BitMEX Settles 35 Derivatives Ahead of Shutdown, Warns of $50 Monthly Fees

Woofun AI reports that BitMEX initiated an early settlement process for 35 derivative contracts on July 30, citing insufficient trading interest and its impending September shutdown as the primary drivers. This strategic delisting was characterized by the exchange as a procedural closure rather than a margin liquidation, marking a significant step in its wind-down operations.

The operational timeline fixed the final funding rate, known as F0, at 04:00 UTC based on prices from the preceding eight hours, after which new funding calculations ceased. Trading continued until 12:00 UTC, at which point the contracts expired and open orders were canceled. The settled price for each contract was determined by pairing it with the 30-minute reference index from BitMEX’s notice, with these figures now visible in the exchange’s public records.

Financial execution involved canceling open orders and closing remaining positions at the listed settlement prices, with funding adjustments applied based on the F0 rate. Per Woofun AI, the exchange waived all settlement fees for this event, adding each contract's lifetime profit or loss directly to the user's Bitcoin or Tether balance before removing the instruments from the Positions section.

Looking ahead, BitMEX has outlined strict financial implications for users who retain assets on the platform after the closure. KYC-verified users may be subject to an account fee, billed monthly, equal to the greater of a $50 equivalent or 1% per year. This structure ensures that dormant accounts incur ongoing costs, reinforcing the urgency for users to withdraw their funds prior to the final shutdown.