BitMEX saw a significant amount of XBTUSD contracts open on Aug. 10, totaling 39,449,400 contracts before its upcoming closure. The exchange will no longer allow new positions to be opened starting on Aug. 26, with all remaining positions set to be force-closed when BitMEX shuts down on Sept. 23.
XBTUSD contracts are perpetual and do not expire during regular trading. Each contract is equivalent to $1 of Bitcoin, making the total face value of the contracts on Aug. 10 approximately $39.45 million, or around 605.45 BTC based on a mark price of $65,156.99 at the time.
BitMEX’s closure notice outlines the timeline for the shutdown, with users only able to reduce existing positions after Aug. 26. Holders will have just over 16 days from the snapshot date to decide their exposure before the exit-only restriction begins. BitMEX will prevent any new orders that increase exposure, making it an exit-only market until the final closure.
The exchange may force-close positions at its discretion during the wind-down phase and may settle contracts with limited liquidity early after providing notice. The open interest figure reflects the size of the remaining XBTUSD book and does not indicate potential trading losses.
Users will have limited account access post-closure to view wallet balances, transaction history, and request withdrawals. BitMEX announced the closure decision on July 23 following a strategic review, with KYC-verified users facing account fees if assets are left on the platform after closure. Subsequent fee increases will be communicated in advance to users.
