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Innovate! Crypto exchange OKEx has recently released data analysis platform for derivatives trading

Aug 29, 2019

OKEx is one of the biggest digital asset exchanges based in Malta. The aforesaid crypto exchange has developed a platform with a wide-range of data insight, that covers trading trends for derivatives.

According to their press release, presumably this platform will allow OKEx users to see real-time data on the exchange’s futures and perpetual swap markets for nine major tokens, including the top cryptocurrencies BTC, ETH and XRP.

In addition to the above, the platform offers to its users six key indicators linked with the main market patterns. These include long/short positions ratio, basis, open interest, and trading volume, buy/sell taker volume, top trader sentiment index, top trader average margin used.

The main purpose of the platform which was named "Futures & Perpetual Swap Market Data" is to ensure impartial trading information for customers, so that they would be better informed and, thereby, improve the efficiency levels of their trading strategies in the derivatives market.

Andy Cheung, head of operations at OKEx, said the following:

"Derivatives trading requires a steeper learning curve, as it involves the use of margin and leverage. Once we realized that there isn’t really much data available in the market to help users analyze market trends, we decided to build a tool that can benefit our users. That’s why we launched this big data platform, and we are proud to say that we are the first in the industry to provide this kind of data."

Big data analysis is becoming a more essential part of crypto trading. Major players of this market are trying to boost their productivity by means of data awareness. Thus, the largest cryptocurrency platform Coinbase, which includes a crypto exchange and wallet service, as of July of this year started to provide trading signals to its users.

Coinbase is supposedly utilizing aggregated data to provide information on holder activity, typical hold time and popularity, and price correlation as trading signals. Introduction of these analytics allows users to create customized and informed trading strategies, which rely on information beyond raw price and other basic market data.

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