BitMEX is disappearing, but the perpetual contract it created now dominates the crypto market. BitMEX’s market share has fallen from around 32% in 2019 to less than 0.01% today. Meanwhile, annual perpetual trading volume surged from $28 trillion in 2023 to $86.2 trillion in 2025.

An Era Comes to an End. BitMEX has announced that it will officially close its exchange on September 23, 2026, following a strategic review of the business and the broader crypto industry. Users have been asked to close open positions and withdraw their assets before the deadline. Founded in 2014 by Arthur Hayes, Benjamin Delo, and Samuel Reed, BitMEX once stood at the center of the crypto derivatives market. In 2016, it launched the XBTUSD perpetual swap with up to 100x leverage—helping shape the perpetual contract model now used across the industry. From market leader to final shutdown, BitMEX leaves behind a major chapter in crypto trading history. Platforms may come and go. But the evolution of on-chain markets never stops. A chapter closes. The next one is already being written. #BitMEX# #Crypto# #Derivatives# #XBIT#

🚨ARTHUR HAYES SELLS $ETH AT A LOSS! BitMEX co-founder Arthur Hayes just offloaded 2,364.38 $ETH to Cumberland and Galaxy Digital, receiving 4.3M USDC, according to Lookonchain. Average sell price: $1,821. That’s a $241K loss (-5.3%) against the ~$1,923 average he paid for his earlier 7,213 $ETH stack ($13.87M total). Classic buy high, sell low.

Thank you to my partners, my BitMEX employees, and most importantly our clients. It was an amazing ride. We did something special together. And I'm so proud of what we created and that we will shutdown responsibly on our own terms. Fuck TradFi, Fuck the Banks, Fuck the man. Satoshi for life.