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BitMEX: one trillion dollars of trading volumes. Is that true?
BitMEX: one trillion dollars of trading volumes. Is that true?
Crypto

BitMEX: one trillion dollars of trading volumes. Is that true?

By Alfredo de Candia - 1 Jul 2019

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BitMEX, one of the most popular leverage trading exchanges and known for its bitcoin perpetual contracts, has announced on Twitter, through BitMEX CEO and co-founder Arthur Hayes, a new trading volumes record.

As we can see from the tweet, the numbers are impressive: in the space of 24 hours BitMEX has reached almost 7 billion dollars, while in one month it reached 164 billion and in one year it managed to touch the trillion dollars.

In reality, these data include the so-called notional value, which is why in the trillion dollars of volumes are included also the financial levers that on BitMEX can reach even 8.6x: in short, the real number of volumes would be 116 billion dollars (1 trillion divided by 8.6 = $116 billion).

In addition, in the same tweet, there is also a reference to Roubini Nouriel, better known as Dr Doom for his pessimistic view of the blockchain and the bitcoin in particular. Both will meet tomorrow in Taipei for the Asia Blockchain Summit, an event that will see the world’s leading blockchain players including Justin Sun from TRON, Changpeng Zhao from Binance, Charlie Lee from Litecoin, Patrick Chang from Samsung NEXT Ventures, Michael Gan from KuCoin and others.

True trading volumes?

To further proof that in reality, the trading volumes of BitMEX are not exactly those reported, one can look at some of the leading rankings of the crypto market.

According to CoinMarketCap’s “adjusted volumes” ranking, BitMEX is not even among the top 100 exchanges by volume. The same can be said for CryptoCompare that does not include BitMEX in its benchmark ranking of trading platforms.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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