Blockchain Report on Nostr: BitMEX, a pioneer in perpetual futures trading, is set to cease operations on ...

BitMEX, a pioneer in perpetual futures trading, is set to cease operations on September 23, 2026, at 04:00 UTC, marking the end of a significant era in the cryptocurrency derivatives market. The exchange will enter a liquidation-only mode starting in August, with gradual forced liquidations of open positions. Unclaimed funds from KYC-verified accounts will incur monthly maintenance fees. Arthur Hayes, BitMEX's co-founder, engaged in a conversation with CZ, Binance's founder, reflecting on BitMEX's early contributions to perpetual contracts and the factors contributing to its market share decline. The platform's closure is attributed to increasing regulatory compliance costs, diminished competitiveness for offshore exchanges, and broader regulatory pressures, leading to an orderly exit. BitMEX leaves behind a legacy of innovation in perpetual contracts and valuable lessons for the industry.

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