Bybit surpasses CME to become the world's second-largest Bitcoin futures exchang

[Cordillerabit]

Bybit, an Asian cryptocurrency exchange, has risen through the ranks to become the world's second-largest bitcoin (BTC, -3.32 percent ) futures trading platform in terms of open interest.

According to data source Skew, Bybit accounts for $3.53 billion, or 16.1 percent, of the global bitcoin-futures open interest of $21.2 billion at the time of publication. Bybit's market share is just behind No. 1 Binance's 17.5 percent.

Bybit, which has offices throughout Asia, has seen solid growth in the last five months, and even more so this year. In October, the exchange was ranked sixth on the list of the largest bitcoin futures exchanges, and in early January, it was ranked fifth. Bybit's clientele is roughly 70% retail and 30% institutional, according to a spokesperson for the exchange in a Telegram chat.

“We have to recognize the overall bull market as a key factor, and we certainly prepared ourselves well to take advantage of it by increasing our server capacity and building in redundancy,” said the spokesperson. “When high volume was accompanied by sudden spikes/volatility, we were able to execute orders as usual while many other exchanges were experiencing downtime.”

The Chicago Mercantile Exchange (CME), which is seen as more focused on institutional trading activity, now ranks fourth, below OKEx, after holding the top spot in late December and early January.

Source: Bityard