BitMEX, once a leading player in the crypto derivatives market, has declared its intention to delist ten perpetual swap contracts
Cryptocurrency exchange BitMEX announced Thursday that it would be delisting ten perpetual swap contracts due to insufficient trading interest. Among these contracts is the FLOKIUSD, a trading pair with the Shiba Inu rival, Floki Inu.
The contracts are set to be delisted on Oct. 19 at 12:00 UTC. Trading will proceed as usual until 04:00 UTC on the same day.
After this, the funding rate will not be recalculated, and the subsequent rate will be set to zero. As for the settlements, all open orders will be canceled, and positions will be closed out using the respective settlement prices.
No fees are expected to be charged during this process. Once a contract reaches its expiration, the profit or loss will be added to a user's Bitcoin or Tether balance, depending on the type of margined contract.
The decision to remove these trading pairs comes in the wake of diminished trading activity and interest for the specified contracts.
The soon-to-be-delisted Floki pair was initially added to the BitMEX exchange five months ago.
BitMEX, which used to rule the roost in the derivatives market, has long ceded its top positions due to legal troubles.
According to CoinMarketCap data, Binance leads the list with a 24-hour trading volume of over $24 billion, followed by exchanges such as Bybit, OKX, and KuCoin. While BitMEX finds itself in 11th position with a 24-hour trading volume of approximately $245 million.
In order to diversify its products, BitMEX recently launched its prediction market, enabling traders to speculate on real-world events. The initial offerings focus on topics like the recovery rate of FTX's bankruptcy claims, the potential approval of a Bitcoin ETF, and the likelihood of Sam Bankman-Fried facing incarceration.
About the authorAlex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].