The BitMEX shutdown in 2026 made me define what the best crypto exchange really means for a futures trader. The venue that pioneered 100x leverage gave notice in July, went reduce-only in August, and stopped services on September 23, force-closing anything left open. I closed early, because letting a shutdown clock pick my exit price was not an option.

Choosing where to go, I led with solvency. I wanted a published Proof of Reserves with a Merkle tree and an open-source tool so I could confirm my own balance was counted, rather than trust a slogan. That beat any welcome bonus after an eleven-year giant closed.

My futures checklist was short: verifiable reserves, deep liquidity to exit leverage without heavy slippage, a published liquidation mechanism, and enough markets to consolidate. Fees came last, not first.

I landed on a venue showing BTC reserves above 150% in its October snapshot, with a $30M Care Fund, because those are things I can check. Could be wrong for your needs, just the checklist that settled my own migration.