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  "documentTitle": "Race capital investment FTX",
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      "text": "Race Capital",
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      "text": "There is a much smaller subset of futures exchanges vs. spot market exchanges in the market today. The full list of cryptocurrency futures exchanges, stack ranked by volume, are below:",
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      "text": "BitMEX has only done one angel round in 2015 (Estimated $200K) during the whole lifetime of the company so there is very little public information about the company. However from the few data points we can gather BitMEX is estimated to be valued at $3.6B, the exchange generated $83M in revenue in 2017, and BitMEX's office is located in the most expensive office space in Hong Kong (45th floor of the Cheung Kong Center). At a conservative figure we estimate that BitMEX is currently doing ~$500M in revenue per year (based on volume and fees).",
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      "text": "In the derivatives market liquidity begets liquidity so one of the biggest questions was how FTX would gain a foothold on this market. In addition to the FTX team's experience and background, from a market landscape perspective BitMEX is currently under investigation and because of this there has seen a spike in net-outflow of capital from the exchange.",
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      "text": "Volumes shift on a monthly basis but the undeniable leader in the crypto derivatives market is BitMEX.",
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      "text": "Futures Exchange | Daily Trading Volume | Trading Pairs | Fees | Comments\nOKEx | $3,600,000,000 | 36 | 0.05% | \nBitMEX | $3,200,000,000 | 11 | 0.06% | \nHuobi | $2,600,000,000 | 21 | 0.04% | \nBitflyer | $700,000,000 | 4 | 0.07% | \nDeribit | $200,000,000 | 2 | 0.05% | \nFTX | $100,000,000 | 15 | 0.03% | Exchange launched on June 1, 2019\nKraken | $68,000,000 | 15 | 0.04% | \nGate | $50,000,000 | 22 | 0.04% | \nDydx | $1,500,000 | 3 | NA | Decentralized futures exchange.",
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