As BitMEX Turns 10, the Market Is Still Thankful for the Perpetual Swap

A decade ago, BitMEX invented the perpetual swap and became the first crypto derivatives exchange. But then everyone stole the model and derivatives exchanges became a dime a dozen.Fast forward to the Web3 era, and BitMEX CEO Stephan Lutz, who was appointed to the role in late 2022, says he's fine with competitors copying the crypto exchange's invention of the perpetual swap, the financial instrument that underpins the crypto derivatives market.

Lutz argues that the perpetual swap was a cornerstone innovation in crypto trading because it addressed a fundamental challenge in building derivatives in the early crypto market structure. While BitMEX is nowhere near the largest derivatives exchange by volume anymore – that's what happens when larger centralized exchanges, like Binance, adopt the perp and get into the derivatives business – it still has a loyal cadre of traders.

During periods of high volatility, particularly market downturns, BitMEX often sees its market share spike — sometimes double — Lutz explains because of the exchange's loyal cadre of derivatives traders.Sometimes it's tough to imagine where a crypto company will be in 10 years, given the speed at which the industry operates.

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