1 year ago
88 Leading crypto derivatives exchange Binance Futures has crossed $5.90 trillion in total trading volume for perpetual futures contracts for Q2 2022. According to the platform, 91.97% of the trading volume in the period came from Tether-margined (USDT-M) perpetual contracts. This was disclosed by Binance in its Futures Quarterly Report: Q2 2022.
Binance stated that the average daily volume (ADV of USDT-M perpetual contracts reached $43.52 billion in the second quarter. The company also recorded a surge of $121.41 billion on May 11 for the USDT-M perpetual contracts on the exchange’s futures market.
BTC/USDT Pair Recorded The Highest Contracts Traded
The report also revealed that the trading pair BTC/USDT was the most traded perpetual contract on the platform for the second quarter. But the least traded was 1000 BitTorrent Chain tokens (BTTC), according to the report.
While BTTC/USDT returned $87.91 million, the turnover for BTC/USDT was $1.28 trillion in trading volumes for the period.
The second most-traded futures contract was ETH/USDT, which recorded $549.75 billion in trading volume. The next largest is MFT/USDT with $232.28 billion in quarterly trading volume.
The report shows that trading pairs YFII/USDT were the second least-traded pair on the Binance platform for perpetual contracts. Its volume came in at $154.62 million. According to the report, there was a notable increase in interest for marginal perpetual contracts on the Binance USD (BUSD) stablecoin.
An increased interest in Binance’s BUSD stablecoin
Binance also stated that there was an increase in interest for margined perpetual contracts in its BUSD stablecoin. The exchange reiterated that the BUSD-M perpetual contract ADV was $3.80 billion.
Additionally, the significant increase in the trading volume came from 17 new BUSD-M pairs the broker introduced. The report also noted that BUSD is now the third-largest stablecoin in the cryptocurrency market.
However, despite the overall positive market indices, Binance futures saw a 54.7% reduction in open interests in the second quarter of 2022. According to the report, Binance Futures began the quarter with $11.68 billion in April but ended with $5.29 billion in June. The sharp fall is consistent with the market dynamics within the period, Binance explained in the report.
