BitMEX, the crypto derivatives platform that helped pioneer perpetual futures trading, marked the end of an era Wednesday, shutting down exchange operations except for withdrawals.. BitMEX, which was co-founded by Arthur Hayes, Ben Delo and Samuel Reed in 2014 urged its customers to withdraw funds and said account fees now apply to know-your-customer (KYC) verified users who leave balances on the exchange. The monthly charge is based on an annualized 1% of assets or a $50 equivalent minimum, whichever is greater. The closure brings to an end the 11-year run of an exchange that helped establish the perpetual swap, now the dominant instrument in crypto derivatives markets. But BitMEX’s shutdown is not a freeze on customer assets, as the platform reiterated that withdrawals remain available as it winds down. BitMEX announced in July that it was closing following a strategic review by parent HDR Global Trading. At the time, the exchange,, had reportedly been losing ground in the perpetuals market it helped create. BitMart also announced it was shutting down in July due to market conditions after nine years in business. BitMEX’s closure comes as perpetuals futures, or perps, it brought to the space are now among the world’s most-traded financial products, while centralized crypto-exchange derivatives volume reached $3.4 trillion in August alone or up to $50 trillion a year, according to CoinDesk research . The Definitive Stablecoin Landscape Series: Asia Pacific As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.