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"paragraph", "text": "Massive market\nWhile much of the emphasis is placed on the spot markets (Coinbase & Binance) the futures market is as equally large as the spot market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:20.159+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a1c445e-d336-4856-8205-16df50ae5ff9", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.762, "x": 0.118, "y": 0.471 }, "kind": "paragraph", "text": "On July 25th, 2019 the total spot market volume was $10B per day and the total futures market was $11B per day. However in the futures market there are many fewer players with the top three (Bitmex, Huobi, OKEx) regularly driving 3x more trading volume vs. their spot market equivalents.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:20.159+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c100f7e-68e5-44cd-b7f7-7606f53244f8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.762, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "October 2017, manages over $100 million in digital assets, and trades between $600M-$1.5B per day across thousands of products. This includes all the major cryptocurrencies as well as their derivatives.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:20.159+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3cc0f8aa-5076-4956-840c-a7aaf0b21eed", "parentComponentId": null }, { "bbox": { "h": 0.075, "w": 0.762, "x": 0.118, "y": 0.225 }, "kind": "paragraph", "text": "Founder product fit\nThe founder and CEO of FTX, Sam Bankman-Fried, loves trading. 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The full list of cryptocurrency futures exchanges, stack ranked by volume, are below:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:21.559+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "069618fb-71ed-4130-ade4-b39ee92f9657", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.75, "x": 0.118, "y": 0.695 }, "kind": "paragraph", "text": "BitMEX has only done one angel round in 2015 (Estimated $200K) during the whole lifetime of the company so there is very little public information about the company. However from the few data points we can gather BitMEX is estimated to be valued at $3.6B, the exchange generated $83M in revenue in 2017, and BitMEX's office is located in the most expensive office space in Hong Kong (45th floor of the Cheung Kong Center). At a conservative figure we estimate that BitMEX is currently doing ~$500M in revenue per year (based on volume and fees).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:21.559+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ef3f956-155e-4aeb-aecb-a0866241a1bc", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.75, "x": 0.118, "y": 0.828 }, "kind": "paragraph", "text": "In the derivatives market liquidity begets liquidity so one of the biggest questions was how FTX would gain a foothold on this market. In addition to the FTX team's experience and background, from a market landscape perspective BitMEX is currently under investigation and because of this there has seen a spike in net-outflow of capital from the exchange.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:21.559+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3597b93f-476f-497e-8962-e46dca2bdbfc", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.75, "x": 0.118, "y": 0.638 }, "kind": "paragraph", "text": "Volumes shift on a monthly basis but the undeniable leader in the crypto derivatives market is BitMEX.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:21.559+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcc0a458-8c8e-4af1-b2a7-ad85d18c7e56", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.23, "x": 0.385, "y": 0.602 }, "kind": "source-note", "text": "Data is from July 25th, 2019", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": "legend", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 20:02:21.559+00", "model": "google/gemini-3.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22de3c97-4ec9-4e06-9902-6639d1b84a12", "parentComponentId": null }, { "bbox": { "h": 0.376, "w": 0.764, "x": 0.118, "y": 0.224 }, "kind": "table", "text": "Futures Exchange | Daily Trading Volume | Trading Pairs | Fees | Comments\nOKEx | $3,600,000,000 | 36 | 0.05% | \nBitMEX | $3,200,000,000 | 11 | 0.06% | \nHuobi | $2,600,000,000 | 21 | 0.04% | \nBitflyer | $700,000,000 | 4 | 0.07% | \nDeribit | $200,000,000 | 2 | 0.05% | \nFTX | $100,000,000 | 15 | 0.03% | Exchange launched on June 1, 2019\nKraken | $68,000,000 | 15 | 0.04% | \nGate | $50,000,000 | 22 | 0.04% | \nDydx | $1,500,000 | 3 | NA | Decentralized futures exchange.", "attrs": null, "canon": { "kind": { "name": 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Multiple collateral types - Unlike BitMEX, FTX wants to allow traders to be able to use margin of any asset type. API - FTX is building an API gateway. Simplified tech stack - FTX has already built an internal OTC desk.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:08:09.367+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf3ae286-421e-496a-b184-dd6a18c9a57c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.11, "y": 0.5 }, "kind": "paragraph", "text": "As an example see the interface from BitMEX vs. FTX below:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:08:09.367+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6d4c117-9b18-4993-8f0e-e48aba242283", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.34 }, "kind": "paragraph", "text": "Expanding TAM of future traders: Futures are typically regarded as complicated financial instruments... FTX has been able to abstract away a lot of the complexity... we hypothesize that not only will FTX eat into the existing futures exchange market but also expand the TAM.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:08:09.367+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca3d0f85-a39a-45f0-8a24-d07b31927050", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.28 }, "kind": "paragraph", "text": "The FTX motto is by traders and for traders and their underlying technical infrastructure reflects this as well.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:08:09.367+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd80dbc0-bbe9-4d8b-8324-d8c511a744ef", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.24, "x": 0.38, "y": 0.87 }, "kind": "subtitle", "text": "BitMEX's trading interface", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-07-16 19:08:09.367+00", "model": "google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7049d26b-498b-4e44-b261-0059c3adc6c8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 8, "arc": { "name": "The Sequoia Pitch", "slug": "sequoia-pitch", "status": "active", "bestFor": "Investor pitches, Series A/B, board presentations", "canonId": "019dd956-5e69-75a7-a0a4-895ac1bc0444", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem -> Solution -> Why Now -> Market Size -> Competition -> Product -> Business Model -> Team -> Financials -> The Ask", "description": null, "familyLabel": null }, "from": 8, "name": "Solution", "beatId": "c4b9f9ac-ca2f-47b7-a3c2-89ed92d6e6ac", "matchId": "f81b1446-a945-4f62-adbd-f109a09aa59a", "beatType": { "name": "Solution", "slug": "sequoia-pitch-solution", "status": "active", "canonId": "019dd9b8-1fb1-71d9-a260-07738d7f9c2f", "version": 1, "description": null }, "evidence": "Slide 8: Solution", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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