Huobi reports USD877.8bn H1 trading volume

Cryptocurrency trading specialist Huobi has reported trading volume of USD877.8 billion in the first six months of 2020.

Interestingly, Q1, which was a good quarter for the cryptocurrency space, has been matched by Q2 on Huobi despite the second quarter being impacted by a major bitcoin market collapse.

For Q1, unilateral trading volume totalled USDF444.2 billion while Q2 was USD433.7 billion. Even though Q2 was characterised by a market drop and thensideways trading, the transaction volume saw no significant decline.

Huobi only recently launched its own perpetual swap product, but it has been an instant success, keeping up with, and sometimes outperforming BitMEX, one of the leaders in the space.

In its first full quarter, Huobi’s perpetual swap trading volume came in at USD21.65 billion in April, but rocketed up to USD79.5 billion the next month, falling just short of BitMEX’s trading volume. Then, in June, Huobi overtook BitMEX with a total of USD50.2 billion.

Huobi has also managed to push new boundaries against other well established exchanges when it comes to futures trading volume as the coin-margined futures trading volume for the last three months has been better on Huobi than OKEx.

April saw nearly a hundred billion dollars traded on these futures contracts at Huobi while May managed to cross into the hundred-billion-dollar range. June dropped back a bit as USD74.05 billion was traded, but all three of these months outperformed OKEx.

Huobi outperformed OKEx in BTC Weekly contracts trading in Q1, and recorded more than double the trading volume of its competitor through April, May and June.

For Bi-weekly contracts trading, Huobi did not register as much trading against OKEx, but in June the exchange did manage to overtake its competitor.

Weekly contacts trading was another area where Huobi managed to thrive as it registered on average more than USD5 billion across April, May and June. OKEx meanwhile, only managed to get above USD2.08 billion in June.

While for bi-weekly contracts trading OKEx came out on top for the majority of the quarter with regard to trading volume, Huobi finished the quarter with USD3.82 billion in trading in June against OKEx’s USD3.45 billion.

In terms of quarterly contacts, Huobi was again at the top in volume registering more than double the trading volume of OKEx for these contracts in April and May.