BitMEX closes after 11 years as crypto derivatives pioneer shuts down

BitMEX, the crypto derivatives exchange that invented the perpetual swap, ceases all operations today, Wednesday 23 September 2026, at 04:00 UTC, ending an 11-year run.

Owner and operator HDR Global Trading Limited announced the closure on 23 July following “a strategic review of the business and the broader crypto industry”, CoinDesk reported. New account registrations were halted immediately. From 26 August the exchange went reduce-only — no new positions could be opened — and remaining open contracts were systematically force-closed for an orderly wind-down, Unchained reported. Any positions still open at today’s deadline will be force-closed on the spot.

Users who fail to withdraw by the deadline will face a monthly maintenance fee of $50 or 1 per cent of assets a year, whichever is greater, CoinDesk reported. Customers keep login access after the shutdown to check balances and withdraw.

Founded in 2014 by Arthur Hayes, Benjamin Delo and Samuel Reed, the Seychelles-incorporated BitMEX launched the perpetual swap — a no-expiry futures contract offering up to 100x leverage — in May 2016, Decrypt reported. Crypto perpetuals have since reached volumes of $61.7 trillion in 2025, per CryptoQuant. BitMEX says it went more than 11 years without losing user funds to a hack.

The closure reflects the squeeze on mid-sized centralised exchanges. By mid-2023 BitMEX ranked ninth among derivatives venues with roughly 0.9 per cent of volume, per CoinGecko data cited by BSC News, as liquidity migrated to larger venues and decentralised derivatives platforms. A sale process run by Broadhaven Capital Partners from February 2025 produced no deal, BSC News reported. Cointelegraph noted the exchange delisted 65 trading instruments in July amid the wind-down.

Sources

• CoinDesk: “BitMEX notifies users that it is shutting down operations after an 11-year run” — https://www.coindesk.com/markets/2026/07/23/bitmex-s-11-year-run-comes-to-an-end-notifies-users-it-is-ending-operations-in-by-sept-23
• Decrypt: “BitMEX to Close on September 23, Halts New Sign-Ups” — https://decrypt.co/374125/bitmex-to-close-on-september-23-halts-new-sign-ups
• Unchained: “BitMEX, Perps Pioneer, Sets Shutdown Date, Urges Users to Withdraw Funds” — https://unchainedcrypto.com/bitmex-perps-pioneer-sets-shutdown-date-urges-users-to-withdraw-funds/
• Cointelegraph: “BitMEX Delists 65 Trading Instruments in July Amid Exchange Shutdown” — https://cointelegraph.com/news/bitmex-delists-65-crypto-markets-in-july-amid-exchange-shutdown
• BSC News: “Two Major Crypto Exchanges to Shut Down: What’s Behind It?” — https://bsc.news/post/bitmex-bitmart-shutdown