3 choses que tout commerçant de crypto devrait savoir sur les échanges de produits dérivés

In the past two years futures contracts have become widely popular among cryptocurrency traders and this became more evident as the total open interest on derivatives more than doubled in three months.

Additional proof of their popularity came as futures turnover surpassed gold, which is a well-established market with $107 billion in daily volume.

toutefois, each exchange has its own orderbook, index calculation, leverage limits and rules for cross and isolated margin. These differences might seem superficial at first, but they can make a huge difference depending a tradersneeds.

Intérêt ouvert

Aggregate futures open interest (bleu) and daily volume (black). La source: Bybt

As shown in the above, the total aggregate futures open interest rose from $19 milliards au courant $41 billion in three months. pendant ce temps, the daily traded volume has surpassed $120 milliard, higher than gold’s $107 milliard.

While Binance futures hold the larger share of this market, a number of competitors have relevant volumes and open interest, including FTX, Bybit, et OKEx. Some differences between exchanges are obvious, such as FTX charging perpetual contracts (swaps inverses) every hour instead of the usual 8-hour window.

BTC and ETH futures open interest, USD. La source: Bybt

Take notice of how CME holds the third position in Bitcoin (BTC) avenirs, despite offering exclusively monthly contracts. The traditional CME derivatives markets also stand out for requiring a 60% margin deposit, although brokers might provide leverage for specific clients.

Stablecoin versus token-margined contracts

As for the crypto exchanges, most will allow up to 100x leverage. Attache (USDT) orders are usually denominated in BTC terms. pendant ce temps, the inverse perpetual (token margined) order books are displayed in contracts, which might be worth $1 ou $100 depending on the exchange.

BTC perpetual USDT futures order entry. La source: Bybit

The above picture shows that Bybit USDT futures order entry requires a BTC-denominated quantity and the same procedure takes place at Binance. D'autre part, OKEx and FTX offer users an easier option which allows the client to enter a USDT quantity, while automatically converting to BTC terms.

BTC perpetual USDT futures order entry. La source: OKEx

In addition to USDT-based contracts, OKEx offers a USDK pair. De même, Binance perpetual futures also offers a Binance USD (BUSD) livre. Par conséquent, for those unwilling to use Tether as collateral, there are other options available.

Variable funding rates

Some exchanges allow clients to use very high leverage and while this might not pose an overall risk as liquidation engines and insurance funds are in place for these situations, it will pressure the funding rate. Donc, longs are usually penalized on those exchanges.

ETH futures 8-hour funding rate. La source: Bybt

The above chart shows that Bybit and Binance usually display a higher funding rate, while OKEx constantly presents the lowest. Traders need to understand that there are no rules enforcing this, and the rate may vary between assets or momentarily leverage demand.

Even a 0.05% difference equals 1% in additional costs per week, meaning, it is essential to compare the funding rate every once in a while, especially during bull markets when the fee tends to escalate quickly.

Les opinions et opinions exprimées ici sont uniquement celles de l'auteur et ne reflètent pas nécessairement les vues de Cointelegraph.com. Chaque mouvement d'investissement et de trading comporte des risques, vous devez mener vos propres recherches lorsque vous prenez une décision.

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La source: Cointelegraph