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Finance
How a Hong Kong Hike Revolutionized Crypto Trading Forever
In 2015, on a hike in Hong Kong, BitMEX co-founder Ben Delo conceived the idea of a perpetual swap, a financial product that would go on to transform the crypto trading landscape. The concept was born out of frustration with traditional futures contracts, which customers found confusing and restrictive. Delo's epiphany was to create a futures contract with no expiry date, anchored to the spot pri…
July 29, 2026, 1:53 p.m.
Finance
How a Hong Kong Hike Revolutionized Crypto Trading Forever
The concept of the perpetual swap, also known as a perpetual future or 'perp,' was conceived on a hiking trail in Hong Kong in 2015. Ben Delo, BitMEX co-founder and mathematician, was discussing a problem with his friend Bavik, a derivatives trader. BitMEX had experimented with various futures contracts, but customers were unhappy with positions closing unexpectedly. They sought a product that mi…
July 29, 2026, 1:53 p.m.
Finance
How a Hong Kong Hike Revolutionized Crypto Trading
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July 29, 2026, 1:53 p.m.
Finance
The Genesis of a Revolutionary Trading Concept: How a Hong Kong Hike Changed Crypto Forever
The idea for the perpetual swap, also known as a perpetual future or 'perp', was conceived in 2015 on a hiking trail in Hong Kong. Ben Delo, BitMEX co-founder and mathematician, was discussing a nagging issue with a friend, Bavik, a derivatives trader. BitMEX had experimented with various futures contracts, but customers kept complaining about positions closing unexpectedly. They wanted a product…
July 29, 2026, 1:53 p.m.
Finance
How a Chance Encounter on a Hong Kong Hike Revolutionized Crypto Trading
The concept of the perpetual swap, also known as a perpetual future or 'perp', was conceived in 2015 on a hiking trail in Hong Kong. Ben Delo, BitMEX co-founder and mathematician, was discussing a persistent problem with a friend named Bavik, a derivatives trader. BitMEX had tried various futures contracts, including quarterly, monthly, weekly, 48-hour, and 24-hour contracts, but none of them wor…
July 29, 2026, 1:53 p.m.
Finance
The Genesis of a Crypto Revolution: How a Hong Kong Hike Changed Trading Forever
In 2015, a hike in Hong Kong marked the birth of the perpetual swap, a concept that would transform the crypto derivatives market. Ben Delo, BitMEX co-founder, was brainstorming with a friend, Bavik, a derivatives trader, when he posed a question: what if a future never expired? The answer led to the development of a groundbreaking financial product. Initially, customers struggled with traditiona…
July 29, 2026, 1:53 p.m.
Finance
The Genesis of a Revolution: How a Hong Kong Hike Paved the Way for Crypto Trading
In 2015, a hike in Hong Kong's trails led to the conception of the perpetual swap, a financial product that would forever alter the landscape of crypto trading. Ben Delo, BitMEX's co-founder and a mathematician, was grappling with a problem that had been plaguing him for months. Customers were frustrated with their positions closing unexpectedly, seeking a product that combined the benefits of sp…
July 29, 2026, 1:53 p.m.
Finance
How a Chance Encounter on a Hong Kong Hike Revolutionized Crypto Trading
The concept of the perpetual swap, also known as a perpetual future or 'perp,' was conceived on a hiking trail in Hong Kong in 2015. Ben Delo, BitMEX co-founder and a mathematician, was discussing a persistent problem with a friend, Bavik, a derivatives trader. BitMEX had experimented with various futures contracts, but customers continually complained about positions closing without warning. The…
July 29, 2026, 1:53 p.m.
Finance
How a Hong Kong Hike Revolutionized Crypto Trading Forever
In 2015, a conversation on a Hong Kong hiking trail between Ben Delo, BitMEX co-founder, and his friend Bavik, a derivatives trader, led to the creation of the perpetual swap, also known as a perpetual future or 'perp'. The problem they were trying to solve was that customers were complaining about their positions closing without warning due to expiring futures contracts. Delo asked, 'What if a f…
July 29, 2026, 1:53 p.m.
Finance
How a Hong Kong Hike Revolutionized Crypto Trading
The concept of the perpetual swap, also known as a perpetual future, was conceived in 2015 on a hiking trail in Hong Kong. Ben Delo, co-founder of BitMEX and a mathematician, was discussing a problem with his friend Bavik, a derivatives trader. BitMEX had been experimenting with various futures contracts, but customers were consistently complaining about their positions being closed without warni…
July 29, 2026, 1:53 p.m.