BitMEX Just Killed the Trade That Changed Crypto Forever

BitMEX has settled and delisted XBTUSD, ending one of the most influential trades in crypto history. The Bitcoin contract ran for more than 10 years and became the template for the perpetual futures market that dominates crypto trading today.

BitMEX itself will shut down on September 23. Yet the product it created is everywhere.

The Bitcoin Trade Every Major Exchange Copied

XBTUSD launched on May 13, 2016. It allowed traders to bet on Bitcoin without an expiry date.

Traditional futures expire on fixed dates. XBTUSD did not. That kept traders in one continuous market instead of splitting liquidity between different contracts.

BitMEX also introduced a funding system to keep the contract close to Bitcoin’s spot price. When too many traders crowded onto one side, they paid the other side.

Then came leverage. At launch, traders could control up to $100 of Bitcoin exposure for every $1 they put down. BitMEX later raised the ceiling to 250x for users who activated its Leverage Booster feature in April 2024.

The idea started as scribbles on a napkin in a Hong Kong bar.Arthur Hayes, Ben Delo and Samuel Reed kept coming back to the same question: why should a market that trades 24/7 be forced onto futures that expire?XBTUSD was the world's first perpetual swap – no expiry, funding… pic.twitter.com/6yXChrnbb3

— BitMEX (@BitMEX) September 17, 2026

The model spread quickly. Binance, Bybit, OKX and Hyperliquid now run their own versions.

BitMEX says perpetual contracts account for more than 75% of all crypto trading volume.

Now Wall Street Wants Perpetuals Too

The format is now moving beyond crypto. Kalshi filed with US regulators in August to offer stock index perpetual futures.

Kraken’s parent company also plans to bring Hyperliquid perpetuals to US traders through a regulated venue.

“12 years. 0 customer funds lost. Every bull and bear cycle crypto has ever had,” BitMEX wrote in its closing post.

That claim refers to customer funds lost through security breaches, rather than losses from trading.

Celsius, for example, sued five BitMEX entities on September 12 over 6,360 Bitcoin lost during forced liquidations in the March 2020 crash.

XBTUSD is gone. The market structure it created is still expanding.

Where the Perpetual Swap Design Is Spreading Now

The design is pushing into ordinary stock markets. Kalshi filed with US regulators in August to list stock index perpetual futures, and Kraken’s parent company plans Hyperliquid perpetuals for Americans through a regulated venue.

“12 years. 0 customer funds lost. Every bull and bear cycle crypto has ever had,” BitMEX wrote that in its closing post.

That record covers hacks, not trading losses. BeInCrypto reported that Celsius sued five BitMEX entities on September 12 over 6,360 Bitcoin lost to forced liquidations in the March 2020 crash.

The product outlived the company that invented it.