OKEx, one of the popular cryptocurrency spot and derivatives exchange platforms has added two new trading instruments to further expand its derivatives offering. The latest perpetual swap products to find a place for themselves on the list are DOTUSDT and FILUSDT, becoming available on the OKEx website and API at 7:00 AM UTC on July 22, 2020.
However, unlike most of the other crypto assets on the platform, both these tokens are currently trading as contracts with IOU currency as an underlying asset. The swap mechanism offers traders the opportunity to access ground-breaking projects early on and speculate on their future value before the rest of the masses.
The latest development closely follows the recent announcement about the listing and spot trading — Polkadot’s DOT token on OKEx. While Polkadot enables different blockchains to connect and transfer all types of data, Filecoin is creating a decentralized storage network with its native FIL token. Having recently launched its mainnet on July 14, 2020, the Filecoin project has seen the value of its token surge by 1793% on its ICO value. The daily transaction volume of FIL in China alone is pegged at around $42 million.
According to OKEx Director of Financial Markets Lennix Lai, the FILUSDT has received a great response from the trading community. “We had a good start on the Filecoin perpetual swap market with more than 5,500 FIL, with a notional value of around $990,000 traded in less than two hours since its inception, trading in less than $0.1 spread on average,” said Lai.
Based on the prevalent trading trends, it is already established that futures and perpetual swaps continue to garner a lot of interest on OKEx, resulting in enhanced trading depth. It is further helped by ready availability of information on the long/short status of top traders and their margin usage which helps other users to gauge the market sentiment and make informed trading decisions.
Reiterating the commitment of OKEx to promote crypto adoption and support meaningful DLT projects that solve real-world issues, CEO Jay Hao said, “We are pleased to constantly innovate in the cryptocurrency space and find new ways to provide traders with the opportunity to use diverse trading strategies to capitalize on volatility. We will continue to expand our product offering with high-quality projects such as these to engage and attract more traders.”
Inclusion of support for DOTUSDT and FILUSDT perpetual swap products on OKEx closely follows the addition of DOGEUSDT instrument which was introduced recently on the platform. And, going by how OKEx is known to operate, more such listings could be expected in the coming days.
Meanwhile, OKEx is currently holding a Filecoin trading contest with a 50,000 USDT reward for new users. The weeklong contest started on July 23 and set to end at 9 AM UTC on July 30, 2020. Users will have to just sign up on OKEx, complete the KYC2 verification, and start trading the FILUSDT perpetual swap instrument. Based on their trading volumes during the contest period, top 300 users will get to share the 50,000 USDT prize pool proportionally. Additionally, all new users completing KYC1 verification and managing trade volumes of 100 USDT or more get 30 USDT commission rebate cards.