BitMEX stops new XBTUSD trades; $39.5M must exit

BitMEX will stop accepting new XBTUSD positions at 04:00 UTC on Aug. 26 and begin force-closing remaining contracts ahead of a full service shutdown on Sept. 23.

A snapshot at 01:55 UTC on Aug. 10 showed 39,449,400 XBTUSD contracts of open interest. XBTUSD is an inverse Bitcoin perpetual contract with one contract representing one U.S. dollar of Bitcoin; that count equated to roughly $39.45 million of face value, or about 605.45 BTC using a mark price of $65,156.99. The figure covers only the XBTUSD market and does not reflect BitMEX-wide exposure, traders’ net directional positions or collateral held on accounts.

Under the exchange’s published timetable, risk limits applied at 04:00 UTC on Aug. 26 will block any order that increases XBTUSD exposure, turning the market into exit-only. Traders will still be able to reduce or close positions before that time. From Aug. 26 until services end, the exchange may force-close positions at its discretion as part of the wind-down and may route contracts with limited liquidity through early-settlement procedures after notifying users.

Any XBTUSD position that remains open at 04:00 UTC on Sept. 23 will be force-closed, and BitMEX plans to stop exchange services at that deadline. After closure, users will retain limited account access to view wallet balances and transaction history and to request withdrawals.

KYC-verified customers who leave assets on the platform after closure will face a monthly account fee equal to the greater of $50 (or its equivalent) or 1% per year of the remaining balance; the exchange will notify users in advance of any future fee increases.

BitMEX announced the planned shutdown on July 23, saying the board of its owner and operator, HDR Global Trading Limited, reached the decision after a strategic review. Because XBTUSD is a perpetual contract that does not expire under normal trading, the exchange’s timeline gives holders a window to choose when to exit; waiting until the Sept. 23 deadline leaves the timing of executions to the exchange.