The emergence of BitMEX in 2014 revolutionized cryptocurrency trading by introducing derivatives, expanding beyond spot trading. By 2016, BitMEX’s 100x leverage feature earned it the nickname “crypto’s largest casino.” Today, derivatives dominate the market, with daily trading volumes 10–18x higher than spot trades (Bloomberg, 2019). As demand grows, exchanges compete fiercely with futures, options, and perpetual contracts.
This guide compares five leading derivatives platforms—OKX, Huobi, BitMEX, Binance, and FTX—helping you choose the best fit for your strategy.
1. OKX: High Liquidity & Versatility
👉 Explore OKX’s advanced trading tools
Launched in 2018, OKX quickly rivaled BitMEX by offering:
– Perpetual contracts (BTC/USDT and coin-margined).
– Futures delivery contracts and options.
– Support for 9 major coins (BTC, ETH, etc.).
Key Features:
– User-friendly interface with Chinese defaults.
– Flexible order types: Iceberg, trailing orders.
– Top-tier liquidity for spot and derivatives.
Best For: Traders prioritizing liquidity and multi-product access.
2. Huobi DM: Robust but Limited Offerings
Huobi’s derivatives platform (2018) competes with OKX in volume and depth but lacks:
– Perpetual contracts (only weekly/quarterly futures).
– USDT margining (coin-margined only).
Strengths:
– Near-optimal order pricing for volatile markets.
– Sleek interface (though OKX’s full-screen mode is superior).
Best For: Traders focused on BTC/ETH futures with coin margins.
3. BitMEX: The Derivatives Pioneer
BitMEX remains a heavyweight despite newer rivals:
– Pure derivatives platform (no spot trading).
– 0.025% maker rebates (unique incentive).
– Limited to XBT/ETH/XRP perpetuals and futures.
Drawbacks:
– XBT-only margining.
– Cluttered interface with modular customization.
Best For: High-frequency traders leveraging maker rebates.
4. Binance Futures: Rapid Growth & Innovation
Binance entered late (2019) but leverages its vast user base:
– USDT-margined perpetuals (125x leverage on BTC).
– 40+ supported coins (small-cap risks apply).
– Hybrid collateral: BUSD/USDT/BTC (upcoming).
Unique Perk:
– Binance JEX subsidiary offers rare crypto options.
Best For: Multi-asset traders and Binance ecosystem users.
5. FTX: Niche Products & Flexibility
FTX (2019) stands out with:
– 101x leverage and exotic contracts (e.g., election futures).
– Multi-collateral support (BTC, ETH, FTT auto-converted).
– Strong Asian marketing and community engagement.
Caveat: Lower liquidity vs. top-tier exchanges.
Best For: Traders seeking novelty and altcoin exposure.
Comparison Table
| Feature | OKX | Huobi DM | BitMEX | Binance | FTX |
|---|---|---|---|---|---|
| Perpetuals | ✅ | ❌ | ✅ | ✅ | ✅ |
| Futures | ✅ | ✅ | ✅ | ❌ | ✅ |
| Options | ✅ | ❌ | ❌ | ❌ | ❌ |
| Max Leverage | 100x | 20x | 100x | 125x | 101x |
| Margin | USDT/Coin | Coin | XBT | USDT | Multi |
FAQs
Q1: Which exchange is safest for beginners?
A: OKX and Binance offer intuitive interfaces and educational resources.
Q2: How does FTX’s auto-convert collateral work?
A: It uses non-USDT assets (e.g., BTC) as backup margin during shortfalls.
Q3: Why choose BitMEX despite its limitations?
A: Maker rebates and deep liquidity benefit high-volume traders.
Q4: Does Huobi support USD pairs?
A: No—only coin-margined contracts (BTC, ETH, etc.).
Q5: Can I trade options on Binance?
A: Yes, but only via Binance JEX, a separate platform.
Q6: Which exchange lists the most altcoins?
A: Binance (40+) and FTX (niche indices).
Conclusion
Crypto derivatives signal market maturity, but no single exchange is “best.” Consider:
– Liquidity needs: OKX/Binance.
– Leverage: BitMEX/Binance.
– Innovation: FTX.
Always verify claims independently—exchange rivalries often spawn biased narratives.
Risk Warning: Crypto derivatives are highly volatile. You may lose your entire capital. Trade responsibly.