Woofun AI reports that BitMEX will conclude all trading activities on September 23, following a strategic assessment conducted by its parent entity, HDR Global Trading. Established in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed, the platform was instrumental in popularizing perpetual contracts within digital asset derivatives markets.

Restructuring advisor Roshan Dharia highlighted structural challenges facing mid-tier centralized exchanges, citing rising compliance costs and liquidity migration toward larger platforms. While BitMEX ranked ninth in derivatives exchanges in August 2023 with a 0.9% market share, it fell out of the top ten perpetual contract exchanges by 2025. During this period, the broader sector saw annual perpetual contract trading volume expand by 47.4% to $86.2 trillion, whereas BitMEX's Bitcoin futures daily volume, which peaked between $1 billion and $5 billion in 2020, has not recovered since declining around May 2021.