BitMEX to Close on September 23, Once a Pioneer of Crypto Derivatives Exchanges
2026-07-23 19:42
Odaily Odaily News: Crypto derivatives exchange BitMEX has announced that it will shut down, with trading scheduled to end on September 23. Founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, the decision was made after its parent company, HDR Global Trading, completed a strategic review.
BitMEX once pioneered perpetual contracts as a key product in digital asset derivatives trading. According to CryptoQuant data, its Bitcoin futures daily trading volume began to decline around May 2021 and never recovered to the peak daily range of $10 billion to $50 billion seen in 2020.
Restructuring advisor Roshan Dharia stated that mid-tier centralized exchanges face structural pressures, as liquidity continues to concentrate towards large platforms and compliance costs rise. He noted that the top five platforms are now estimated to control 80% of global spot trading volume, while mid-tier and regional exchanges face narrowing profit margins and a lack of scalable pathways.
CoinGecko data shows that in August 2023, BitMEX ranked ninth among derivatives exchanges with a trading volume share of 0.9%. By 2025, it was no longer among the top ten perpetual contract exchanges. During the same period, the annual perpetual contract trading volume of these platforms increased by 47.4% to reach $86.2 trillion.
BitMEX once pioneered perpetual contracts as a key product in digital asset derivatives trading. According to CryptoQuant data, its Bitcoin futures daily trading volume began to decline around May 2021 and never recovered to the peak daily range of $10 billion to $50 billion seen in 2020.
Restructuring advisor Roshan Dharia stated that mid-tier centralized exchanges face structural pressures, as liquidity continues to concentrate towards large platforms and compliance costs rise. He noted that the top five platforms are now estimated to control 80% of global spot trading volume, while mid-tier and regional exchanges face narrowing profit margins and a lack of scalable pathways.
CoinGecko data shows that in August 2023, BitMEX ranked ninth among derivatives exchanges with a trading volume share of 0.9%. By 2025, it was no longer among the top ten perpetual contract exchanges. During the same period, the annual perpetual contract trading volume of these platforms increased by 47.4% to reach $86.2 trillion.
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