BitMEX has officially delisted its XBTUSD perpetual swap contract, marking the end of a product that launched on May 13, 2016. The exchange itself is scheduled to cease operations on September 23. The XBTUSD contract was the first perpetual swap in the industry, allowing traders to maintain positions without expiration dates and utilizing a funding system to align with spot prices.
At its inception, the contract offered leverage of up to 100x, a figure that was later increased to 250x in April 2024 for users of the Leverage Booster feature. BitMEX reports that perpetual contracts now represent over 75% of total cryptocurrency trading volume, with major platforms like Binance, Bybit, OKX, and Hyperliquid adopting the model.
The perpetual swap format is currently expanding into traditional financial markets. In August, Kalshi filed with US regulators to introduce stock index perpetual futures. Additionally, the parent company of Kraken is planning to offer similar products to US traders through a regulated venue.
Regarding its operational history, BitMEX stated that it has not lost any customer funds to security breaches over its 12-year lifespan. However, the company faces legal action from Celsius, which filed a lawsuit on September 12 against five BitMEX entities concerning 6,360 Bitcoin lost during forced liquidations in March 2020.
