Crypto
Home›Crypto›Market Structure›BitMEX settles 35 derivatives as shutdown nears
BitMEX settles 35 derivatives as shutdown nears
The exchange plans to stop registrations immediately and later allow only position reductions, with remaining trades force-closed by Sept. 23.
BitMEX settled 35 derivatives on July 30 as it continued winding down operations ahead of its September shutdown, closing remaining positions and canceling open orders.
According to CryptoSlate, 33 contracts were closed near 12:00:05 UTC, with two additional contracts settled shortly after at 12:32:25 and 12:33:25 UTC. The exchange said the affected contracts expired, trading ended at 12:00 UTC, and the final settlement used 30-minute reference indexes tied to each contract from its July notice.
CryptoSlate also reported that BitMEX framed the process as an early settlement rather than a margin liquidation. Before settlement, BitMEX fixed the final funding rate, F0, using prices from the prior eight hours, then stopped calculating new funding and set the next funding rate to zero for the settlement checkpoint.
As part of the broader wind-down, CryptoSlate said BitMEX stopped new registrations and will let users from Aug. 26 only reduce positions. Any positions left at closure will be force-closed before services end at 04:00 UTC on Sept. 23, and users who leave assets after closure may face an account fee, billed monthly, equal to the greater of $50 equivalent or 1% per year.