The Birth of a Revolutionary Trading Concept: How a Hong Kong Hike Changed Crypto Forever

In 2015, a hike in Hong Kong's countryside led to the conception of the perpetual swap, a financial instrument that would go on to transform the crypto trading landscape. Ben Delo, a mathematician and BitMEX co-founder, was on a hike with his friend Bavik, a derivatives trader, when he posed a question that would change everything: "What if a future never expired?" The answer, "mathematically, it would be worth infinity," sparked an idea that would become one of the most influential financial products of the 21st century. Delo built the perpetual swap, and in doing so, created a mechanism that allowed traders to buy and sell with leverage, without the constraints of traditional futures contracts. The swap's impact was profound, and it quickly became the cornerstone of BitMEX's success, attracting institutional and retail traders alike. As the crypto market evolved, so did the perpetual swap, with Delo continually refining the concept to meet the needs of traders. Today, the perpetual swap is a staple of crypto trading, with every major exchange offering its own version, and traditional finance regulators taking notice of its potential. Delo's story is a testament to the power of innovation and the impact that a single idea can have on an entire industry.