BitMEX will be closing down by September 23 following an 11-year period of being a pioneer of crypto perpetual futures. The platform encouraged users to liquidate their positions and withdrawals before the closure phases. The platform, which was one of the key players in trading cryptocurrencies, has decided to cease its activities. It has been responsible for the development of market derivatives for more than ten years. BitMEX, the platform that invented perpetual futures and revolutionized leveraged trading of cryptocurrencies. Has decided to finally close its doors on September 23, 2026.
BitMEX has notified their clients about the cessation of activities at 04:00 UTC on September 23. The company asked users to withdraw their funds before the final day to avoid additional costs. According to the company’s notifications of the company, all those who will keep funds in their accounts after this date will have to pay a fee of $50 per month or one percent per year of the value of the asset. The parent company of BitMEX, HDR Global Trading Limited, has stopped accepting new applications.
Orderly Wind Down in Response to Loss of Market Dominance The company is planning for an orderly wind down to minimize disruptions in the crypto derivatives trading markets. Starting from August 26, customers will no longer be able to initiate new positions, but already opened contracts will be completed up to the end of the term. All positions will be closed by exchange owners before the September deadline.
There could be withdrawal delays due to increased activity on the Bitcoin network while transferring customer funds out of the platform. Nevertheless, BitMEX stated that their latest proof-of-reserve data confirms that customer assets are completely covered by platform liabilities.
BitMEX’s Legacy Exceeds Regulatory Issues Arthur Hayes, Ben Delo, and Samuel Reed launched BitMEX back in 2014 when they invented the concept of perpetual swap to change cryptocurrency derivatives trading forever. The company managed to trade more than $1 trillion in one year of trading activity in 2019 and owned about 57% of the total derivatives market globally. BitMEX’s daily trading volume reached approximately $8 billion at its highest point. Although having a flawless history of security with no hacks at all, BitMEX still had to face regulators in 2020 because of anti-money laundering issues.
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Binance Labs, the Venture Capital arm of Binance Exchange might be offloading PERP, the native token of the Perpetual Protocol.
Data from crypto analytics provider Spot on Chain reveals that Binance Labs deposited a total of 750,000 PERP worth approximately $784,000 hours before writing. The tokens were sent to Binance at an average price of $1.05.
Based on its mandate, Binance Labs was one of the major backers of the Perpetual Protocols when it emerged in 2020, but the Venture Capital firm has not been active in the protocol for about 2 years. This makes the deposit suspicious with a possible selloff connotation.
Binance Labs PERP Data Insight According to the Spot On Chain data, Binance Labs got an investor allocation worth 6.25 million PERP at an average price of $6.56, amounting to $40.98 million. This allocation was sent to Binance Labs from the project’s wallet on March 16, 2021.
Binance Labs (@BinanceLabs) deposited 750K $PERP ($784K) to #Binance at $1.05 ~50 mins ago.
Notably, Binance Labs was an investor in Perpetual Protocol and had been inactive with $PERP for 2 years.
Currently, Binance Labs still holds 3M $PERP ($3.14M).
More details:… pic.twitter.com/KzdujPzwhr
— Spot On Chain (@spotonchain) February 6, 2024
Binance’s proceeds for the potential sale remain uncertain, as the seed price was not disclosed at the time. Since it got its allocation, Binance Labs has made two distinct deposits to Binance.
Besides this current 750,000 PERP deposit, it made a transfer of 3.25 million PERP to Binance at an average price of $5.71 million pegging the total at $18.55 million on March 23, 2021.
With all these deposits to Binance, the VC still holds a total of 3,000,000 PERP worth $3.14 million.
PERP Price Reacts Complementing the bearish outlook in the market at this time, the deposit might be dampening PERP price sentiment. The token’s price and market capitalization are down by 0.19% to $1.05 and 69,286,868 while its trading volume has slumped by more than 13% to $4,472,952.
This trend is not uncommon as many crypto companies like Ripple are known to transfer coins to exchanges in major selloff moves. These actions generally spark a selloff in such tokens but such volatility tend to wear off over time.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
PERP, the native token of the Perpetual platform, is designed to enhance the decentralized governance concept.
What is Perpetual Protocol (PERP)?Perpetual Protocol (PERP) is a decentralized trading platform based on Ethereum and xDai. PERP utilizes the automated market maker (AMM) algorithm, allowing investors to trade directly with AMMs without the need for counter-parties. AMMs provide predictable pricing and guaranteed on-chain liquidity through their pricing algorithm. These AMMs are designed to be completely neutral and collateralized in the market. PERP token holders can benefit from staking, where they are rewarded with a portion of the transaction fees in stable cryptocurrencies or PERP tokens.
The goal of Perpetual Protocol is to create the world’s best, most accessible, and most secure decentralized derivatives trading platform. The protocol aims to advance DeFi projects and pave the way for future development through collaboration and a democratic governance model. Perpetual Protocol features a native token designed to incentivize the user community. Unlike platforms like Uniswap and Balancer, which use AMMs for both token trading and price discovery, Perpetual Protocol uses AMMs solely for price discovery, allowing users to avoid leverage and short positions. Due to this distinction, the platform refers to its AMMs as “Virtual AMMs.”
PERP token is a native token designed to facilitate and incentivize the decentralized governance of the protocol. PERP token holders have voting rights proportional to their holdings, and Perpetual Protocol has designed an incentive structure to enhance governance participation.
Where to Buy PERP Coin?PERP Coin can be traded through Binance, the world’s largest cryptocurrency exchange by trading volume. Perpetual Protocol Coin is listed on Binance in the pairs PERP/BTC, PERP/BUSD, and PERP/USDT. As of the writing of this guide, the price of PERP stands at $7.39.
To purchase PERP Coin, one must first sign up on the Binance exchange. After completing the membership process, funds can be transferred to your account wallet in either cryptocurrency or fiat currency. Once a balance is added to your account wallet, you can trade in any of the three pairs mentioned above. Navigate to the interface of the selected pair for trading and enter the desired amount of PERP Coin in the quantity field under the limit tab. By entering the “Buy PERP” order, the purchase of PERP Coin is successfully completed.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Perp Labs, the core development team behind Perpetual Protocol and Nekodex, has launched a new campaign aimed at rewarding $PERP users through its flagship DeFi app, Nekodex. Starting this week, users who hold or trade $PERP can earn daily rewards — no staking, farming, or lockups required. This marks the first major utility upgrade for $PERP in years.
Perpetual Protocol is one of the earliest and most established decentralized perpetual futures protocols in DeFi. Since its launch in 2020, it has facilitated over $25 billion in trading volume and helped define what modern decentralized derivatives look like. Now, with this campaign, its native token $PERP is gaining fresh utility.
The campaign is powered by Nekodex, which brings the ecosystem into its next phase: a gasless, seedless, and chain-abstracted DEX experience.
Nekodex is a cross-chain crypto dApp that leverages advanced account abstraction and chain abstraction to eliminate the traditional pain points of DeFi. It delivers a smooth, intuitive user experience designed for the mobile-first generation. Since launch, Nekodex has onboarded over 41,000 users and currently sees between 4,000 to 5,000 daily active users — quietly setting a new benchmark for usability in the DeFi app space. With its upcoming V2 release, Nekodex will expand beyond EVM to support Solana, Sui, and BNB Chain, further solidifying its position as one of the most user-friendly and technically advanced crypto apps on the market.
This rewards campaign officially went live on April 12, 2025, and features three core reward mechanisms specifically designed for $PERP users, allowing token holders to directly and continuously benefit from the platform’s activity and growth:
1. Hold & Trade to Earn
Users can earn daily rewards simply by holding or trading $PERP on Nekodex. Rewards are automatically calculated and distributed based on user wallet activity and holdings; the process is simple and transparent.
2. Surplus Bonus
Nekodex trading includes a system called surplus, where users receive a portion of the positive price difference when trades execute more favorably than previewed. $PERP holders now earn an increased share of this surplus, up to 50% for users holding 5,000 or more tokens.
3. Binance Square Campaign
To boost visibility, Nekodex is encouraging users to post about $PERP and Nekodex on Binance Square. Verified posts will earn 10,000 Nekocoin instantly as part of a limited-time social quest.
As DeFi shifts toward more user-centric, mobile-native experiences, Nekodex is positioning itself at the forefront of this evolution. And now, $PERP holders can directly benefit from the platform’s growth and community momentum.
At the same time, Perp Labs’ pace of innovation has not stopped. The development team has revealed that more exciting product innovations are currently in the pipeline — including an AI-powered, on-chain prediction market. These new products are expected to further enrich and expand the overall ecosystem under the $PERP token umbrella, bringing users more diversified application scenarios and value capture opportunities.
Don’t Miss Out This campaign is live now and rewards are distributed to eligible users. To participate, visit: app.nekodex.org
Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.
Hyperliquid Strategies is taking a major step to strengthen its presence in the decentralized finance (DeFi) ecosystem. The firm plans to raise up to $1 billion to expand its holdings of the Hyperliquid (HYPE) token, which powers the world’s largest decentralized derivatives platform.
In brief Hyperliquid Strategies to raise $1B via 160M share offering advised by Chardan Capital Markets. Funds will expand HYPE token holdings and support general corporate initiatives post-merger. HYPE token surged 10% to $39.73, outperforming a declining crypto market amid mixed technicals. Hyperliquid leads DeFi perps with $317.6B in October volume, capturing a 70% market share. According to Wednesday’s S-1 registration filing, Hyperliquid Strategies intends to issue up to 160 million shares of common stock. The proceeds will be used primarily to purchase additional HYPE tokens and for general corporate purposes. Chardan Capital Markets will serve as the financial advisor for the offering.
The company is emerging from a merger between Nasdaq-listed biotech firm Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company (SPAC). Once the merger is finalized, David Schamis will serve as CEO, while Bob Diamond, former CEO of Barclays, will take on the role of chairman.
Treasury Play Pushes HYPE Higher Amid Mixed Technicals Unsurprisingly, news of the filing triggered a surge of more than 10% in the HYPE token, which climbed to $39.73. Interestingly, this rally came even as the broader crypto market slipped 0.6% during the same period.
Despite the sharp uptick, underlying market data paint a more cautious picture:
Market Sentiment: Hyperliquid’s price outlook remains bearish, reflecting investor caution. Investor Mood: The Fear & Greed Index stands at 27 (“Fear”), signaling weak market confidence. Performance Metrics: The token recorded 13 green days out of 30 (43%), suggesting limited short-term strength. Token Supply: Only 34% of the total HYPE supply is in circulation, pointing to limited liquidity. Technical Indicator: Despite subdued sentiment, HYPE continues to trade above its 200-day simple moving average, indicating that long-term support remains intact. Once the merger is complete, Hyperliquid Strategies is expected to hold 12.6 million HYPE tokens valued at roughly $470 million, along with $305 million in cash earmarked for additional token purchases.
This position would make Hyperliquid Strategies the largest corporate holder of HYPE, underscoring its alignment with the Hyperliquid network—a platform anchoring one of the most active decentralized derivatives exchanges globally.
Hyperliquid Outpaces Competitors as October Perpetual Volumes Hit $1 Trillion While such treasury-driven strategies can boost share prices in the short term, analysts have questioned their resilience during altcoin market downturns. Even so, Hyperliquid’s core fundamentals remain strong, supported by high trading activity and growing user engagement.
The platform leads the market in perpetual futures (“perps”), derivatives that enable 24/7 trading and leveraged exposure to digital assets.
Here are some key market data to note:
Decentralized perpetual trading volumes surpassed $1 trillion in the first 23 days of October, breaking September’s $772 billion record, according to DeFiLlama. Hyperliquid maintained its lead with $317.6 billion in trading volume during the same period. Competitors: Lighter recorded $255.4 billion, Aster $177.6 billion, and edgeX $60.6 billion. Market Share: Hyperliquid now commands an estimated 70% share of the decentralized perpetuals market, reinforcing its dominance in the sector. Hyperliquid continues to set new benchmarks in DeFi, reporting $248 billion in 24-hour trading volume in May 2025 and a record $106 million in revenue in August—further solidifying its leadership in decentralized derivatives.
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James Godstime is a crypto journalist and market analyst with over three years of experience in crypto, Web3, and finance. He simplifies complex and technical ideas to engage readers. Outside of work, he enjoys football and tennis, which he follows passionately.
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PANews reported on October 29 that, according to an official announcement, Binance has decided to cease trading and delist the following cryptocurrencies at 11:00 AM (UTC+8) on November 12, 2025: Flamingo (FLM), Kadena (KDA), and Perpetual Protocol (PERP).
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Binance, the world's largest cryptocurrency exchange, started the day with altcoin delisting news.
At this point, Binance announced that it has delisted the altcoins Flamingo (FLM), Kadena (KDA) and Perpetual Protocol (PERP).
“At Binance, we periodically review every digital asset we list to ensure it continues to meet high standards and industry requirements.
When a coin or token no longer meets these standards or industry conditions change, we potentially remove it from the exchange.
Based on our latest reviews, we have decided to delist all spot trading pairs for the following altcoins and halt trading as of 12/11/2025 03:00 UTC:
Flamingo (FLM), Kadena (KDA) and Perpetual Protocol (PERP)
Spot trading pairs of the aforementioned altcoins will be removed. All trading orders will be automatically removed once trading on each trading pair is completed.
Withdrawals of these altcoins from Binance will not be supported after 2025-01-12 03:00 (UTC).
Delisted altcoins can be converted into stablecoins on behalf of users after 03:00 UTC on 13.01.2026.
Following the news, there was a pump in the FLM price, while there were significant decreases in KDA and PERP prices.
*This is not investment advice.
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Aster, a decentralized perpetuals exchange, surged over the weekend after Binance founder Changpeng “CZ” Zhao revealed a personal investment of more than $2 million in its native token. His entry into the project reignited market excitement, drawing investors back to the fast-growing DeFi platform and reaffirming his lasting influence over digital-asset markets.
In brief CZ invests over $2M of personal funds in Aster, sending its price soaring from $0.91 to above $1.20 within an hour. Aster surpasses Hyperliquid with $70B in weekly trading, cementing its place as a top decentralized perpetuals exchange. CZ’s post-pardon comeback boosts sentiment across DeFi, signaling a revival of institutional and retail crypto confidence. Aster’s transparency tools and Layer-2 integrations enhance credibility, driving renewed trust and trading activity. Changpeng Zhao’s Personal Investment Triggers Aster Price Rally Zhao announced the purchase in a post on X, saying he had bought Aster with his own funds on Binance and that he viewed himself as a long-term holder rather than a trader.
Following his post, Aster’s price jumped from around $0.91 to over $1.20 within an hour, according to market data. A surge in trading volume accompanied the sharp rise as market participants quickly followed CZ’s lead.
Aster’s close ties to YZi Labs—Zhao’s family office—drew additional attention to the project. The connection strengthened investor confidence in Aster’s foundations and its expanding role in decentralized perpetual trading.
Aster Emerges as a Leader in the Expanding Perpetuals Market Perpetual exchanges have emerged as one of 2025’s standout growth sectors, and Aster is now positioned among the leaders. It recently surpassed Hyperliquid in reported trading volumes, logging more than $70 billion in transactions over a seven-day span, according to The Block data.
Earlier this year, questions over data accuracy surfaced when DefiLlama founder 0xngmi temporarily removed Aster’s metrics, citing verification challenges. The data was later reinstated after new monitoring systems were deployed to improve the tracking of decentralized-exchange volumes.
As scrutiny eased, traders began to reassess Aster’s strength and market position. Zhao’s investment amplified that focus, highlighting several key factors behind the protocol’s rise:
High trading throughput: Processes billions in daily volume through on-chain settlement. Deepening liquidity: Growing participation from major market makers supports stronger price stability. Community governance: Token holders have direct input on protocol fees and incentive structures. Cross-chain compatibility: Integrations with leading Layer-2 networks improve access and efficiency. Transparency upgrades: New verification tools help validate reported trading data. These features have strengthened Aster’s credibility and helped it capture a larger share of the perpetual-trading market.
Market Sentiment Shifts as CZ Reclaims Spotlight Following Pardon Zhao’s return to the public stage represents a significant turning point for crypto. After resigning as Binance CEO and serving a four-month U.S. prison sentence for banking-law violations, he received a presidential pardon from Donald Trump on October 23—a move that swiftly reshaped sentiment toward both him and his affiliated projects.
White House Press Secretary Karoline Leavitt described the pardon as the end of what she called the previous administration’s “war on cryptocurrency.” Market analysts viewed it as a signal of easing regulatory pressure and a potential revival of institutional interest.
Both Aster and Binance’s BNB token responded immediately. Aster climbed to $1.07, while BNB gained more than 5%, reaching $1,123. Despite Aster’s Fear & Greed Index reading of 42, investor enthusiasm appears to be returning.
Sunday’s surge reinforced Zhao’s continuing ability to move markets. With his re-emergence in the public eye and Aster’s growing momentum, the decentralized-perpetuals sector may be entering a new phase of renewed confidence and attention.
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As of January 29th, DefiLlama data shows trading volumes across major perpetual DEXs have all climbed, with Aster’s volume surging over 70% to claim the second spot. Hyperliquid retains its top position, as its trading volume and Total Value Locked (TVL) have risen in tandem. Hyperliquid’s open interest remains at a relatively high level following yesterday’s uptick, and the volume surge may largely stem from passive position unwinding tied to market volatility over the past 24 hours. Below is the current 24-hour trading volume, TVL, and open interest for key Perpetual Protocol-based DEXs: - Hyperliquid: ~$9.26B volume, ~$4.59B TVL, ~$8.68B open interest - Aster: ~$4.26B volume, ~$1.21B TVL, ~$2.54B open interest - Lighter: ~$3.97B volume, ~$0.982B TVL, ~$1.36B open interest - EdgeX: ~$3.08B volume, ~$240M TVL, ~$1.05B open interest - Graviton (Grvt): ~$2.24B volume, ~$96.37M TVL, ~$527M open interest - Extended Protocol: ~$1.87B volume, ~$2.09B TVL, ~$3.79B open interest - Pacifica: ~$0.905B volume, ~$43.15M TVL, ~$82.50M open interest
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Binance Margin will phase out several BTC margin trading pairs, including Band Protocol, Gitcoin, Highstreet, Perpetual Protocol, STP, and AVA. This affects both cross and isolated-margin trading options, reducing available pairs for users.
The exchange has cautioned users to close positions and transfer affected assets from Margin Wallets to Spot Wallets to avoid potential losses. However, despite the delisting news, coins like Highstreet and Perpetual Protocol have surged by 6% to 12% in price, while AVA, Gitcoin, BAND, and STP recorded modest gains of 1% to 2%. This mixed market response highlights varying investor sentiment across the affected assets.
Binance To Delist These Tokens On December 3, Binance informed users about upcoming changes to its margin trading offerings. Several BTC trading pairs, including Band Protocol, Gitcoin, and Highstreet, will no longer be available for cross or isolated-margin trading.
According to the announcement, BAND/BTC and GTC/BTC cross-margin pairs, along with isolated margin pairs like AVA/BTC, HIGH/BTC, PERP/BTC, and STPT/BTC, will be removed. The delisting process begins on December 4, 2024, with the suspension of isolated margin borrowing. Full removal, including automatic closure of positions and cancellation of pending orders, will occur on December 11, 2024, at 06:00 UTC.
Binance, one of the top crypto exchanges, advises users to act proactively by closing positions and transferring funds to Spot Wallets ahead of these deadlines. While these pairs are being phased out, the underlying assets will still be tradable on other available pairs within the platform. These changes aim to streamline Binance’s offerings and better align with market demands.
Price Movements Of The Crypto Amid Delisting November saw a bullish trend in the crypto market, with approximately $1 trillion added in just one month. This surge in market momentum has positively impacted several of the affected assets, despite Binance’s delisting announcement.
Band Protocol (BAND) price traded at $1.90, up 4% in the last 24 hours and 22% over the past week. GTC price surged 40% in the past week, reaching $1.20, and has gained 100% over the last month. PERP rose 7% to $1.03, marking a 20% increase in just one week.
Highstreet (HIGH) price also saw strong performance, up 12% to $2.04. Meanwhile, STPT price exchanged hands at $0.05, a 40% hike over the past month. AVA price was up 8%, priced at $0.72, reflecting a positive short-term outlook despite the upcoming delisting.
