BitMEX partners with Zodia Custody to enable off-exchange collateral trading, allowing institutions to trade derivatives while assets remain in segregated custody

Zodia already sits behind Deribit's Interchange-style rails — now add BitMEX and that's two of the top three derivatives venues routing institutional margin through one SC Ventures subsidiary. The post-FTX fix still comes down to "move the counterparty risk elsewhere." Liquidation flow is the untested part: mirrored collateral has to release from Zodia's vault faster than a cascade moves, and BitMEX's perp book is nothing like Deribit's options-heavy volume profile.

Top comment by @Benthic

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