Key Takeaways:
BitMEX will force-close $39.5 million in open Bitcoin perpetual positions on Sept. 23, capping a two-stage wind-down that blocks new trades from Aug. 26.
The exchange recorded 39,449,400 XBTUSD contracts of open interest at 01:55 UTC on Aug. 10, according to BitMEX's instrument data. Each contract represents $1 of Bitcoin, putting the book at roughly 605.45 BTC at the reported mark price of $65,156.99.
At 04:00 UTC on Aug. 26, BitMEX will apply risk limits that bar users from opening new positions, making the market exit-only, per the exchange's closure notice. Holders can still reduce existing contracts, but any position still open at 04:00 UTC on Sept. 23 will be force-closed at BitMEX's discretion. Waiting for the final deadline leaves execution timing with the exchange, while exiting earlier lets a trader choose when to reduce exposure.
The wind-down follows the July 23 decision by parent HDR Global Trading to cease operations after a strategic review, ending a two-year sale process that failed to secure a buyer. Prospective acquirers including payments platform Exodus walked away over the founders' controlling stake, shrinking market share and lingering legal issues, according to a person familiar with the talks. The exchange had sought roughly $1 billion in enterprise value, though it is unclear whether formal bids were submitted.
BitMEX pioneered the perpetual swap in 2016 with its XBTUSD contract, a product that now accounts for the vast majority of crypto derivatives volume on rivals including Binance, Bybit and Hyperliquid. The platform once handled about 57 percent of global crypto derivatives volume, but its share eroded for years after U.S. authorities charged founders Arthur Hayes, Ben Delo and Samuel Reed in 2020 with violating anti-money-laundering rules. The trio pleaded guilty and were pardoned by President Donald Trump in 2025, but they retained majority ownership, complicating any deal.
The exchange also faces a lawsuit alleging it withheld customer collateral and engaged in insider trading. KYC-verified users who leave assets on the platform after closure will face a monthly account fee based on the greater of $50 or 1 percent per year of the remaining balance.
The closure removes one of crypto's oldest derivatives venues, but its declining footprint means the $39.5 million in open interest will likely diffuse across Binance, Bybit and decentralized perpetual platforms such as Hyperliquid rather than disrupt the broader market. Traders holding XBTUSD positions have until Aug. 26 to decide whether to exit on their own terms or accept forced closure.
This article is for informational purposes only and does not constitute investment advice.
