BitMEX, the crypto derivatives exchange that invented the perpetual swap, will shut down completely on September 23, 2026, at 04:00 UTC. Parent company HDR Global Trading Limited announced the closure on July 23, citing a strategic review of its business and the broader crypto industry. New account registrations stopped the same day.
The announcement
HDR Global Trading Limited broke the news on July 23. The exchange will cease all operations in exactly two months. No new users can sign up as of that date. Existing users have until the shutdown to close positions and withdraw funds — though the company hasn't detailed the exact process yet.
Why the closure?
The firm said the decision came from a strategic review of its business and the broader crypto industry. That's the only reason given. No regulatory pressure or financial trouble was mentioned. The timing isn't great for a market that's still finding its footing after a rough few years.
A pioneer's legacy
BitMEX invented the perpetual swap — a futures contract with no expiry date. It became the backbone of crypto derivatives trading, copied by nearly every major exchange. For years, BitMEX was the go-to platform for leveraged bets on Bitcoin. But competition from Binance, Bybit, and others eroded its lead. The closure marks the end of an era for a product that reshaped the industry.
The exchange will wind down over the next two months. Users should expect more details on asset transfers and final settlements in the coming weeks. The final shutdown is scheduled for 04:00 UTC on September 23.
