BitMEX shuts down Sept. 23; reduce-only trading starts Aug. 26
In brief
- BitMEX shuts down Sept. 23 at 04:00 UTC following July 23 announcement
- Reduce-only trading begins Aug. 26; new positions prohibited
- Force-close triggers for all open contracts at Sept. 23 deadline
- Post-closure account access available for balance viewing and withdrawals
- KYC-verified accounts holding assets charged $50 monthly or 1% annually
Wind-Down Timeline
The exchange's shutdown follows a phased schedule. Risk limits take effect at 04:00 UTC on August 26, after which users can only reduce existing positions. New registrations stopped immediately. BitMEX may force-close contracts during the wind-down and will immediately close anything still open at the September 23 cutoff.
The deadline is hard. Any account unable to fully unwind before 04:00 UTC on Sept. 23 will face automatic liquidation of remaining contracts.
Post-Closure Access
Customers who miss the closure time will still be able to log in to view balances and records and request withdrawals. This access window extends indefinitely, though KYC-verified accounts retaining assets will face a fee charged monthly at the greater of $50 equivalent or 1% per year on the remaining balance.
Market Context
At the time of the announcement, BitMEX had $120.84 million in 24-hour volume and $705.33 million in open interest, making it a minor player relative to larger venues. BitMEX's 24-hour turnover is only about 0.26% of Binance's. By comparison, Binance Futures showed $45.68 billion in 24-hour volume and $25.10 billion in open interest on the same snapshot date.
The derivatives market has consolidated significantly. TokenInsight's Q2 report put Binance, OKX, Bybit and MEXC at a combined 72.46% of its covered derivatives market.
