The History of Perpetual Futures: From Shiller to BitMEX's 2026 Shutdown
Updated · 2 min read
Perpetual futures were proposed by economist Robert Shiller in 1992 and first launched for crypto by BitMEX on May 13, 2016, as the XBTUSD perpetual swap. They became crypto's dominant instrument, moved on-chain with exchanges like Hyperliquid, reached US-regulated markets via Coinbase in July 2025, and outlived their inventor's exchange: BitMEX delisted XBTUSD on September 16, 2026 as it closed.
- 1992: Shiller proposes perpetual futures for illiquid assets like real estate.
- 2016: BitMEX launches XBTUSD, up to 100x, no expiry; founded by Arthur Hayes, Ben Delo and Samuel Reed.
- 2023–2025: on-chain perps scale (Hyperliquid); builder-deployed markets add stocks and commodities.
- July 21, 2025: first CFTC-regulated perpetual-style futures in the US (Coinbase).
- Sept 2026: BitMEX moves to reduce-only, then delists and settles all contracts on Sept 16.
Timeline
| Year | Milestone |
|---|---|
| 1992 | Robert Shiller proposes perpetual futures (NBER working paper) for markets without a tradable spot, like housing |
| May 13, 2016 | BitMEX launches XBTUSD, the first crypto perpetual swap, with up to 100x leverage |
| 2019–2021 | Binance, Bybit, OKX and others make perps the most traded crypto product |
| 2023 | Hyperliquid launches a fully on-chain perp order book |
| 2025 | Hyperliquid HIP-3 enables builder-deployed perps (equities, commodities, pre-IPO) |
| Apr 21, 2025 | CFTC requests public comment on perpetual derivatives |
| Jul 21, 2025 | Coinbase Derivatives lists nano BTC and ETH perpetual-style futures for US traders |
| Sept 7–10, 2026 | BitMEX sets all contracts to reduce-only |
| Sept 16, 2026 | BitMEX delists and settles XBTUSD and all remaining contracts, ahead of closing the exchange |
| Sept 18, 2026 | Coinbase files with the CFTC for single-stock perpetual futures |
Why the perp won
Crypto trades 24/7 and has no natural settlement cycle. BitMEX's founders asked why such a market should be forced onto contracts that expire. Perps concentrate all liquidity in one instrument instead of splitting it across expiries. Hyperliquid's docs make the same point: no rolling, no delivery, and a leveraged view without an options-style volatility bet. By 2026, perps made up the large majority of crypto derivatives volume.
BitMEX's closure, in brief
BitMEX announced that it was closing the exchange and delisting its remaining eight contracts: four perpetual swaps (XBTUSD, XBTUSDT, ETHUSD, ETHUSDT) and four dated futures. Futures went reduce-only on September 7, ETH perps on September 8 and BTC perps on September 10, 2026. Everything was settled on September 16, 2026 at 12:00 UTC, with no settlement fees. XBTUSD ran for just over ten years.
Frequently asked questions
Who invented perpetual futures?
Economist Robert Shiller proposed the concept in 1992. BitMEX, founded by Arthur Hayes, Ben Delo and Samuel Reed, launched the first crypto perpetual swap in 2016.
Is BitMEX shutting down?
Yes. BitMEX announced it was closing and delisted all remaining contracts, including XBTUSD, on September 16, 2026.
Sources
- BitMEX — Announcing the launch of the perpetual XBTUSD leveraged swap
- BitMEX — Setting remaining contracts to reduce only and delisting on 16 September
- Wikipedia — Perpetual futures
- Pillsbury — CFTC permits listing of perpetual futures
Educational content, not financial advice. Perps and prop evaluations are high-risk; firm rules change, so check each firm's current terms.