How An Obscure OTC-Traded Derivative From the 80's Took Over Crypto

The article traces the perpetual future from an obscure over-the-counter derivative to the leading derivative in crypto. It began in late-1980s Hong Kong, when the Chinese Gold and Silver Exchange introduced an undated futures contract with a nightly interest payment to help gold miners avoid expiration and basis costs. Economist Robert Shiller formalized it as the "perpetual future" in the early 1990s, but it remained largely unused until Alexey Bragin launched Icbit in 2011. BitMEX then popularized the XBTUSD in May 2016, and linear USD-margined perpetuals later became the industry standard. The article says perpetuals now trade in excess of $50bn a day.