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the exchange that invented the perp is shutting down after 11 years and half of crypto twitter only exists because of the liquidation wicks that place printed. end of an era
Traded there in 2016 when 100x was the only button anyone pressed. They invented the perpetual swap, everyone copied it, and nobody gave them credit. Sad to see the books close.
copied is right, binance futures was basically bitmexs design with better ux and no legal heat
copied is doing heavy lifting. arthur wrote the design, cz built the company around it with a legal department and actual support. the idea won, the venue lost
the doj case killed the reputation years before the shutdown did. still, first perp swap ever listed in 2016, history owes them that much
2016 is underselling it, XBTUSD launched that may and the funding rate mechanism is still running basically unchanged on like 50 venues today
End of an era. Arthur shaped how a whole generation thinks about derivatives, whatever you think of the compliance mess that followed.
wire withdrawals used to take 12 hours on a good day and we still traded there. the UI was a spreadsheet with a login screen and it printed liquidation cascades anyway
11 years. they invented the perpetual swap and every exchange since just copied the homework. end of an era fr
Copied and then sued each other over the copies. The XBT perp was the original order book and everyone knew where the real liquidity lived.
the 100x era really died when the feds came for arthur. bitmex after the doj settlement was never the same place
the derivatives market bitmex created now trades more volume than the spot market it came from. closed its books as a venue, immortal as an idea
poured one out. got liquidated on that exchange more times than i will admit, still respect it
same, 2018 was brutal on there. but honestly the auto deleveraging saved me from total wipeout at least once