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BrightSphere Investment Group Inc. 5.125% Notes due 2031
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BitMEX basically invented the modern crypto derivatives market. Before them, you couldn't get meaningful leverage on BTC without going through shady OTC desks. Arthur Hayes and Ben Delo built the perpetual futures contract as we know it — the funding rate mechanism, the insurance fund, the liquidation engine. Every major exchange that came after (Binance Futures, Bybit, OKX) copied that architecture.
The irony is they got taken down not by competition but by regulatory failure — specifically the BSA/AML charges from DOJ and FinCEN in 2020. Hayes and Delo pleaded guilty, paid massive fines, served no jail time. But the reputational damage was done and Binance had already captured the market.
The last few years BitMEX tried to pivot to a regulated product but they were too late and too small. Hyperliquid, dYdX, and GMX showed that the next generation of perp DEXes don't need KYC at all.
A few practical reminders for anyone with old accounts: September 23 is the shutdown date, all positions get force-closed at market, and apparently remaining funds incur inactivity fees. Worth checking if you have anything sitting there from 2017-2020.

BitMEX basically invented the modern crypto derivatives market. Before them, you couldn't get meaningful leverage on BTC without going through shady OTC desks. Arthur Hayes and Ben Delo built the perpetual futures contract as we know it — the funding rate mechanism, the insurance fund, the liquidation engine. Every major exchange that came after (Binance Futures, Bybit, OKX) copied that architecture.
The irony is they got taken down not by competition but by regulatory failure — specifically the BSA/AML charges from DOJ and FinCEN in 2020. Hayes and Delo pleaded guilty, paid massive fines, served no jail time. But the reputational damage was done and Binance had already captured the market.
The last few years BitMEX tried to pivot to a regulated product but they were too late and too small. Hyperliquid, dYdX, and GMX showed that the next generation of perp DEXes don't need KYC at all.
A few practical reminders for anyone with old accounts: September 23 is the shutdown date, all positions get force-closed at market, and apparently remaining funds incur inactivity fees. Worth checking if you have anything sitting there from 2017-2020.