BitMEX Shuts Down After 11 Years, Charging 1% Custody Fee on Leftover Funds

BitMEX, a cryptocurrency derivatives exchange that invented the perpetual swap, has shut down after 11 years of operation. The closure was not due to a collapse, hack, or regulatory shutdown but rather a strategic decision made by the board of HDR Global Trading Limited, the owner and operator of BitMEX.

The exchange stopped all services at 04:00 UTC on September 23, 2026, after informing users two months in advance. The company had already wound down position risk by applying risk limits that blocked new positions and allowed only reduce-only trades from August 26, 2026. Any open positions were force-closed immediately.

BitMEX assets exceeded liabilities according to its Proof of Reserves page, and the exchange had never lost customer funds to hacks during its 11-year history. The company will charge a monthly custody fee of 1% per annum or $50 for accounts holding no more than that amount. Customers who completed know your customer checks but left assets behind are not locked out but must pay this fee.

BitMEX's legacy lives on in the perpetual swap, which has been adopted by other exchanges. At its peak in 2019, BitMEX handled over $1 trillion in annual volume and held roughly 57% of global crypto derivatives market share, according to CoinDesk.