Crypto
Home›Crypto›Market Structure›BitMEX to block new Bitcoin perp positions Aug. 26, fo…
BitMEX to block new Bitcoin perp positions Aug. 26, force-close Sept. 23
Open interest in XBTUSD stood at 39,449,400 contracts on Aug. 10, equivalent to about $39.45 million in face value, or roughly 605.45 BTC at the snapshot mark price.
BitMEX recorded 39,449,400 XBTUSD contracts of open interest at 01:55 UTC on Aug. 10 as it moved toward a planned two-stage shutdown, according to CryptoSlate. The exchange said it will block new positions on Aug. 26 and will force-close any remaining open contracts when exchange services end on Sept. 23.
XBTUSD is an inverse Bitcoin perpetual contract that does not expire during normal trading, and BitMEX specifies each contract at $1 of Bitcoin. That means the Aug. 10 open interest figure translated to about $39.45 million of face value, or approximately 605.45 BTC at the reported mark price of $65,156.99.
From the Aug. 26 switch until the Sept. 23 cutoff, BitMEX described XBTUSD as an exit-only market, where holders can reduce their contract exposure while BitMEX bars orders that increase exposure. CryptoSlate also noted BitMEX may force-close positions at its sole discretion during the wind-down period, and it may route contracts with limited liquidity through early-settlement procedures after notice.
BitMEX said users can reduce positions during the window, giving them just over 16 days from the Aug. 10 snapshot to decide how much exposure to exit before the restriction begins. After closure, BitMEX said KYC-verified users who leave assets on the platform would face a monthly account-fee assessment based on the greater of $50 equivalent or 1% per year of the remaining balance.
Latest closeBitcoin $64,841.08 ▼0.0%