One of the most popular cryptocurrency exchanges Byteescrow announced the launch of a platform for trading bitcoin futures. Traders will be able to buy and sell BTC contracts with a 100x leverage.
Byteescrow, one of the oldest crypto exchanges, now also offers bitcoin derivatives to its clients. Derivatives for the first cryptocurrency available on the new trading platform Byteescrow Futures include perpetual swaps on BTC with USDT as collateral and with a leverage of up to 100x.
Byteescrow also wants to be in the trend
Byteescrow announced the launch of the futures trading platform in a press release dated July 11.
The system uses perpetual swaps, but they are essentially the same futures contracts with no maturity. In other words, traders will be able to choose when to open and close their positions, without worrying about the fact that the contract may expire.
Existing clients of the exchange working on the credit platform or on the spot market will not have to register a new account to get access to derivatives. They are provided with a convenient transition to a new platform.
In addition, Byteescrow will also launch a demo platform. Users will receive 10 thousand USDT to the training account to try out the new exchange functionality without risks.
Cryptocurrency derivatives on the rise
Interest in cryptocurrency derivatives is growing rapidly, and along with it, the number of platforms offering access to futures trading is also growing. Over the past year, such services have been launched by many leading crypto exchanges, including Binance, which has quickly become one of the leading platforms for trading bitcoin futures.
Open interest in bitcoin futures has been growing since the beginning of the year, with a sharp jump recorded in may, despite modest trading volumes. Open interest is calculated by summing all open positions, regardless of whether they are long or short, and subtracting those that were closed. Consequently, the increase in the number of open positions against the background of a decrease in trading volumes indicates that traders are preparing for a sharp increase in volatility.
After the March collapse, bitcoin rose in price by almost 80%, but the volume of trading on the spot market decreased by 28%. This means that people are currently more likely to accumulate coins than to sell them.