title: Towards Understanding Cryptocurrency Derivatives:A Case Study of BitMEX
abstract: Since 2018, the cryptocurrency trading landscape has evolved from a collection of spot markets (fiat for cryptocurrency) to a hybrid ecosystem featuring complex and popular derivatives products. In this paper we explore this new paradigm through a study of BitMEX, one of the first and most successful derivatives platforms for leveraged cryptocurrency trading. BitMEX trades on average over 3 billion dollars worth of volume per day, and allows users to go long or short Bitcoin with up to 100x leve