Cryptocurrency exchange OKX said on Wednesday that trading volume at the company was over $7trn in 2024. The company provided no comparative data for 2023.

OKX is generally regarded as the third-largest crypto exchange in the world, with Binance in top spot and Bybit in second place.

The exchange is regulated in a number of different countries, including Singapore, Malta, the Bahamas, and Australia. However, the bulk of its trading activity seems to go through an entity in the Seychelles.

The company offers both physical spot trading, as well as a number of derivatives products.

With regard to the latter, the company said it had managed to generate $140bn in options trading volume in 2024, with more than 80 contracts added to the platform during the year.

Another striking point was that trading in Nitro Spreads rose more than seven-fold over the period.

This is a unique product that OKX introduced specifically, which allows traders to make a basis trade in one click.

Basis trades in crypto, typically capturing a discrepancy between the bitcoin spot and futures price, have proven extremely popular with traders over the last few years.

OKX’s product allows you to make that trade in one part of its platform and with one click, rather than having to go and manually open two trades separately.