BitMEX shuts down XBTUSD perpetual swap after 12 years, marking the end of the original crypto derivatives product that established the perpetual futures market model.
DeFi & Yields ·
BitMEX has shut down XBTUSD, its original perpetual swap product, after 12 years of operation. The contract, which pioneered the perpetual futures market model, was instrumental in establishing a derivatives structure that now accounts for 75% of crypto trading volume across major exchanges like Binance and Bybit.
The perpetual swap mechanism that BitMEX introduced became the dominant trading format in cryptocurrency derivatives markets. Rather than expiring like traditional futures contracts, perpetual swaps allow traders to maintain long or short positions indefinitely through periodic funding payments between longs and shorts. This design proved widely adoptable across the industry.
The closure marks a symbolic transition in crypto derivatives markets, though the precise reasons for discontinuing XBTUSD and its timing relative to BitMEX's regulatory standing remain unclear. Whether the product is being migrated to other contracts, consolidated with successor instruments, or permanently retired has not been specified in available reporting.