In 2015, a conversation on a Hong Kong hiking trail between Delo and a derivatives trader named Bavik led to the creation of the perpetual swap, a concept that would go on to transform the world of crypto trading. The idea was simple yet ingenious: a futures contract with no expiration date, tied to the spot price through a daily funding rate. This innovative product allowed traders to speculate with leverage, without the constant worry of positions closing unexpectedly.
The story of how BitMEX built and launched the perpetual swap, and how it became a game-changer in the crypto market, is a fascinating tale of innovation and perseverance. From its humble beginnings to its current status as a cornerstone of the crypto derivatives market, the perpetual swap has come a long way, and its impact will be felt for years to come.