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Flash News: OKX’s Monthly Nitro Spreads Trading Volume Approaches 5 Billion USDT in March 2024

DUBAI, UAE, April 4, 2024 /PRNewswire/ — OKX, a leading crypto exchange and Web3 technology company, has issued updates for April 4, 2024.

OKX’s Monthly Nitro Spreads Trading Volume Approaches 5 Billion USDT in March 2024

OKX today announced a significant milestone, reaching a monthly Nitro Spreads trading volume of nearly 5 billion USDT* in March 2024. Since the July 2023 launch of Nitro Spreads, OKX’s Nitro Spreads trading volume has steadily increased, exceeding 2 billion USDT in February 2024. Nitro Spreads, a venue within OKX’s Liquid Marketplace for executing basis, futures spreads and funding rate arbitrage strategies, has also seen a month-over-month increase in executions since December 2023, peaking at nearly 500,000 in March 2024.

In addition, OKX’s daily Nitro Spreads trading volume recently surpassed an all-time high of 415.5 million USDT on February 29 (SGT). Furthermore, the week spanning from February 29 to March 6 concluded with a Nitro Spreads trading volume of USD 1.7 billion, setting a new weekly record.

The recent approval of a spot Bitcoin ETF has boosted activity in the crypto market, with Bitcoin soaring to USD 73,750 on March 14. This increased activity has contributed significantly to OKX’s high BTC futures Open Interest (OI) figures, and solidifies OKX’s Liquid Marketplace as one of the go-to venues for institutional traders looking to take advantage of superior liquidity for a range of trades.

For a detailed breakdown of weekly BTC futures OI on OKX, please refer to the table* below:

Date

BTC Futures OI (Excluding Perps)

13 Feb 2024 at 8am SGT

463.2M USD

20 Feb 2024 at 8am SGT

484.9M USD

27 Feb 2024 at 8am SGT

502.0M USD

5 March 2024 at 8am SGT

785.3M USD

12 March 2024 at 8am SGT

920.2M USD

19 Mar 2024 at 8am SGT

795.3M USD

26 Mar 2024 at 8am SGT

856.7M USD

OKX remains committed to enhancing its Liquid Marketplace and making it the trading venue of choice for institutional traders. Recently, the exchange introduced a new ‘Quick Trading’ mode on Nitro Spreads, enabling users to instantly select the ‘Top of Book’ on any spread/side through a double-click, thereby eliminating the need to manually open order books or enter details.

For more information, please visit the Support Center.

*Source: Laevitas (as of April 1, 2024)

For further information, please contact:
[email protected]

About OKX

OKX is a leading global crypto exchange and innovative Web3 company. Trusted by more than 50 million global users, OKX is known for being one of the fastest and most reliable crypto apps in the world.

As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1 and Olympian Scotty James, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.

The OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.

OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

SOURCE OKX

Originally published at https://www.prnewswire.com/news-releases/flash-news-okxs-monthly-nitro-spreads-trading-volume-approaches-5-billion-usdt-in-march-2024-302109088.html
Images courtesy of https://pixabay.com

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