OKEx, a Malta-based digital asset exchange, according to reports, has recently launched a platform which will provide comprehensive data insights platform that covers trading trends for derivatives. As per the press release, the platform will reportedly allow users of the exchange to see real-time data for nine major tokens, on the exchange’s futures and perpetual swap markets and this list obviously includes the top cryptocurrencies like BTC, ETH, and XRP.
The platform provides six indicators of market trends as follows: long/short positions ratio, basis, open interest and trading volume, buy/sell taker volume, top trader sentiment index, and top trader average margin used.
According to the announcement, the aim of this platform which is being called Futures & Perpetual Swap Market Data — is to offer unbiased trading data for customers so that they can inform themselves better and create better and more efficient trading strategies in the derivatives market.
Andy Cheung, the head of operations at OKEx, commented that derivatives trading could be particularly tricky to pick up:
“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.”
As has been reported earlier, Coinbase, one of the top cryptocurrency platform Coinbase, which provides a crypto exchange and wallet service, began providing trading signals to its users on July 17.
Coinbase is reportedly using aggregated data to provide information on holder activity, typical hold time and popularity, and price correlation as trading signals. These analytics purport to allow users the ability to create customised and informed trading strategies, which rely on information beyond the raw price and other basic market data.