Popular Crypto ranking website Coingecko is all set to dive into the rapidly evolving crypto derivatives market with a myriad of new statistics belonging to the derivatives market, including the perpetual swaps and futures.
While many argue that the cryptocurrency market is still in its infancy stage, some advancements lead us to believe otherwise. One such is the introduction of cryptocurrency derivatives, a brand new financial service that’s been gaining traction ever since its launch.
Flavor of the season – Crypto derivatives market
To put it briefly, derivatives in cryptocurrency market work similar to a regular stock market, where the value and sale period of the stock, or in this case the digital asset, is predetermined based on an agreement. Given the enthusiasm around the innovation and speculations about the future of crypto, it’s hardly a surprise that this groundbreaking product line is gaining prominence.
With almost an explosion-like outburst of derivatives offerings from some prominent industry leaders, including the likes of Binance, BitMEX, or Bybit, this market is rapidly expanding its horizon and reaching the masses. To offer perspective, one of the top-notch cryptocurrency derivatives exchanges, BitMEX, recently surpassed a whopping eleven billion US dollars ($11 billion) in daily trading volume. Bakkt, a new addition to this market that got off to a rather gloomy start, also managed to execute eleven thousand futures within 24 hours.
Crypto ranking website Coingecko rolls out derivative offerings
With the hopes of getting the taste of their success, crypto ranking website, Coingecko has decided to delve deeper into the derivatives market. According to the firm, it will be the first of its class offerings with an extensive range of crypto derivatives database.
The new service will curate data from more than one hundred derivative options and over twenty cryptocurrency exchanges. Users will get free and unrestricted access to vital decision-influencing information, including the price, open interest, trading volume, funding rates, expiration dates, so and so forth.
Coingecko brings plenty to the table
Following the launch, Coingecko users will be unlimited access to three unique features, namely, a derivatives product overview that displays statistical information on prices, open interest, volume spread, and funding rate. An exchange overview will detail institutional investments in the market, including the volume of futures trading, public interest tally, and much more. The third and the most important one is an overview of profiles of exchanges that offers an insight into specific exchanges.
CEO of CoinGecko, T M Lee, explains why Coingecko’s decision to launch crypto derivatives offerings was only imminent. With an exemplary track record for being a credible and innovative cryptocurrency data aggregator, Coingecko is continually looking for ways to entice its customers with innovation. We are proud to launch a service that will empower our users with more services to choose from and more information to rely upon, Lee states with confidence.