BitMEX
BitMEX is a Seychelles-based cryptocurrency derivatives exchange founded in 2014, pioneer of the perpetual swap, offering leveraged crypto, equity, FX, and commodity perps to retail, professional, and institutional traders globally.
- Company typePrivate
- Founded2014
- HeadquartersMahé, Seychelles
- Headcount101–250
- GTM typeB2B and B2C
- OfferingSoftware
What BitMEX does
BitMEX, operating under the legal entity HDR Global Trading Limited in Seychelles, is one of the longest-tenured cryptocurrency derivatives exchanges, founded in 2014 and credited with creating the perpetual swap in 2016. The platform offers perpetual contracts with up to 250x leverage, dated futures, spot trading across 17+ pairs, and a TradFi perpetuals suite spanning U.S. equities, commodities, and FX with 24/7 availability and up to 100x leverage. Technical architecture centers on a sub-4ms matching engine, multi-party computation (MPC) custody with over 95% of assets in cold storage, a $250M+ insurance fund, and bi-weekly Proof of Reserve and Liability (PORL) verification — collectively underwriting an 11-year zero-hack track record.
The company's monetization rests on three revenue streams: trading fees (taker rates starting at 0.0320% with maker rebates), a deeply scaled affiliate program paying up to 60% lifetime commissions (1M+ referred users, $886M historically paid, $2.6T in referred volume), and a software partner program offering up to 45% commission share across tiers. Customer segmentation is hybrid, with self-serve retail and professional traders served through web, mobile, and API channels, and a dedicated institutional sales team handling corporate and high-net-worth clients. Tiered VIP benefits (5 tiers, up to 75% fee discounts), BMEX token staking (up to 7.5% rewards), and partnerships with Chainlink, Zodia Custody, COLLYBUS, Mercuryo, and TradingView extend the platform surface.
BitMEX's regulatory history materially shapes its risk profile. In 2020, HDR Global Trading pleaded guilty to U.S. Bank Secrecy Act violations for inadequate KYC/AML programs between 2015 and 2020 and was assessed a $100M fine; the fine was forgiven and the principals pardoned by President Trump in 2025. In 2026, the CEO, CFO, and Head of Growth were removed in a single-day leadership transition, with former General Counsel and COO Peter Wilkinson elevated to CEO, and the company is reportedly exploring a sale process with Broadhaven Capital Partners.
BitMEX firmographics
Firmographics- Name
- BitMEX
- Legal name
- HDR Global Trading Limited
- Website
- https://bitmex.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- BitMEX is a Seychelles-based cryptocurrency derivatives exchange founded in 2014, pioneer of the perpetual swap, offering leveraged crypto, equity, FX, and commodity perps to retail, professional, and institutional traders globally.
- Ownership category
- akta.pro rank
BitMEX industry classification
Industry- Product category
- Cryptocurrency Derivatives Exchange
- NAICS
- Commodity Contracts Intermediation (52316), Securities and Commodity Contracts Intermediation and Brokerage (5231)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Crypto Derivatives Exchanges (Futures, Options & Perpetuals) (FSADAAAD)
- akta.pro secondary industries
- Perpetual Futures (Perps) Venues & Protocols (FSADAGAA), Derivatives Trading Venues (perps, futures, options) (FSAPADAE), Margin Trading & Collateralized Borrowing (Exchange-Operated) (FSADAAAL)
Keywords
Where BitMEX is headquartered
LocationHeadquarters
- HQ city
- Mahé
- HQ country
- Seychelles
Offices1 record
Markets served
BitMEX business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Trading Fees: BitMEX generates revenue primarily through trading fees charged on derivative and spot trades. Taker fees start at 0.0320% with rebates for market makers. Fee tiers are designed to reward high-volume traders with progressively better rates, with VIP programs offering up to 75% fee discounts.
- Affiliate Commissions: The platform pays affiliate commissions up to 60% to partners who refer new users. Affiliates can earn daily payouts with lifetime commission structures. Over $886 million in commissions have been paid to affiliates historically.
- Partner Program Revenue Share: Software partners can earn up to 45% commission share through the Partner Programme by leveraging their software and community. Tiers range from 25% (Red Tier) to 45% (Black Tier) based on trading volume.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard Trading Fees |
| Transaction based/ take rate | Monthly | VIP 1 - 5 Tiers |
| Transaction based/ take rate | Monthly | Affiliate Commission Tiers |
| Transaction based/ take rate | Monthly | Partner Program Tiers (Red/Blue/Black) |
Go-to-market motion2 records
Distribution channels7 records
Marketing channels8 records
BitMEX product offering
Product offeringCore offering
BitMEX operates a cryptocurrency derivatives exchange offering perpetual swaps with up to 250x leverage, dated futures, spot trading on 17+ crypto pairs, and 24/7 TradFi perpetuals on US equities, commodities, and FX. The platform serves retail, professional, and institutional traders through web and mobile interfaces with sub-4ms execution, MPC custody, Proof of Reserves verification, and an Insurance Fund exceeding $250 million.
Product overview
BitMEX is a cryptocurrency derivatives exchange offering a multi-product platform built around perpetual swaps, its flagship innovation from 2016. The core trading suite includes perpetual futures (up to 250x leverage), dated futures, spot trading (17+ pairs), and TradFi Perps covering stocks, commodities, and forex with 24/7 availability. Supporting products include Copy Trading for following top traders, Trading Bots for automation, Guilds for collaborative trading, and the BMEX Token for fee discounts and staking rewards up to 7.5%. The platform serves retail traders through its mobile app and professional traders through VIP and Institutional programs featuring dedicated APIs, Proof of Reserves, and $250M+ Insurance Fund. Educational offerings include BitMEX Research, Crypto Trader Digest commentary by Arthur Hayes, and BitMEX Alpha trading insights. The affiliate and partner programs offer up to 60% and 45% commission respectively, while the VIP program spans 5 tiers with benefits from reduced fees to luxury prizes.
Differentiator
Problem solved
Functional benefit
Products and services
- Perpetual Swaps
- Futures
- Spot Trading
- TradFi Perps (Traditional Finance Perpetuals)
- BMEX Token
- BitMEX Mobile App
- Institutional Services
Quantifiable outcome
- Zero funds lost to hacks over 11 years of operation
- +4 more outcomes
Companies that use BitMEX
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
BitMEX technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature4 records
BitMEX partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and minor.
- COLLYBUScoreStrategic partnership to deploy COLLYBUS's execution platform across BitMEX's global client base. Combines BitMEX's deep liquidity and established community with COLLYBUS's execution infrastructure to provide professional traders with institutional-grade trading technology. Platform rolled out in phases with close integration work.
- MercuryocoreMercuryo launched crypto-to-fiat off-ramps enabling BitMEX users to convert digital tokens including BTC, ETH, and SOL into fiat currency. Launch coincided with 50% discount on fees for converting crypto to euros for EEA residents.
- Zodia CustodycorePartnership enables institutional traders to access derivatives without pre-funding the exchange, keeping collateral in segregated custody. Supports cross-collateral usage of BTC, ETH, USDT, and USDC while reducing operational risks tied to traditional pre-funding workflows. Zodia is backed by Standard Chartered and MiCA-authorized.
- ChainlinkcoreBitMEX integrated Chainlink's 24/5 U.S. Equities Streams providing real-time US equity and ETF market data across 40+ blockchains. This enables continuous onchain equity markets and powers BitMEX's equity perpetual products beyond standard US trading hours.
- TradingViewcoreOfficial integration allowing BitMEX users to execute trades directly from TradingView's advanced charting interface. Combines seamless order execution with world-class technical analysis tools. Provides access to TradingView's global trading community and advanced market insights.
- HaasOnlineminorTrading bot software partner. Users can access HaasOnline trading bots on BitMEX platform.
- 3commasminorCrypto trading automation platform partner offering DCA and Grid trading bot strategies with backtesting and signal support.
- Insilico TerminalminorTrading terminal partner integrated with BitMEX for advanced order functionalities.
- TealstreetminorTrading terminal partner integrated with BitMEX platform.
- GinAreaminorFree platform for building bots of any complexity. Templates and tools enable automated trading launch.
- AlertatronminorAlert and automation partner for BitMEX trading.
- QuantowerminorTrading terminal partner integrated with BitMEX.
Scale indicators9 records
Recent moves12 records
Expansion highlights6 records
BitMEX competitors and assessment
Company assessmentDirect peers
- OKX: OKX is a global centralized crypto exchange offering perpetual swaps, futures, spot trading, and a suite of trading bots with a strong affiliate and copy-trading ecosystem. Comparable to BitMEX across derivatives product breadth, fee-based revenue model, and self-serve plus VIP tiering.
- Binance: Binance is the world's largest centralized crypto exchange by derivatives volume, offering perpetual futures, options, and leveraged spot to a global audience. Comparable to BitMEX in core product, fee-based revenue model, and VIP/affiliate tiering, though with materially larger scale.
- Bybit: Bybit is a centralized cryptocurrency derivatives exchange founded in 2018 and one of the largest perpetual futures venues globally. Directly competes with BitMEX on leveraged crypto perps, fee tiering, copy trading, and affiliate-driven retail acquisition, serving the same professional and active trader segment.
- KuCoin: KuCoin is a centralized crypto exchange offering leveraged perpetuals, futures, and spot pairs, often used as a comparison entry against BitMEX in industry rankings. Comparable in core product mix, high-leverage focus, and affiliate-driven user acquisition across emerging markets.
- Deribit: Deribit is a centralized cryptocurrency derivatives exchange specializing in options and futures on Bitcoin and Ethereum, now owned by Coinbase. Comparable to BitMEX as a crypto derivatives venue serving institutional and professional traders, with deeper options liquidity but narrower product breadth in perps.
- Kraken (incl. Kraken Futures): Kraken is a U.S.-regulated centralized crypto exchange offering spot and derivatives trading to retail and institutional clients. Comparable to BitMEX on product surface, with stronger U.S. regulatory posture offsetting narrower leverage and perps depth.
- Gate.io: Gate.io is a long-running centralized crypto exchange offering perpetual futures, margin trading, and a broad altcoin spot catalog. Frequently cited alongside BitMEX in the same 'top crypto derivatives exchanges' rankings, with similar high-leverage, affiliate-supported retail positioning.
Emerging players
- Hyperliquid: Hyperliquid is a decentralized perpetuals exchange that has rapidly captured high-leverage trading volume via on-chain order books. Comparable to BitMEX as a perpetual futures venue, and explicitly integrated via BitMEX's Copy Trading product for top-Hyperliquid trader strategies.
- dYdX: dYdX is a decentralized perpetuals exchange that pioneered on-chain order book perpetuals with a focus on professional-trader UX. Targets the same high-leverage active-trader audience as BitMEX but settles trades on-chain, representing an architectural alternative BitMEX is implicitly hedging against.
Broad incumbents
- Coinbase (incl. Coinbase Derivatives): Coinbase is a U.S. publicly listed, regulated crypto exchange that has expanded into derivatives via Coinbase Derivatives (formerly FairX). Comparable as a venue serving both retail and institutional crypto traders, with significantly broader product portfolio and stronger U.S. compliance profile than BitMEX.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
BitMEX social profiles
Digital presenceBitMEX financial estimates
Financial estimateRevenue estimate
Valuation estimate
BitMEX leadership team
Management profileNumber of profiles
Profiles8 records
BitMEX funding detail
Funding detailFunding overview
Funding rounds1 record
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BitMEX M&A and investment
M&A and investmentM&A
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BitMEX
What does BitMEX do?
BitMEX operates a cryptocurrency derivatives exchange offering perpetual swaps with up to 250x leverage, dated futures, spot trading on 17+ crypto pairs, and 24/7 TradFi perpetuals on US equities, commodities, and FX. The platform serves retail, professional, and institutional traders through web and mobile interfaces with sub-4ms execution, MPC custody, Proof of Reserves verification, and an Insurance Fund exceeding $250 million.
Is BitMEX a public or private company?
BitMEX is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was BitMEX founded?
BitMEX was founded in 2014. It employs 101 to 250 people.
Where is BitMEX based?
BitMEX is headquartered in Mahé, Seychelles.
How does BitMEX make money?
Three revenue lines are on record. Trading Fees are the primary driver. The others are affiliate Commissions and partner Program Revenue Share.
Who are BitMEX's main competitors?
Direct peers on record are OKX, Binance, Bybit, KuCoin, Deribit, Kraken (incl. Kraken Futures) and Gate.io. Emerging players are Hyperliquid and dYdX. Coinbase (incl. Coinbase Derivatives) is listed as a broad incumbent.
Does BitMEX have an API?
Yes. BitMEX offers a public API for developers to build applications on top of the platform. The API supports REST and WebSocket protocols with under 4ms latency. APIs enable programmatic trading, access to real-time market data, order management, account operations, and integration with third-party trading software. Developer documentation is at www.bitmex.com/our-api.
What industry is BitMEX in?
BitMEX's product category is Cryptocurrency Derivatives Exchange. Its primary akta.pro industry code is FSADAAAD, Crypto Derivatives Exchanges (Futures, Options & Perpetuals), with a secondary code of FSADAGAA, Perpetual Futures (Perps) Venues & Protocols. Its NAICS code is 52316 and its SIC code is 6200.