This article is wrong on many levels:

BitMEX (not "BitMex") was not the first to offer derivatives

BitMEX has already offered a limited options product (and it failed)

BitMEX& #39;s original high-leverage model was a copy of OKEx socialised losses "dynamic profit equialisation" https://twitter.com/BurgerCryptoAM/status/1248571501336543239">https://twitter.com/BurgerCry...

There& #39;s also more interesting aspects to hit on:

- Quedex offers inverse options using $ face value vs BTC

- Obviously on futures inverse has diff payout in BTC, but the risk structure is identical to USD Linear which is why FTX/BTSE have same futures curve as BitMEX/Deribit

- This guy manages to write a long article about perpetuals without even talking about funding rate

- Manages to write about futures without talking about basis

- Never mentions the early BTC Quanto contracts which were badly mispriced (v important in crypto derivs history)

I don& #39;t think anyone can write cogently on the topic of crypto derivatives without having actually experienced the market since 2014

So many lessons have been learned, failed shops that didn& #39;t understand key concepts

This is a history you have to have lived, not just read about