Crypto exchange OKEx is empowering its customers to make the best trades possible and learn more about the futures market with a new feature.
Called the ‘Futures and Perpetual Swap Market Data’ tool, anyone logging into the OKEx trading platform will be able to access it and immediately gain an insight into trades taking place across nine mainstream tokens in the exchange’s futures and perpetual swap markets.
It’s exclusive to OKEx customers and it is the first time an exchange has provided such a big data tool to its users. OKEx outlined more details on its blog.
A spokesperson at the exchange outlined the thinking behind the new tool and explained how it could benefit traders.
“Whether you trade on instinct or based on statistical and technical analysis, access to this feature will help give you an edge over other traders,” they said.
“The feature allows our customers to quickly and easily analyze six key performance indicators of nine tokens to see how they are performing and to determine when they want to enter or exit a trading position.
“This new feature is exclusive to customers logged into OKEx … you can access the real-time data of our futures and perpetual swap markets.
“We have given access to this feature to ensure our customers have the best data available at their fingertips to make the best trades they can, but also so they can learn about the cryptocurrency markets. Educating our users about the benefits of cryptocurrencies is an important objective for OKEx.
“Remember: trading crypto involves significant risk and can result in losses. Make sure you fully understand the risk involved and make sure you have a plan in place to mitigate exposure to risk.”
Six factors to consider
When trading futures or perpetual swaps, it’s important to know as much as possible about the trade. The big data feature allows customers to check six sets of data: long and short ratios, basis, open interest and trading volume, takers volumes for buy and sell trades, top trader sentiment and top trader average margin.
Perpetual Swaps were launched on the exchange seven months ago following strong demand from customers. Since then, trade volumes using the product has grown to a total of $150 billion.
They allow traders to speculate on future prices for an asset and open long and short positions on them, depending on how well they think it will perform.