BitMEX’s Arthur Hayes Advises Mycelium’s Perpetuals Launch

The blockchain infrastructure provider said Hayes has been advising them on their latest derivative product on an “ongoing basis.”


Source: CC BY 3.0 CH


key takeaways

  • Brisbane-based Mycelium has launched its perpetuals product following a successful DAO vote earlier last week
  • BitMEX co-founder Arthur Hayes assisted in a support capacity where he provided “immeasurable” advise ahead of the delivery of the product, Mycelium said

BitMEX co-founder Arthur Hayes has been advising Australia-based blockchain infrastructure provider Mycelium on an “ongoing basis” ahead of Tuesday’s launch of its perpetual swap product, according to a statement.

Mycelium Perpetual Swaps, which live on Ethereum layer-2 Arbitrum, provide exposure to “blue chip” cryptos with 30x leverage, allowing them to trade against the platform’s liquidity pool.

Brisbane-based Mycelium merged with decentralized derivatives platform Tracer DAO late last week following a successful proposal vote by members of Tracer’s decentralized autonomous organization. The move was described as a precursor to future derivative product launches from Mycelium.

Traders of the perpetual product are able to access markets involving governance tokens from Curve Finance (CRV) Frax (FXS) and Balancer (BAL). Additional markets for bitcoin (BTC), ether (ETH), chainlink (LINK) and uniswap (UNI) have also gone live marking Mycelium as the largest provider of perpetuals on Arbitrum, the provider said.

Perpetual swaps, unlike traditional futures, allow traders to speculate on the future price of an asset, without an expiration date.

Traders are not required to post 100% of collateral as margin, which allows for leverage in many multiples on certain contracts. Margin is typically denominated in crypto. Perpetual swap products have risen in popularity in crypto ever since BitMEX pioneered the crypto derivatives in 2016.

It follows the platform’s first derivative product, dubbed “Perpetual Pools,” in 2021 which was launched under the brand name Tracer, also on Arbitrum.

The pools function by rebalancing long and short positions while attempting to shield traders from liquidations. Over the past 12 months, the product has witnessed more than $800 million in trading volume, Mycelium said.

Arthur Hayes’ involvement

Hayes, who has kept a low profile following his guilty plea to US Department of Justice charges of violating the Bank Secrecy Act, continues to provide “advice and support” to Mycelium, a spokesperson told Blockworks.

Hayes and BitMEX’s other co-founder Ben Delo were accused of flouting US anti-money laundering rules from 2015 to 2020.

The BitMEX co-founder has been working with the Tracer (now Mycelium) team for over a year, a spokesperson told Blockworks, where he has been providing feedback on ideas regarding financial engineering.

Further details of his involvement were not provided and a request for additional information was declined.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg


Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.


MicroStrategy discloses the purchase of 16,000 bitcoin throughout November


Digital asset firms face potential new regulatory landscape under Treasury’s proposed authority expansion


Uniswap Labs will be providing trading APIs to Talos investors through Fireblocks


DYDX supply will climb by up to 80% after the Friday unlock, but a couple factors make a massive sell-off appear unlikely


Switzerland-based Pando Asset, which has crypto products trading on the SIX Swiss Exchange, now looks to the US


Binance does not hold the required licenses to advertise and serve customers in the Philippines, the country’s securities regulator said