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Finance
How a Hong Kong Hike Revolutionized Crypto Trading
In 2015, a conversation on a hiking trail in Hong Kong sparked the creation of the perpetual swap, also known as a perpetual future or 'perp.' Ben Delo, BitMEX co-founder and mathematician, was discussing a problem with his friend Bavik, a derivatives trader. BitMEX had tried various futures contracts, but customers complained about positions closing unexpectedly. They wanted a product that resem…
July 29, 2026, 1:53 p.m.
Finance
How a Hong Kong Hike Revolutionized Crypto Trading Forever
The concept of the perpetual swap was born in 2015 on a hiking trail in Hong Kong, where Delo was discussing a problem with a friend, Bavik, a derivatives trader. BitMEX had been experimenting with various futures contracts, but customers kept complaining about their positions closing unexpectedly. Delo asked, "What if a future never expired?" Bavik replied that it would be mathematically worth i…
July 29, 2026, 1:53 p.m.
Finance
How a Hong Kong Hike Paved the Way for a Crypto Trading Revolution
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July 29, 2026, 1:53 p.m.
Finance
The Birth of a Revolution: How a Hong Kong Hike Paved the Way for Crypto Trading
In 2015, a chance conversation on a Hong Kong hiking trail between Delo and a derivatives trader named Bavik led to the creation of the perpetual swap, a financial innovation that would change the face of crypto trading forever. The idea was simple: a futures contract with no expiry date, which would allow traders to buy and sell with leverage, without the hassle of constantly rolling over contra…
July 29, 2026, 1:53 p.m.
Finance
How a Chance Encounter on a Hong Kong Hike Revolutionized Crypto Trading
In 2015, a hike in Hong Kong's countryside led to the creation of the perpetual swap, also known as a perpetual future or 'perp.' Ben Delo, BitMEX co-founder and mathematician, was discussing a problem with Bavik, a derivatives trader. BitMEX had tried various futures contracts, but customers complained about positions closing without warning. They wanted a product that resembled spot trading but…
July 29, 2026, 1:53 p.m.
Finance
The Birth of a Revolution: How a Hong Kong Hike Paved the Way for Crypto Trading's Future
The concept of the perpetual swap, a groundbreaking financial product, was conceived on a hiking trail in Hong Kong in 2015. Ben Delo, a mathematician and BitMEX co-founder, was brainstorming with friend and derivatives trader Bavik, seeking a solution to the frustrations of quarterly, monthly, and weekly futures contracts. Customers were dissatisfied with positions closing without warning, and D…
July 29, 2026, 1:53 p.m.
Finance
How a Hong Kong Hike Paved the Way for a Crypto Trading Revolution
None
July 29, 2026, 1:53 p.m.
Finance
How a Hong Kong Hike Paved the Way for a Crypto Trading Revolution
None
July 29, 2026, 1:53 p.m.
Finance
How a Hong Kong Hike Revolutionized Crypto Trading Forever
In 2015, Ben Delo, co-founder of BitMEX, embarked on a hike in Hong Kong with a friend, Bavik, a derivatives trader. During their walk, Delo was pondering a problem that had been plaguing him for months. BitMEX had been experimenting with various types of futures contracts, but customers were consistently complaining about their positions closing without warning. They wanted a product that mimick…
July 29, 2026, 1:53 p.m.
Finance
How a Hong Kong Hike Revolutionized Crypto Trading Forever
In 2015, on a hiking trail in Hong Kong, the concept of a perpetual swap, also known as a perpetual future, was conceived. Ben Delo, a mathematician and co-founder of BitMEX, was walking with a friend named Bavik, a derivatives trader, grappling with a problem that had been bothering him for months. BitMEX had been experimenting with various types of futures contracts, including quarterly, monthl…
July 29, 2026, 1:53 p.m.