BitMEX

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.

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

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

• Cryptocurrency derivatives exchange
• Perpetual swap contracts
• Crypto futures trading
• Leverage trading platform
• Digital asset exchange

Headquarters

HQ city

Mahé

HQ country

Seychelles

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion2 records

Distribution channels7 records

Marketing channels8 records

Core 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

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• COLLYBUScoreTechnology or Integration · 26 May 2026Strategic 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.
• MercuryocoreTechnology or Integration · 28 April 2026Mercuryo 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 CustodycoreTechnology or Integration · 21 April 2026Partnership 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.
• ChainlinkcoreTechnology or Integration · 20 January 2026BitMEX 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.
• TradingViewcoreTechnology or IntegrationOfficial 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.
• HaasOnlineminorChannel Partner/ Reseller/ DistributorTrading bot software partner. Users can access HaasOnline trading bots on BitMEX platform.
• 3commasminorChannel Partner/ Reseller/ DistributorCrypto trading automation platform partner offering DCA and Grid trading bot strategies with backtesting and signal support.
• Insilico TerminalminorChannel Partner/ Reseller/ DistributorTrading terminal partner integrated with BitMEX for advanced order functionalities.
• TealstreetminorChannel Partner/ Reseller/ DistributorTrading terminal partner integrated with BitMEX platform.
• GinAreaminorChannel Partner/ Reseller/ DistributorFree platform for building bots of any complexity. Templates and tools enable automated trading launch.
• AlertatronminorChannel Partner/ Reseller/ DistributorAlert and automation partner for BitMEX trading.
• QuantowerminorChannel Partner/ Reseller/ DistributorTrading terminal partner integrated with BitMEX.

Scale indicators9 records

Recent moves12 records

Expansion highlights6 records

Direct 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

• Xx.com/BitMEXdotcom
• YouTubeyoutube.com/channel/UCQ9eXM9P9-f93eeRImPcpUA
• LinkedInlinkedin.com/company/3580826
• Instagraminstagram.com/bitmex_dotcom
• Facebookfacebook.com/bitmex1

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BitMEX