Malta-based exchange OKEx rolls out data insights platform to help crypto beginners trade derivatives

Digital asset exchange OKEx has rolled out a new comprehensive data insights platform that covers the trading trends of derivatives.

Users of the OKEx platform can reportedly check data on the exchange’s futures and perpetual swap markets for nine major tokens in real-time. The major crypto assets include Bitcoin, Ether, and XRP.

The platform will feature six market trend indicators, including long/short users ratio, basis, open interest and trading volume, buy/sell take volume, top trader sentiment index, and top trader average margin used.

The long/short users ratio indicates the ratio of the total number of users opening long versus short positions. Users long or short side can be determined by their net position of the token.

Basis indicates the contract or swap price, spot index price, and basis of a particular time. A positive basis implies the general market is bullish and negative means a bearish sentiment. Basis is usually mentioned with the premium rate.

Open interest signifies the total number of outstanding futures contracts or swaps. On the other hand, trading volume indicates the total trading volume of futures contracts and perpetual swap in a given time frame. For instance, if there are 2,000 long contracts and 2,000 short contracts opened, the open interest is 2,000.

Buyer and seller taker volume indicate the inflow and outflow at a specific period, respectively. A high buy taker volume indicates a bullish market, whereas a high sell taker volume signifies a bearish outlook.

Top trader sentiment index is almost the same as the long versus short positions ratio. But this indicator only shows data from the top 100 OKEx traders.

Lastly, top trader margin used shows how the top 100 traders in the platform use and allocate their funds.

Dubbed as the Futures & Perpetual Swap Market Data, the platform aims to provide unbiased trading data to OKEx users to make informed decisions and develop own trading strategies.

Claiming to be the first in the industry to provide such kind of data, OKEx Head of Operations Andy Cheung noted that derivatives trading need a steeper learning curve because of margin and leverage.

“Once we realized that there isn’t much data available in the market to help users analyze market trends, we decide to build a tool that can benefit our users. That’s why we launched this big data platform,” he said.

Meanwhile, cryptocurrency exchange Coinbase also launched a suite of new signaling tools to help crypto beginners understand trade. The company has released aggregated and anonymized data in the form of three trading signals to its customers, including top holder activity, typical hold time and popularity, and price correlation.