BitMEX recorded 39,449,400 XBTUSD contracts of open interest at 01:55 UTC on Aug. 10 as the exchange approaches a two-stage shutdown of its Bitcoin perpetual swap product.
XBTUSD is an inverse Bitcoin perpetual whose contracts do not expire during normal trading. Under BitMEX's contract specification, each contract represents $1 of Bitcoin, meaning the Aug. 10 open interest figure equaled $39.45 million in face value, or roughly 605.45 BTC at the reported mark price of $65,156.99.
Shutdown Timeline
- Aug. 26: BitMEX will block the opening of new XBTUSD positions.
- Sept. 23: Exchange services end, and any positions still open will be force-closed.
Traders holding open XBTUSD positions have until these dates to exit voluntarily before the exchange steps in to close remaining contracts automatically.
