The Accidental Revolution: How a Hong Kong Hike Paved the Way for Crypto Trading

In 2015, a casual conversation on a Hong Kong hiking trail between Delo and his friend Bavik, a derivatives trader, laid the groundwork for a groundbreaking financial product. Delo, a mathematician and BitMEX co-founder, was determined to address a nagging issue: customers were frustrated with their positions closing unexpectedly. The duo brainstormed, and Delo asked, "What if a future never expired?" Bavik's response, "Mathematically, it would be worth infinity," sparked an idea. By charging traders the bitcoin overnight rate, they could create a perpetual swap, or 'perp,' that would give customers the leverage they desired without the burden of expiring contracts.