Exchange OKEx Launches Data Analytics Platform for Derivatives Trading

Malta-based digital asset exchange OKEx has launched a new comprehensive data insights platform that covers trading trends for derivatives.

According to a press release shared with Cointelegraph, this platform will reportedly 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. 

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. 

As per the announcement, the goal of this platform — called Futures & Perpetual Swap Market Data — is to offer unbiased trading data for customers to better inform themselves and create trading strategies in the derivatives market.

Andy Cheung, the head of operations at OKEx, commented that derivatives trading can 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.”

Big data analytics coming to crypto trading

As previously reported by Cointelegraph, the major cryptocurrency platform Coinbase, which includes 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 customized and informed trading strategies, which rely on information beyond raw price and other basic market data.