Bitcoin
BitMEX Delists Historic XBTUSD Perpetual Contract Ahead of Exchange Closure
BitMEX has settled and discontinued its XBTUSD perpetual swap, concluding a ten-year product run ahead of the exchange's planned shutdown.
BitMEX has settled and delisted XBTUSD, the pioneering Bitcoin perpetual futures contract that established the dominant trading standard across digital asset markets. Originally introduced on May 13, 2016, by Arthur Hayes, Ben Delo, and Samuel Reed, the contract eliminated expiration dates and utilized a funding rate mechanism to tether prices to the spot market, enabling continuous liquidity pools.
The instrument initially offered up to 100x leverage, with BitMEX later introducing leverage up to 250x in April 2024 through its Leverage Booster feature. The perpetual swap structure was widely adopted across major exchanges such as Binance, Bybit, OKX, and Hyperliquid, and BitMEX states that perpetuals now represent more than 75% of total cryptocurrency trading volume.
The delisting precedes BitMEX's scheduled platform closure on September 23. While the exchange stated it experienced zero customer fund losses due to security breaches across its 12-year history, it has faced legal actions over trading liquidations, including a lawsuit filed on September 12 by Celsius regarding 6,360 Bitcoin lost in March 2020. Meanwhile, traditional venues such as Kalshi and Kraken's parent company are working to introduce perpetual contract models to US-regulated markets.
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