Coinspeaker
BitMEX Unites Forces with PowerTrade to Launch Deribit Challenger

Renowned crypto derivative exchange BitMEX recently partnered with PowerTrade to introduce options trading to its platform. With this new addition, BitMEX aims to compete with Deribit to capture a substantial market share in this niche.

BitMEX Rivals Deribit

Stephan Lutz, CEO of BitMEX revealed in a recent statement that the firm aims to capture at least $500 million in trading volume within three months. Aligning with this move, the CEO said BitMEX will offer options trading in all regions where BitMEX is currently active.

“As a leading derivatives exchange, we want to empower BitMEX users with the optimal tools to maximize their potential and trading strategies, whether it’s hedging risks, positioning, or capitalizing on the recent surge in implied volatility,” Luz added.

Deribit has dominated the market since 2020. It accounts for 70% ($35.7 billion) of the $51.1 billion in trading volume for Bitcoin options in April. Besides BitMEX, other top crypto exchanges like Binance and OKX have also attempted to compete with Deribit for ...