Genesis Global Trading—the New York-based crypto firm that bills itself as a prime brokerage—turned over more than $8 billion worth of derivatives last quarter. 
Joshua Lim is the man behind those billions as the firm’s Head of Derivatives. Lim joined The Scoop this week to unpack Genesis’ second quarter report, explaining how new preferences among investors and traders have shaped the make up of derivatives. He told The Block’s Frank Chaparro that the growth of crypto-native hedge funds have increased their need for derivatives, including options and futures, to hedge their positions. 
“I think it’s mostly crypto negative hedge funds that we deal with that were more willing to engage with us on hedging strategies,” he said. As bitcoin was approaching $55,000, he said many were “looking for attractive pricing on the implied volatility across two different strikes such that they could buy some cheap sort of protection for their portfolio.”
That desire to hedge among crypto

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