CoinGecko has launched its very own cryptocurrency derivatives section, tracking the growing number of derivatives products.
According to reports, the section encompasses about 100 such products like perpetual swaps and futures from about 20 derivatives exchanges.
Besides, the cryptocurrency data aggregator becomes the first to offer free, unimpeded access to aggregated crypto derivatives data like price. Other include interest, basis, funding rates, expiry dates, and trading volume.
CEO of CoinGecko, TM Lee pointed out that the firm plans to add more metrics in the future. As well as, options and leveraged tokens offered by various exchanges. Quoting him: “We hope to empower traders with more data that they can use to make better-informed decisions. We’re excited about the potential growth of crypto derivatives. Therefore, we want to further democratize data access as we continually commit to the maturation of the digital asset space.”
The supported derivatives can be accessed in different ways, such as by isolating products from certain exchanges.
However, the derivative section doesn’t support products from some popular derivatives providers like CME and Bakkt for now. Although, reports state that its due to the need for a reliable API for the data and other exchanges would join soon.
Before now, only a few platforms like Skew offered data providers the opportunity to monitor derivatives based on cryptocurrencies. However, CoinGecko now joins the pack.
CoinGecko stands as one of the largest and first crypto data aggregators, operating since 2014. Accordingly, it tracks about 3,300 tokens across over 260 cryptocurrency exchanges. CoinGecko aims at elevating crypto participants’ understanding of fundamental factors that drive the market.
Accordingly, the platform provides a fundamental analysis of the crypto market. It also tracks price, volume and market capitalization. Not forgetting community growth, open-source code development, major events, and on-chain metrics.
CoinGecko also launched Trust Score 2.0 to help combat the problem of fake volume. Trust Score commenced operations in May 2019 providing insights into exchanges liquidity using order book and web traffic analysis. Besides, Trust Score 2.0 provides a major upgrade by introducing four new measurements. They include exchanges’ API technical coverage, the scale of operations. As well as, estimated cryptocurrency reserves and regulatory compliance. TM Lee said: “We must provide critical and actionable data to our users. The launch of Trust Score 2.0, ensures progress to promote transparency amongst cryptocurrency exchanges.”