BitMEX, once a leading early crypto derivatives exchange, will close on September 23
2026-07-23 19:42
Odaily Planet Daily News: Crypto derivatives exchange BitMEX has announced 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 came after a strategic review by its parent company, HDR Global Trading.
BitMEX was instrumental in establishing perpetual swaps 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 has never recovered to its peak daily range of $10 billion to $50 billion seen in 2020.
Restructuring advisor Roshan Dharia stated that mid-sized centralized exchanges face structural pressures, as liquidity increasingly concentrates on larger platforms and compliance costs rise. He noted that the top five exchanges are now estimated to control 80% of global spot trading volume, while mid-sized and regional exchanges see shrinking profit margins and lack a path to scale.
According to CoinGecko data, in August 2023, BitMEX ranked ninth among derivatives exchanges with a 0.9% market share. By 2025, it had fallen out of the top ten perpetual swap exchanges. During the same period, the annual perpetual swap trading volume on these platforms grew by 47.4%, reaching $86.2 trillion.
BitMEX was instrumental in establishing perpetual swaps 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 has never recovered to its peak daily range of $10 billion to $50 billion seen in 2020.
Restructuring advisor Roshan Dharia stated that mid-sized centralized exchanges face structural pressures, as liquidity increasingly concentrates on larger platforms and compliance costs rise. He noted that the top five exchanges are now estimated to control 80% of global spot trading volume, while mid-sized and regional exchanges see shrinking profit margins and lack a path to scale.
According to CoinGecko data, in August 2023, BitMEX ranked ninth among derivatives exchanges with a 0.9% market share. By 2025, it had fallen out of the top ten perpetual swap exchanges. During the same period, the annual perpetual swap trading volume on these platforms grew by 47.4%, reaching $86.2 trillion.
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