BitMEX, Pioneer of Perpetual Swaps, Shuts Down Sept. 23

BitMEX was founded in 2014 by Arthur Hayes and Ben Delo. Samuel Reed also co-founded the exchange. Their invention of the perpetual swap – a derivative that never expires – reshaped crypto leverage trading. In 2019, BitMEX handled more than $1 trillion in volume and captured roughly 57% of the global crypto derivatives market. Daily trading volume peaked near $8 billion.

BitMEX never suffered a security breach. In 2020, U.S. regulators charged the exchange and its founders with anti-money-laundering violations, a case the company later settled.

The shutdown removes one of crypto’s oldest derivatives platforms. Traders must move open positions to other exchanges such as Binance, Bybit, or Deribit before the Aug. 26 deadline for new positions. The wind-down is scheduled to be orderly, with all positions closed by the Sept. 23 cutoff.