OKEx, the second largest crypto options trading platform after Deribit, is expanding its options trading types.
Starting July 24, OKEx features new crypto options trading opportunities including daily options, two-day options, and monthly options.
OKEx now features seven expiration date options
Announcing the news on Friday, OKEx said that the three new expiration dates follow previously launched weekly, bi-weekly, quarterly, and bi-quarterly options.
The new options intend to promote market liquidity and provide more choices to execute various trading strategies. The introduction of shorter expiration dates also aims to lower the threshold for options trading, enabling traders to participate with smaller funds, OKEx said.
Three trading pairs for new options contracts
According to a preliminary announcement on July 23, the new option contracts will be applied to three trading pairs like Bitcoin (BTC)/USD, Ether (ETH)/USD, and EOS/USD. The first one-day option contracts and two-day contracts will expire on July 25 and July 26, respectively. The first monthly options on OKEx are subject to the expiration date of Aug. 28, the exchange noted.
OKEx CEO Jay Hao highlighted that the exchange has been focused on diversifying products on the platform. According to the executive, the existing array of services are “still far from enough.” Hao said:
“OKEx is a one-stop trading platform, accommodating users of all levels from entry-level to institutions and professional traders [...] We will not give up the opportunity to continue optimizing our entire product line.”
Cointelegraph reached out to OKEx with additional queries and will update the article pending any new information.
OKEx actively pushing the derivatives market
One of the world’s largest crypto exchanges by daily trading volumes, OKEx originally introduced crypto options trading in late 2019. The cryptocurrency exchange has managed to overtake some major platforms for trading crypto options including ICE’s Bakkt as well as one of the earliest Bitcoin futures providers, the Chicago Mercantile Exchange, or CME, Group.
According to data from crypto statistics website Skew, OKEx is the second largest crypto trading volume by BTC options volumes after Deribit exchange so far. Weekly translation volume of OKEx’s BTC/USD options now account for $40 million, the exchange said.
BTC options volumes. Source: Skew
OKEx has been actively pushing the crypto derivatives market. In June 2020, the platform rolled out Ether and EOS option contracts trading. Earlier this year, the exchange added bi-quarterly contracts for both options and futures trading.