$MUBARAK
It invented a perpetual contracts exchange. A few days ago, it died.
On September 23, BitMEX officially shut down.
You may never have used BitMEX,
but every perpetual contract you’ve traded was invented by it.
In 2016, it created “futures that never expire”—
so you could go long or short without holding the underlying spot. Funding fees were settled every 8 hours.
This design shaped the trading structure of the entire crypto market for the next decade.
More astonishing is the ending:
For 11 years, the exchange was never hacked to steal even a single dollar,
and its security measures were considered an industry benchmark;
but when, in 2025, it sought an overall sale, no one picked it up for a year and a half.
It didn’t die because of hackers—it died because it “didn’t keep up with the industry.”
Huxiu put it bluntly:
Exchanges will die, but perpetual contracts won’t.
The company that invented this tide has sunk, but the tide itself is still pushing the whole market forward.
History won’t remember the second place,
but it will remember the inventor.
$ETH
$BTC
It invented a perpetual contracts exchange. A few days ago, it died.
On September 23, BitMEX officially shut down.
You may never have used BitMEX,
but every perpetual contract you’ve traded was invented by it.
In 2016, it created “futures that never expire”—
so you could go long or short without holding the underlying spot. Funding fees were settled every 8 hours.
This design shaped the trading structure of the entire crypto market for the next decade.
More astonishing is the ending:
For 11 years, the exchange was never hacked to steal even a single dollar,
and its security measures were considered an industry benchmark;
but when, in 2025, it sought an overall sale, no one picked it up for a year and a half.
It didn’t die because of hackers—it died because it “didn’t keep up with the industry.”
Huxiu put it bluntly:
Exchanges will die, but perpetual contracts won’t.
The company that invented this tide has sunk, but the tide itself is still pushing the whole market forward.
History won’t remember the second place,
but it will remember the inventor.
$ETH
$BTC