To bolster its institutional trading offerings, popular crypto exchange OKX has announced a collaboration with Hidden Road Partners, a credit network for institutions. The partnership aims to provide Hidden Road's clients with access to OKX's deep liquidity and faster execution of complex trading strategies.

OKX, Hidden Road Partner to Enhance Institutional Crypto Trading

As part of the collaboration, 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 spreads, as well as funding rate arbitrage strategies.

The integration is set to offer several advantages to Hidden Road's institutional client base. These benefits include on-demand access to OKX's deep liquidity for both makers and takers, minimized leg risk between markets through guaranteed filling of matching quantities for each leg, and guaranteed spread selection before trade execution, which mitigates unexpected price slippage risks.

“Hidden Road continually seeks to increase market access and capital efficiency through expanded prime brokerage offerings,” Michael Higgins, the International CEO and Global Head of Business Development at Hidden Road, commented. “Integrating OKX's Nitro Spreads product builds upon this philosophy by extending our counterparties' ability to execute risk-managed arbitrage strategies."

Higgins recently spoke with Finance Magnates, suggesting that new Bitcoin ETFs will significantly change 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 instruments is aimed solely at institutional investors.

OKX's Growing Presence in Futures Spreads Trading

OKX has recently set a new record by exceeding its highest monthly futures spreads trading volume on Nitro Spreads, which neared US$5 billion in March 2024. This accomplishment highlights the exchange 's commitment to improving its services for institutional clients.

Among these enhancements is the introduction of the “Quick Trading” mode on Nitro Spreads, designed to streamline the selection of the “Top of Book” for any spread or side.

“Leveraging the superior liquidity of Nitro Spreads, our strategic partnership with Hidden Road enables us to extend the reach of OKX's deep liquidity and efficient execution of advanced strategies to an expanded network of institutional traders,” commented Lennix Lai, the Global Chief Commercial Officer of OKX.

According to the Finance Magnates Intelligence benchmark, OKX is the third-largest cryptocurrency exchange in terms of spot volumes, following ByBit and Binance. The platform holds a 9% market share and generates volumes of $94.12 billion. Last month, the company announced plans for European expansion and the rebranding of its local branch, Okcoin Europe Ltd.