Editor’s note: This article from the hive News (ID:chainlab2018), financial Author: Kell, the daily planet authorized reprint.
In November 21st, the global currency contract fire products after several rounds of careful testing, finally open beta, this relatively junior version of the product, opened fire currency trading market into the contract.
In the field of encryption currency derivatives, the first 4 years old rival OK. For a long time, two digital asset trading platform, competing in the spot market for many years, each side in the battle site.
Not into the red sea exchange track over the past few years, OK with regular contracts first mover advantage, the trading volume of the unique. Optimistic about this “cake” of BitMEX in 2014 years, only eating sustainable contract category.
4 years has passed, the cake edge biting each snatch. From the volume point of view, the market is still OKEx and BitMEX contracts in the world, and later joined the fire coins, buried a foreshadowing spoiler.
Fire currency contracts as Li Lin founder of the new cast of swords, sharp and hard, but we have ambition. Seeing the fire coins launched homogeneous products, OKEx launched the “arena build order, announced the recruitment of sustainable contract simulation contest head. December 3rd will be the contest marks the debut of new OKEx products sustainable contract.
In 2018, OKEx suffered repeated explosion rights incident, has stepped down as the platform CEO star Xu trouble. After the fire coins will push the contract message, someone quipped, “this is Li Lin to share good brother Xu star?”
“Worry” behind the industry emerged on contract level, wind platform control ability concerned. Who is the key to solve the worries, who can stand status.
Fire currency contract low times bar Bar close to the people, but the lack of innovation
At the beginning of September there is fire coins upcoming contract transaction message. 11 June 11, fire currency contract Beta version released directional invitation test notification, low-key development and orientation of 2 months of testing revealed fire currency contracts carefully open. 10 days after 11 21, fire currency contract was finally unveiled.
At present, fire currency contracts only support PC terminal operation, according to the operation staff revealed that the fire coins APP is expected to contract transaction will be launched next month. At the same time, fire currency contracts currently only holds 20 BTC and above users opened equivalent assets.
Fire currency contracts page
Fire currency contracts page visible, the product supports only BTC transactions. Similar to OKEx, the user can choose when the week, second week contract contract, quarterly contracts three types of transactions. Trading contract compared to the BTC, ETH, EOS and other 8 kinds of currency, fire currency is not dominant in the currency amount. Fire currency operators said that the platform for opening ETH contracts this year, LTC, EOS and other mainstream currencies will continue landing.
We note that, in addition to also support 10 times, 20 times leverage, fire currency contracts and OKEx another big difference is optional leverage increased 1 times, 5 times.
“No what special, almost every family has a similar mechanism.” BBX digital asset trading platform technical director Journey, in OKEx or BBX, use the whole warehouse as can play the role of leverage ratio is low.
However, this design has some users, they think, which makes up the user operation of hedging is more concise and convenient, low lever means that the margin is also less for less money or risk conscious user friendly.”
During the beta fire currency contracts also exposed some problems. Many users reflect, often without a market transaction page Caton, the whole level of function, the biggest problem is that the transaction is not enough depth. A user experience over currency contracts to finance the hive, the depth is too shallow, easy to break or pull explosion, we are all in the attempt and experience, not a lot of money to get to play.”
In this regard, fire currency contracts test user group within the operations staff explained, “because it was early, we all look deep enough, dare to buy, such as contract system embedded fire currency APP, we will vigorously promote, plus we have a number of market makers, the depth of the problem will gradually solve.”
In addition, the price index update also lagged behind OKEx fire coins. At present, the latest price of fire coins every 6 seconds by API, Gdax, Kraken, Bitstamp for Gemini exchange and update according to the weight index, OKEx has been upgraded to real-time updates and flow calculation, data display faster.
As the early beta user participation, Journey believes that at this stage of the fire currency contracts is a simple version of the minimum, “function is very simple, is not supported by warehouse and market orders, many complex logic is not implemented. As a regular contract, basically copied the OKEx that, from the business and products are not much innovation, visible fire currency contracts current product strategy to follow the traces of OKEx.”
Fire currency market, grab a “regular” OK after “sustainable” peer
Appearance, side of the car at the beginning of the fire currency contracts on the one hand, the contract market “big brother” OKEx has been on the road of sustainable contracts. In order to compete for more sustainable contract market segmentation, OKEx is also preparing for a long time.
As early as the 7 month 17 days, the OKEx issued a contract product upgrade roadmap. In addition to upgrading the matching efficiency, interface speed, support more contracts, currency risk reserve to offset optimization control ability of technical architecture and wind, the platform will definitely put forward based on delivery of the contract, launch a sustainable contract.
In July this year, OKEx announced a sustainable contract plan
The contract transaction is encrypted currency area of traditional commodity futures innovative financial derivatives contracts, the current mainstream products include regular contracts and sustainable contracts. From the simple delivery time differentiate contract when the week, regular weekly and quarterly regular delivery rules for professional traders to hedge the market risk quantification; sustainable delivery date limit contract cancellation.
At present, the global mainstream digital asset trading platform, only BitMEX support specialist sustainable contracts contract. Because there is no sustainable contract delivery date, which is not sustainable burst positions, at any time of delivery, the delivery date can avoid the possible manipulation of the price of risk.
Compared with regular contracts, a contract for sustainable advantage is replaced by its tendency to contract price spot price, as the wind control standards, alleviate the problem of abnormal prices caused by the explosion. The OKEx plan is executed on time daily earnings losses of funds to pay expenses direction, guarantee contract prices close to the spot price.
For investors, sustainable contracts to reduce the risk and long-term investment, but to provide digital asset trading platform of sustainable contracts, operation, risk control ability and the development of the price mechanism has high standard.
OKEx plans to launch a sustainable contract time late. Had shown the announcement in July on the line is expected in September”. 9 months no shadow, 11 March 5, OKEx released a sustainable contract group head of transaction simulation game collection order, before the start of the 12 month 3 days.
As the fire coins push contract carefully, the OKEx products in the new left safe route.
Journey believes that the OKEx contract is sustainable at the old platform to improve existing products mechanism for “this is mainly reflected in the increase of wind control support greater leverage; reduce the settlement period (from the date of funds to improve the efficiency of thoughtful); reduce the futures premium and discount, reduce investment and on the basis on the interference hand.”
Industry analysts said, OKEx is rich on the surface of the sustainable implementation of contract contract product form, but also revealed to continue expanding its territory in the contract market determination, “many hedgers quantify team is OK customers, but also in a perpetual contract platform transaction account, OK certainly tried to win over this part user. Now the fire coins also admitted, which will give OK some pressure, after all OK contract is vital to business, innovation is inevitable.”
“Good brothers share?”
Fire coins and OKEx in contract arena competition will pull the curtain. Although the OKEx in the first years of the contract market, but also because of this product with a lot of trouble, the fire coins joined the news spread, someone joked, “this is Li Lin to give good brother Xu star ah.”
Under the uncertain market risk, fire currency head-on, and this of course the market downturn, the decline in the overall market value of encryption currency, money to rise the spot trading of losing their appeal, good entrance to do more short contract trading market is still attracting traffic, but also more and more big pay attention to digital asset trading platform.
The United States B, Bitfinex, bitFlyer and other mainstream trading platforms have launched contracts, fire currency incoming competition.
Journey said the fire coins are traffic owners worldwide spot exchange Top5, his admission hand will divert much of the stock of the user, on the other hand will expand the scope of radiation contracts.
Admission to let OKEx attention to the fire coins. Investors in the contract level, OKEx has faced many problems and disputes, fire currency Beta test version, many tests will inevitably take two contrast in system stability, transparency and other aspects of the high demand.
Whether it is a joke in the “state” is a war of fame and fortune, can provide reliable fire currency products for investors is the key.
Journey believes that the quality of the contract products should be in terms of performance, price and risk control mechanism design requires excellence, “the performance of a contract, because the whole system coupling calculation and update the assets in the declaration, strong match, usually, if the logic is not detailed enough, technology is not in place, will bring serious influence to the user; the wind control is mainly reflected in the trading platform for the position risk limits, the user level mechanism, strong wearing mechanism (the interests of equal grasp mechanism).”
Popular, design a set of contract system may not be difficult. Profit to do more short contract users is in the encryption currency price volatility, volatility, trading volume to surge in the price of the scene, wearing mechanism, scientific design of the security system is to provide smooth, contract trading platform has been facing challenges.
At the present stage, fire currency contracts, trading early beta brings depth is not enough, the system performance and the platform risk control ability has not faced the market big change unpredictably.
In this regard, technical personnel fire currency contracts revealed that platform contract products warehouse explosion circuit breakers, when strong parity contract is higher or lower than the price index in a certain proportion, the user will not be immediately strong, “the fuse, if the market towards the favorable direction changes, it has not been strong flat, live over the opportunity. If the negative margin becomes positive, can continue to open.”
For wearing a risk, the officer explained, “in order to protect the interests of users, or choose a full account sharing system. But we have a lot of risk control that does not appear to share the kind of extreme, strong risk with single limit, flat position limits, ladder margin system, monitoring large position of users, including the abnormal transactions and positions of the control means of monitoring the wind.
The official version is still on fire currency contracts, performance, risk control and other hard skills to be the test of time. People at the same time quantitative trading in OKEx and BitMEX accounts that, from the current market structure, after all OKEx do for a long time, the user precipitation is deep, “a period of time is still a regular contract market leader, once again launched a sustainable contract, but there is also BitMEX users do not move, there are habits the problem.”
The people are also hoping to launch a sustainable reducible OKEx can improve the system stability and transparency rules, or “old accident, multi brand effect ah, the loss of users, the transaction will be affected by the depth of.”
In the contract product competition, previously, OKEx financial market director Li Zhikai showed a welcome attitude. The face at top speed OKEx, fire currency contract operators seemed calm and polite, “first step by step, down-to-earth, improve risk control.
The competition is reflected the vitality of the industry, is also the eternal theme mall. OK and the exchange of fire currency field runners, will continue in currency derivatives market encryption “race each other, a dragon and a tiger in combat” show the bear was dead broke.