BitMEX, the exchange that invented perps, is shutting down
CoinDesk 2026-07-23 08:42:26
Context: BitMEX, a prominent cryptocurrency derivatives exchange, has announced that it will be shutting down operations on September 23, 2026, after an 11-year run. The exchange, which pioneered the perpetual swap, has been facing increased competition from centralized and decentralized rivals, leading its parent company to conduct a strategic review that ultimately decided on the wind-down. As a result, BitMEX has halted new account registrations and will forcibly close open contracts to ensure an orderly shutdown.
Key Facts
- BitMEX will shut down operations on September 23, 2026, at 04:00:00 UTC, and is urging users to close positions and withdraw funds immediately to avoid incurring maintenance fees.
- The exchange has halted all new account registrations following a strategic business review by its parent company, HDR Global Trading Limited, and will apply strict limits on August 26 to prevent users from opening new positions.
- Users who fail to withdraw their assets by the deadline will face automatic financial penalties, including a monthly maintenance fee of $50 or an annualized 1% levy on their assets.
- At its operational peak in 2019, BitMEX handled over $1 trillion in annual trading volume, capturing roughly 57% of the global crypto derivatives market share, with daily trading volumes reaching as high as $8 billion in July 2018.
- The exchange was co-founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, and had previously faced regulatory enforcement actions, including allegations of failing to implement adequate anti-money laundering measures, leading to the resignation of its founders and a guilty plea to the charges.