In 2015, a conversation on a Hong Kong hiking trail between Ben Delo, co-founder of BitMEX, and his friend Bavik, a derivatives trader, marked the beginning of a financial innovation that would change the face of crypto trading forever. Delo was determined to find a solution to the problems plaguing his exchange, where customers were frustrated with positions closing without warning, and traders were seeking a product that combined the benefits of spot trading with the leverage of derivatives.
The question that sparked it all was: what if a future never expired? The answer, though mathematically complex, led to the creation of the perpetual swap, a product that would go on to become a cornerstone of the crypto derivatives market. The journey to get there was not without its challenges, but Delo's perseverance and willingness to think outside the box ultimately led to the development of a product that would be adopted by exchanges around the world, and pave the way for a new era in crypto trading.