OKEx, one of the malta based digital asset exchange, has lately released a platform that will provide a comprehensive data insights platform which covers trading trends for derivatives, reports said.
As per the press release, the platform will enable the users of the exchange to see real-time data on the exchange’s futures and persistent swap markets. These include top cryptocurrencies such as BTC, LTC, ETH, ETC, XRP, EOS, BCH, BSV, and TRX.
Apart from this, the platform provides its users with six key indicators linked with the market trends. 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.
As per the announcement, the main purpose of the platform which is known as Futures & Perpetual Swap Market Data is to provide unbiased trading data for customers so that they can better inform themselves and form better and more effective trading strategies in the derivatives market.
Andy Cheung, who is the head of operations at OKEx, stated that derivatives trading could be somewhat hard 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.”
Before a few days, Coinbase, one of the leading cryptocurrency platform, that mainly includes a crypto exchange and wallet service, started providing trading signals to its users on July 17.
Coinbase is apparently using combined data to offer information on holder activity, typical hold time and popularity, and price correlation as trading signals. These analytics import enables users the ability to form customized and informed trading strategies, which depend on information beyond the raw price and other basic data.