The inside story of how a hike in Hong Kong changed crypto trading forever
The perpetual swap, a cornerstone of modern cryptocurrency trading, was conceived during a 2015 hiking trip in Hong Kong by BitMEX co-founders. By creating a futures contract that never expires and using an overnight funding rate, they revolutionized leverage trading in the digital asset market.
It was sometime in 2015, on a hiking trail in Hong Kong, that the perpetual swap — also called a perpetual future or a “perp” for short — was born. Ben Delo, the mathematician and co-founder of BitMEX, was walking with a friend called Bavik, a derivatives trader, wrestling with a problem that had been nagging at him for months.
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