Crypto derivatives platform BitMEX has ceased trading operations after 11 years, marking the end of an exchange that helped establish the perpetual futures contract now dominant across digital asset markets.
Trading, deposits, and the opening of new positions halted at 04:00 UTC on Tuesday, the exchange said in a statement posted to X. The platform's website remains open for customers to log in and withdraw funds, but deposits are no longer accepted.
BitMEX, co-founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, had spent over a decade building the perpetual swap into the core instrument of crypto trading. The exchange first announced its planned closure in July following a strategic review, acknowledging it had lost ground in the derivatives market it helped create.
The shutdown is not a freeze on customer assets. The platform confirmed withdrawals remain available as it winds down operations. However, BitMEX urged users to move their funds, warning that verified know-your-customer accounts with remaining balances will be subject to a monthly fee — calculated as the greater of an annualized 1% of assets or a $50 minimum.
Perpetual swaps, which allow traders to hold leveraged positions without an expiry date, have since become the dominant product across crypto exchanges. BitMEX's exit removes one of the original platforms from a market it shaped.
