BitMEX, the crypto derivatives exchange that helped popularise perpetual futures, has officially shut down trading and deposits after 11 years of operations, bringing an end to one of the most influential chapters in the development of crypto derivatives.
The exchange stopped trading, deposits and new position openings at 04:00 UTC on Tuesday, according to a statement from the company. Users can still access their accounts and withdraw available balances as BitMEX continues its wind down.
The closure follows a strategic review by parent company HDR Global Trading, which announced in July that BitMEX would cease exchange operations.
BitMEX Leaves Behind the Perpetuals Market
BitMEX was founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed and became closely associated with the growth of perpetual swaps in cryptocurrency markets.
Unlike traditional futures contracts, perpetual contracts do not have a fixed expiry date. The product became a major part of crypto derivatives markets and has since been adopted across numerous exchanges.
That makes BitMEX’s closure notable for a different reason: the company is exiting a market that has continued to expand even as the exchange that helped establish it loses ground.
Centralised crypto exchange derivatives volume reached $3.4 trillion in August, according to the figures cited in the supplied market data.
Trading Ends, Withdrawals Remain Open
Although BitMEX has stopped trading, the shutdown does not mean customer accounts have been frozen.
The exchange said users can continue to log in and withdraw their funds through the platform as the wind down progresses. Deposits are no longer available.
BitMEX has also introduced account fees for KYC verified users who retain balances on the platform during the wind down. According to the company’s notice, the monthly charge is based on an annualised 1% of assets, subject to a $50 equivalent minimum.
The company has urged customers to withdraw their balances as it completes the closure process.
A Changing Crypto Exchange Landscape
BitMEX’s exit comes amid a broader reshaping of the crypto exchange market.
The exchange reportedly lost ground in the perpetuals market in recent years, despite having helped establish the product as a major instrument within crypto derivatives.
BitMart also announced plans to shut down in July after nine years of operations, citing market conditions.
The developments point to the difficulty of maintaining an exchange business even in parts of the crypto market that continue to record significant activity.
For BitMEX, the irony is particularly notable. The exchange is closing while the perpetual futures model it helped popularise remains deeply embedded in crypto derivatives markets.
End of an Exchange, Not the End of Perpetuals
BitMEX’s shutdown therefore marks the end of the company’s 11 year run, but not the end of the market structure it helped create.
Perpetual futures have become one of the most heavily traded instruments in crypto markets, with activity extending well beyond the exchanges that pioneered them.
BitMEX’s legacy will consequently be tied less to its final years and more to the role it played in establishing perpetual swaps as a central part of the crypto derivatives industry.
For users, the immediate focus remains the ongoing wind down and withdrawal process. For the wider industry, the closure offers another sign of how quickly the crypto exchange landscape can change, even for platforms whose products continue to shape the market.
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