OKEx Expands Derivatives Offering With DOTUSDT and FILUSDT Perpetual Swaps

Popular cryptocurrency exchange OKEx is expanding its derivatives offering to its users with new DOTUSDT and FILUSDT perpetual swaps, shortly after it added DOGE margin trading and savings accounts.

According to a press release the cryptocurrency exchange shared, trading of both perpetual swap products went live at 7:00 am UTC on July 22, and both projects vary from traditional crypto tokens as they are currently trading as contracts, with the IOU currency serving as their underlying asset.

This, according to OKEx, gives “forward-thinking traders who want to gain access to ground-breaking projects the chance to get in early and speculate on their future value through OKEx’s swap mechanism.”

Trading of the perpetual swaps has seemingly taken off as soon as they were listed, as OKEX’s Director of Financial Markets Lennix Lai tweeted out the action was ongoing:

We have a good start on @Filecoin pswap market – trading 5500+ FIL (notional ~$990K) in less than 2 hours since inception, and it’s trading in less than $0.1 spread on average. @OKEx pic.twitter.com/L2U2XSGwX4

— Lennix Lai (OKEx) (@LennixOkex) July 22, 2020

Polkadot, the press release notes, is the first project from the Swiss-based Web3 Foundation and allows different blockchains to connect and transfer data and not just tokens.  The Polkadot protocol, it adds, is an “innovative project with a multichain application environment, laying the foundation for the next web.”

Filecoin, on the other hand, is a decentralized storage network that was announced back in 2017. Ts mainnet launch was revealed earlier this month and since then FIL’s trading volumes have been surging, with OKEx detailing that daily transaction, volumes hit $42 million in China alone.

Its price has also been surging. OKEx was the first to launch a perpetual swap product for it. The product gives traders more options when it comes to the cryptocurrency, including the use of leverage.

OKEx’s CEO, Jay Hao, commented on the listing noting that the cryptoasset trading platform will continue to expand its product offering with “high-quality projects such as these to engage and attract more traders.” On OKEx, traders can see long/short status and details on other traders’ margin usage, helping them gauge market sentiment.

Last month, as CryptoGlobe reported, OKEx expanded its derivatives portfolio with the addition of ETH/USD options, with EOS/USD being launched shortly after. The cryptocurrency exchange already offers crypto futures and perpetual swaps for top cryptos like BTC and ETH.

Featured image by Jason Briscoe on Unsplash