In a first for the cryptocurrency market, OKEx is launching a big data service to help its customers make trading decisions.
The Malta-based exchange wants its customers to have as much information as possible when they use the platform, to help them make more informed trading decisions.
The feature is called Futures and Perpetual Swap Market Data, and is a ‘first-of-its-kind’ big data platform in the industry.
It is available exclusively to OKEx customers and gives them access to real-time data on the exchange’s futures and perpetual swap markets across nine main tokens.
This information includes being able to see the volume of long and short position and ratio, to check market sentiment using the sentiment index.
With this feature OKEx wants to empower its customers so they can make the best trades possible, and understand the market.
A post on the OKEx blog said: “How do you make your trading decisions? after careful research? Or just go with your gut feeling?
“When it comes to trading futures contracts and perpetual swaps, there isn’t really much data available in the market to help with your trading decisions.
“Our objective is to provide accurate, unbiased trading data to help our customers develop their own trading strategies. And of course, along with the general market data already available at OKEx, we hope that the additional insights will also help our customers better understand the market.”
The new feature uses six different indicators to help traders make decisions on perpetual swap and futures trades:
- Long/Short Users Ratio
- Open Interest and Trading Volume
- Buy/Sell Taker Volume
- Top Trader Sentiment Index
- Top Trader Average Margin Used
OKEx’s Perpetual Swap launched at the end of 2018 and has seen a gradual increase in the volumes of trades made using this method. To date $150 billion in volume has been traded.
Perpetual Swap contracts let traders buy and sell digital assets at fixed prices at a time in the future, and lets them open long and short positions on them, based on how they think the assets will perform.
OKEx is the world’s biggest crypto exchange, boasting millions of customers across the globe and a 30-day trading volume of close to $50 billion, figures from Coinmarketcap show.
The exchange is based out of Malta, the blockchain-savvy island nation, that provides a strong regulatory environment for blockchain businesses.