Huobi Futures, the crypto derivatives market of Huobi Group, today said a total of more than $2.3 trillion has been traded on the platform in 2020.

Trading volumes peaked in the fourth quarter this year, with an average daily trading volume reaching $12.3 billion, according to information revealed by the company. This figure was up by 402% when weighed against less than $3 billion exchanged hands per day in 2019.

Huobi said it outperformed OKEx in coin-margined futures trading volume in October and November, the statement noted, with a total traded volume of $66.2 billion and $124 billion, respectively.

In the first half of 2020, Huobi outperformed rivals in ETH trading volume, showing $120.2 billion versus $49.3 billion on OKEx, the Singapore-based exchange said.

Following the introduction of their coin-margined futures, Huobi volumes exceeded BitMEX, the largest coin-margined swaps exchange at that time, in 45 days. Its annual trading volume reached $785.5 billion in 2020 and it has covered 57 mainstream currencies, including many DeFi tokens.

Most major crypto venues are setting their sights on popular crypto derivatives offerings on the market, such as BitMEX.

Huobi Is Expanding Aggressively

In the aggregate, growth in crypto derivatives trading volume is now outpacing that of spot trading. According to data analytics company, CryptoCompare, cryptocurrency derivatives trading volumes hit $1.43 trillion in December. That was a new all-time high, breaking the previous record of $1.32 trillion set in November.

The London-based data aggregator found that the largest derivatives exchange by monthly trading volume in December was Binance, which traded a total of $451 billion. Binance was followed by OKEx, which saw its derivatives trading volume go up 22% to $284 billion, and by Huobi, whose volume went down 7.6% over the same period as it traded at $269 billion. Bybit notably saw its derivatives volume surge 18% to $133 billion.

With the surge in derivatives trading, Huobi Futures has introduced bitcoin options to help traders hedge against risks like extreme market volatility. The roll-out of options product, quoted in dollar-backed stablecoin tether, came on the heels of Huobi Futures’ Perpetual Swaps earlier this year and aims to give traders more ways to create arbitrage and hedge risk in the crypto market.

Huobi has been expanding aggressively into trading services in many other jurisdictions around the world, including Malaysia, Argentina, Russia, Korea as well as setting up an office in London.