By
Chimamanda U. Martha
April 18th, 2024
With the addition of the derivatives section, CoinGecko will allow users to monitor more than 100 derivatives products provided by over 20 derivatives exchanges.
CoinGecko, a coin market ranking chart aggregator that provides a fundamental analysis of the crypto market, has announced it is preparing to roll out its own section for monitoring cryptocurrency derivatives. According to the company, its offering will be the first of its kind.
Announcing: CoinGecko Derivatives! 🥳🎉
At a glance, you'll see aggregated data for the derivatives market including pricing, funding, open interest, volume and more!
Currently covering over 100 products traded across 22 different platforms! 😎
👉https://t.co/ZW1urjTTbf👈 pic.twitter.com/Cwu0eNL84H
— CoinGecko (@coingecko) October 29, 2019
Launched in 2014, CoinGecko is the largest crypto data aggregator that keeps track of over 4,700 digital currencies and ranks them by developer activity, community, and liquidity. In addition to tracking the key factors like price, volume and market capitalization, CoinGecko tracks community growth, open-source code development, major events, and on-chain metrics.
With the addition of the derivatives section, CoinGecko will allow users to monitor more than 100 derivatives products provided by over 20 derivatives exchanges. They will be able to track such data as prices, open interest, basis, funding rates, expiry dates, trading volume, and more.
Prospering Crypto Derivatives Market
CoinGecko has explained that the decision to launch the derivatives section results from the growing interest to the derivatives market. As CoinGecko has stated in its quarterly report, the number of exchanges that offer these products has increased since July 2019 by six times.
CoinGecko CEO TM Lee stated:
“This year, we have observed strong growth in the crypto derivatives market. We are excited about the potential growth of crypto derivatives and look forward to further democratizing data access as we continue to commit to the maturation of the digital asset space.”
“Being a leading crypto data aggregator, CoinGecko aims to lead the industry with innovation and we are proud to be the first to launch such a service. We hope to empower traders with more data that they can use to make better-informed decisions,” added he.
In September, crypto derivatives markets saw the record heights. For example, BitMEX surpassed $9 billion in daily trading volume.
Futures also perform pretty well. For instance, Bitcoin Futures contracts on CME have seen traded to over 7,000 per day this year. BTC trading platform Bakkt has also enjoyed new records this month. On October 25, 1,183 Bitcoin futures contracts (around $11 million) were traded on the platform, which is an incredible number compared to just 331 contracts ($3.1 million) the day before.
Seeing these positive trends, some exchanges have rolled out futures products, among them, are Binance, OKEx, and Huobi.
Andy Cheung, Head of Operations at OKEx, commented:
“Most people start with spot, then derivatives when they’re confident enough for advanced trading.”
In the nearest future, CoinGecko will make futures available on its mobile app and in its free public API.