BitMEX Drops SHIBUSD Over Lack of Derivative Demand

Shiba Inu (SHIB) has encountered a significant development as BitMEX, a major cryptocurrency derivatives exchange, announced the delisting of the SHIBUSD perpetual swap contract on September 11, 2025. The decision, affecting 48 perpetual swap contracts in total, was attributed to insufficient trading interest, a common criterion for such actions on derivatives platforms. The SHIBUSD contract is among several tokens, including ARBUSD and ORDIUSD, being removed from the platform as part of a broader strategy to optimize listings for active assets [1].

The delisting process will follow a structured timeline. Trading for all affected contracts will remain open until 04:00 UTC on September 11, after which the funding rate will be set to zero, effectively freezing the perpetual mechanism. At 12:00 UTC that day, the contracts will be settled, and all open positions will be closed at the pre-determined settlement prices. Notably, users will not be charged any fees during this process, and the resulting profits or losses will be added to their respective account balances—either Bitcoin for XBT-margined contracts or Tether for USDT-margined contracts [1].

The move reflects a broader trend in the derivatives market where exchanges prioritize liquidity and volume as key metrics for maintaining contracts. The SHIBUSD delisting underscores the challenges faced by lower-cap or meme-driven assets in sustaining interest in derivative markets. While SHIB has seen institutional engagement in recent weeks, including a large-scale transfer of 11.375 billion tokens by Wintermute to Coinbase, the asset has not shown significant volatility or price reaction in response to such events [3].

The delisting does not necessarily signal a decline in SHIB’s broader market appeal but highlights the structural differences between spot and derivative markets. In the spot market, SHIB has seen a notable increase in whale activity and burn rate, contributing to long-term stability. However, derivatives platforms often require consistent and high levels of trading to maintain a contract, which SHIBUSD has failed to deliver over the last several months [3].

Analysts suggest that the delisting could have mixed effects on the SHIB market. On one hand, it may signal reduced short-term speculative interest in SHIB futures. On the other, it could encourage market participants to focus on more stable, volume-driven platforms where SHIB remains listed. Moreover, the institutional-grade activity observed in SHIB’s ecosystem indicates that the token is still being positioned for potential long-term growth, despite its current price range of approximately $0.000012 [3].

While some market observers remain bullish on SHIB, citing technical indicators like a potential 17x price surge if the coin breaks out of its consolidation pattern, such forecasts remain speculative and are not supported by immediate market fundamentals. The delisting by BitMEX is more indicative of the evolving dynamics in the cryptocurrency derivatives space than a direct reflection on SHIB’s intrinsic value or future trajectory [3].

Source:

[1] Delisting of 48 Perpetual Swap Contracts on 11 September (https://blog.bitmex.com/delisting-sep2025/)

[2] 48 perpetual contracts will be delisted on September 11, ... (https://www.chaincatcher.com/en/article/2203473)

[3] Shiba Inu Market Maker Is On The Move With Billions ... (https://www.mitrade.com/au/insights/news/live-news/article-3-1097191-20250905)