Dear BitMEX Users, Today, we share with a very heavy heart that BitMEX exchange will shut down its operations, effective 23 September 2026 at 04:00:00 UTC. The owner and operator of BitMEX, HDR Global Trading Limited, has made the difficult decision to close operations following a strategic review of the business. It may not look the same today, but we are proud of our 11+ year legacy and the role we played in shaping the crypto industry. We invented the 100x leverage perpetual swap, which for most of you, was the first step to your crypto trading journey. It is now the most traded financial product in the crypto industry, adopted by thousands of users and exchanges. And we remain proud of our robust security infrastructure, which has allowed us to maintain a flawless track record of 0 customer funds lost to hacks in our entire operating history. We want to reassure you that your assets remain fully safe and under your control during this transition period. This announcement is just to give enough time to ensure a smooth withdrawal process for everyone. From today we strongly encourage all users to close their positions and withdraw their funds as soon as convenient. For more details on the full process, please read our blog: bitmex.com/blog/bitmex-closu… BitMEX was once home to some of the greatest traders today. Our team has dedicated tremendous effort and passion into building the platform into what it is, and we are glad to have reached some of you during your time with us. To everyone who has traded, supported, and grown alongside us - thank you for your trust over the last 11 years. The BitMEX Team

Three years in the writing, this is the untold story of how crypto's hottest derivative came to be. TLDR: A derivative sketched in the back of a Shanghai taxi may now be one of the most important dollar-liquidity benchmarks central bankers aren’t watching. Perpetual futures, originally designed to solve a crypto-market plumbing issue, now dominate leveraged trading. They’re collateralized in BTC, crypto, or stablecoins — but it’s the stablecoin leg that anchors the entire system to real-world dollar liquidity. That’s why perp funding rates increasingly behave like a market-driven measure of offshore dollar scarcity. As unsecured funding channels shrink and stablecoins evolve into the new eurodollars, perps now process trillions in trading flows, forming a parallel benchmark that emerged organically — not by committee — and pricing liquidity at the margin, outside the Fed’s control. The creation story is fascinating. The implications for monetary transmission and global liquidity are far larger. Full story below. thepeg.co/p/long-read-the-un…