BitMEX Shuts Down Its Influential Bitcoin Perpetual Contract
BitMEX has settled and delisted its XBTUSD perpetual contract, a product that played a pivotal role in shaping the modern crypto trading landscape. Launched on May 13, 2016, this perpetual futures contract allowed traders to bet on Bitcoin without an expiry date, introducing continuous liquidity and innovative funding mechanisms. The platform also offered high leverage—up to 250x—which became widely adopted across major exchanges like Binance and OKX. Perpetual contracts now account for over 75% of all crypto trading volume globally. BitMEX is set to fully shut down on September 23, but its influence persists as the model spreads beyond cryptocurrency into traditional markets. Kalshi has filed with U.S. regulators to offer stock index perpetual futures, and Kraken's parent company plans regulated access for Americans. Despite a lawsuit from Celsius over Bitcoin losses during forced liquidations in March 2020, BitMEX claims it never lost customer funds due to security breaches—a record spanning its entire operational history.
