BitMEX Settles XBTUSD, Ending Decade-Long Perpetual Contract

BitMEX announced the settlement and delisting of its XBTUSD perpetual contract on September 16, marking the end of a product that shaped the crypto derivatives market for more than ten years.

Origins and Impact of XBTUSD

Launched on May 13, 2016, XBTUSD was the world’s first perpetual swap, allowing traders to take leveraged positions on Bitcoin without an expiry date. The contract introduced a funding mechanism that kept its price aligned with the spot market and offered high leverage, initially up to 100x and later up to 250x for users who activated the Leverage Booster feature in April 2024.

Adoption Across the Industry

The perpetual swap model quickly spread, with major exchanges such as Binance, Bybit, OKX and Hyperliquid launching their own versions. BitMEX reports that perpetual contracts now represent more than 75% of total crypto trading volume.

Beyond Crypto: Traditional Finance Looks On

The design is extending into traditional markets. Kalshi filed with U.S. regulators to offer stock‑index perpetual futures, and Kraken’s parent company plans to bring Hyperliquid perpetuals to U.S. traders through a regulated venue.

BitMEX’s Closure and Legacy

BitMEX will cease operations on September 23. In its closing statement, the platform highlighted that no customer funds were lost due to security breaches over its 12‑year history, though it faced litigation related to forced liquidations during the March 2020 market crash.