BitMEX retires its influential XBTUSD perpetual contract as the firm prepares to shut down, leaving behind a legacy that now dominates global crypto trading and is entering US stock markets.
BitMEX delisted the XBTUSD perpetual contract after more than 10 years, ending the product that pioneered the perpetual futures market.
BitMEX delisted its XBTUSD perpetual contract and will shut down on September 23.
Hyperliquid's perpetual protocol is expanding into US markets through Kraken's regulated venue.
Bitcoin remains the underlying asset of the delisted XBTUSD perpetual contract while the market structure continues elsewhere.
Binance runs its own perpetual futures market and could capture volume from BitMEX's shutdown.
Bybit offers similar perpetual contracts and may benefit from BitMEX exiting the market.
OKX operates perpetual futures that compete with the delisted XBTUSD product.
Celsius sued five BitMEX entities over 6,360 Bitcoin lost in forced liquidations during the March 2020 crash.
Kalshi filed with US regulators to offer stock index perpetual futures, extending the product format.
Kraken's parent company plans to bring Hyperliquid perpetuals to US traders through a regulated venue.
BitMEX is set to close on September 23, marking the end of its iconic XBTUSD perpetual contract. While the exchange exits the market, the perpetual futures model it pioneered now accounts for over 75% of global crypto trading volume and is expanding into traditional asset classes.
BitMEX is closing its doors on September 23 after more than a decade of operations, following the delisting of its flagship XBTUSD perpetual contract.
XBTUSD popularized the perpetual futures model, which allows traders to maintain positions without an expiry date, a structure that now accounts for the majority of crypto trading volume.