BitMEX Is Shutting Down. Here's the Story Nobody Else Can Tell.
Before the Consensus Catches Up
Rather than write a fresh obituary, we’re sharing the BitMEX chapter from the Crypto Titans book (available on Amazon), because the full arc (Arthur Hayes’ arbitrage trade, the invention of the perpetual swap, the March 2020 liquidation crisis, the CFTC case) explains why this ending was years in the making.
Once the most important crypto exchange globally, BitMEX has announced it will shut down operations. The exchange now holds just 0.08% of the Bitcoin futures market, with daily trading volume of around $84 million, a steep fall from its former dominance.
On July 23, HDR Global Trading, BitMEX’s parent company, confirmed the decision to cease operations following a broad strategic review. Founded in 2014, the exchange will close after 12 years. Reports from 2025 had indicated that BitMEX’s owners were exploring a potential $1 billion sale through investment bank Broadhaven Capital Partners before ultimately opting for an orderly wind-down instead.
“I’m a businessman, not a priest”
(Arthur Hayes, BitMEX)
Please see the full chapter on BitMEX below: