According to a report by Decrypt, Binance Futures saw a 24-hour trading volume of $1.1 billion on October 25th. This is the first time the popular exchange has seen a reading of $1 billion or higher volume as it usually sits at $250 – $500 million.

On September 27th, the platform saw a volume of $930 million, however it did not exceed that. It is thought that the rise in Bitcoin’s price from $7500 to $8800 had something to do with the massive increase in the volume.

Futures trading is unlike traditional markets as its classed as a derivative market, meaning it only needs to be settled dependant on the market’s settlement date. This is unlike spot markets where the settlement happens right away. It’s because of this settlement delay that makes the environment popular for futures trading as the delay allows for high leverage.

Recently, Binance announced the change of their trader’s maximum leverage from 20x to 125x, overtaking BitMEX who has been at 100x for awhile now.

This news only makes Binance Futures stronger as they quickly rise in the ranks and will soon overtake other exchanges in overall crypto futures volume.

BitMEX, Huobi, and OKex are amongst the most popular futures trading platforms and Binance is looking to directly compete for the top spot with them.

Do you think it’s possible for Binance to finally become number one in this market? Comment your opinions below!