not as good as in the first quarter,” with low volatility and the exhaustion of Bitcoin’s halving buzz as temporarily subduing trader enthusiasm.

Among those emerging players is Bingbon,
which has made rapid progress utilizing Circle’s USDC stablecoin in the
Southeast Asian market. The exchange recorded derivatives trading volume of
$30.5B in Q2. Part of the rising appeal of the exchange is down to Bingbon’s
Copy Trading functionality, which allows its more than 100,000 users to easily
emulate the trading behaviors of its most successful users.

The long-term outlook for derivatives
continues to look bright as the big five exchanges all showed trading volumes
in excess of $100B. Huobi were market leaders with trading volume of $433.4B in
Q2, with Binance closing the gap at $336.1B, OKEx at $243.2B, BitMex with
$203.4B, and Bybit rounding out the list at $105B. In this market of goliaths,
a handful of emerging exchanges are testing new services to gain a toehold in
the space.

On the Copy Trade page users can browse the
success metrics of the best online traders including their profitability
percentage and win rate, as well as their predominant trading style. As novice
traders look for ways to break into derivatives without the ubiquitous pain
period, social trading features will prove increasingly popular.

ZBG is another emerging exchange that has
made significant headway, again by offering a helping hand to novice traders,
in this case in the form of user education. With 2.5 million site visits a
month recording an average session length of 15 minutes, ZBG’s upskilling
strategy appears to be paying off. In Q2, the exchange recorded derivative
trading volumes of $30.7B.

A third exchange, HBTC, is pinning its
future success on reform of the platform trading model, paying money back to
its users, while Phemex is promoting membership-based spot trading, in which
member accounts are exempted from trading fees. In all cases, newer exchanges
are making headway by offering key differentiators to existing competitors.

What About Defi?

As Coin Metrics noted in its August 3
market report, “Derivatives are incredibly influential on the broader market
due to their association with levered trading, and bitcoin’s recent price
appreciation has led to a surge in perpetual swap volumes.”

While CEXs have lost ground to DEXs, which
now capture around 5% of all spot volume, in the world of derivatives that
trend seems a long way from replicating itself. In Q2, trading of PBTC-USDC on
dYdX hit approximately $22M, accounting for a modest 0.1% of all derivatives
market volume. Several defi projects including Synthetix and dHedge are making
headway on decentralized derivatives trading, but for now, centralized
platforms hold sway.

Author : Collin Brown

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