Memories of a Long-Time BitMEX User: Did the March 12 Outage Save Crypto? Why Bybit Took Over

BitMEX helped establish perpetual contracts as core crypto market infrastructure through mechanisms such as funding rates, mark prices, insurance funds, liquidation engines, and ADL. The article examines how inverse contracts amplified the March 12, 2020 liquidation cascade and why BitMEX’s outage may have interrupted the cascade and prevented Bitcoin from falling further.

It also explains how regulatory pressure, slow product development, continued reliance on BTC-margined contracts, and a poor operational experience pushed users toward Bybit, which gained market share through USDT-margined products, faster iteration, and a broader “super-app” model. Despite its decline and closure, BitMEX remains one of the most important product innovators in crypto derivatives.

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吳說區塊鏈回顧BitMEX歷史,指出其通過資金費率、標記價格等機制確立了永續合約作爲核心基礎設施的地位。文章探討3.12宕機是否拯救了加密市場,並分析Bybit如何接管市場。內容偏向行業歷史與機制科普,無直接價格預測。
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03市場影響歸因
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