In order to enhance its institutional trading services, popular cryptocurrency exchange OKX has announced a partnership with Hidden Road Partners, a credit network geared towards institutions. The collaboration aims to provide Hidden Road's clients with access to OKX's deep liquidity and faster execution of complex trading strategies.

Institutional Cryptocurrency Trading Enhanced through Collaboration

As part of the partnership, OKX will focus on integrating its Nitro Spreads service with Hidden Road's prime brokerage services. Nitro Spreads enables the execution of futures and basis spread extensions while also facilitating funding rate arbitrage strategies.

This integration will offer several advantages to Hidden Road's institutional client base, including immediate access to OKX's deep liquidity, guaranteed fills for market makers and takers for each leg to minimize inter-market risk, and guaranteed spread selections before trade execution to mitigate unexpected price slippage risks.

"Hidden Road continues to seek to enhance market access and capital efficiency through the expansion of prime brokerage services, and the integration of OKX's Nitro Spreads product extends this concept by expanding our ability to manage counterparty execution risk for arbitrage strategies," said Michael Higgins, International CEO and Global Head of Business Development at Hidden Road.

He also announced that a new Bitcoin ETF would significantly alter the cryptocurrency market by introducing previously unknown strategies. OKX recently expanded its derivatives and cryptocurrency trading services and entered the Australian market. The offering of derivative tools is exclusively for institutional investors.

OKX Futures Spread Trading Sees Increasing Growth

OKX recently set a new record for the highest monthly trading volume of Nitro Spreads, nearing $5 billion in March 2024, highlighting the exchange's commitment to improving its services for institutional clients.

One of the enhancements introduced on Nitro Spreads is the "Quick Trade" mode, designed to simplify the selection of "best bid" for any spread or direction.

"With the superior liquidity of Nitro Spreads, our strategic partnership with Hidden Road allows us to extend OKX's deep liquidity and efficient execution of advanced strategies to a broader network of institutional traders," commented Lennix Lai, Global Chief Business Officer at OKX.

OKX is reportedly the third-largest cryptocurrency exchange by spot trading volume, following ByBit and Binance. The platform holds a 9% market share, with a trading volume of $94.12 billion. Last month, the company announced its expansion plans in Europe and rebranded its local subsidiary, Okcoin Europe Ltd.