BitMEX XBTUSD trading cutoff before shutdown

BitMEX recorded 39,449,400 XBTUSD contracts of open interest at 01:55 UTC on Aug. 10 as the exchange approached a two-stage shutdown. BitMEX will block new positions on Aug. 26 and force-close anything still open when exchange services end on Sept. 23.

XBTUSD is an inverse Bitcoin perpetual whose contracts do not expire during normal trading. BitMEX’s contract specification sets each contract at $1 of Bitcoin, so the Aug. 10 count represented $39.45 million of face value, or about 605.45 BTC at the reported mark price of $65,156.99.

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The instrument data is a timestamped snapshot of one market. The $39.45 million figure measures XBTUSD open interest; BitMEX-wide open interest, traders’ net directional exposure and collateral are separate measures.

BitMEX XBTUSD market becomes exit-only on Aug. 26

At 04:00 UTC on Aug. 26, BitMEX plans to apply risk limits that stop users from opening new positions, according to its closure notice. Holders can still reduce existing positions, giving them just over 16 days from the snapshot to decide how much exposure to exit before the restriction begins. The restriction makes XBTUSD an exit-only market: holders can cut their contract count, while BitMEX will bar orders that increase exposure. BitMEX says the exchange otherwise operates normally until closure, subject to those risk limits.

From the Aug. 26 switch until shutdown, BitMEX says it may force-close positions at its sole discretion as part of the wind-down. BitMEX may route contracts with limited liquidity through early-settlement procedures after notice under the exchange’s usual process. The open-interest figure describes the size of the remaining XBTUSD book and does not forecast trading losses.

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BitMEX will force-close any position still open at 04:00 UTC on Sept. 23. Waiting for that final deadline therefore leaves the execution timing with BitMEX, while exiting earlier lets a trader choose when to reduce the position before the exchange intervenes.

Exchange services will stop at the Sept. 23 deadline. BitMEX says users will retain limited account access afterward to view wallet balances and transaction history and to request withdrawals.

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BitMEX announced the closure on July 23, saying the board of its owner and operator, HDR Global Trading Limited, made the decision after a strategic review. KYC-verified users who leave assets on the platform after closure will face a monthly account-fee assessment based on the greater of $50 equivalent or 1% per year of the remaining balance. BitMEX said later fee increases would be communicated in advance.