Malta-based cryptocurrency exchange OKEx recently introduced a new data insights platform that captures trading trends for digital asset derivatives.
OKEX’s latest insight and analytics tools will allow users to view real-time data on the trading platform’s futures and perpetual swap markets for nine major crypto assets, including Bitcoin (BTC), Ether (ETH), and XRP.
The data analysis platform features six different indicators of crypto market trends: basis, long/short positions ratio, open interest and trading volume, buy/sell taker volume, top trading average margins and sentiment index.
OKEX’s new trading insight platform, referred to as the Futures & Perpetual Swap Market Data, aims to provide important insights for the exchange’s clients so that they can make informed decisions about how to execute trading strategies in the evolving crypto derivatives market.
Derivatives Trading Requires “Steeper Learning Curve”
Commenting on the launch of the data insight tool, Andy Cheung, head of operations at OKEx, acknowledged that it can be challenging at first to understand how to trade derivatives. He remarked:
“Derivatives trading requires a steeper learning curve, as it involves the use of margin and leverage. Once we realized that there isn’t really much data available in the market to help users analyze market trends, we decided to build a tool that can benefit our users…. We are proud to say that we are the first in the industry to provide this kind of data.”
On July 17, 2019, San Francisco-based digital asset exchange Coinbase began offering trading signals to its customers.
According to the leading American exchange, it’s using aggregated market data to provide details such as holder activity, average or typical hold times and popularity, and correlations in price movements. This information is offered as part of Coinbase’s new trading signals service.
OKEx’s Native Token Surges After Special Offer Announcement
On August 2, 2019, OKEx’s native crypto token, OKB, surpassed the $3 mark after its price surged by almost 10% in 24 hours. The token’s substantial price increase came shortly after OKEx made an announcement suggesting a new use case for OKB.
As noted in a blog post published on the exchange’s website, OKB holders are entitled to a reduced (or discounted) trading fee schedule on the platform. The discounts will be offered based on the number of OKB tokens users are holding.
For instance, exchange users that hold at least 2,000 OKB will receive (approximately) a 50% discount on all trading fees. Per the announcement, the fee schedule will only apply on August 7, which suggests that OKB’s price increased due to users accumulating tokens.
Only OKEx’s Tier 1 users, who’ve traded less than 1,000 BTC in the last 30 days, are eligible to receive this particular discount.