The exchange BitMEX, which invented the 100x perpetual contract 10 years ago, is shutting down on September 23. BitMEX isn’t collapsing out of nowhere—it’s a well-thought-out decision by the team, and users can withdraw funds as usual. This is different from Mt. Gox and FTX, so don’t see BitMEX’s closure as a sign of the bear market bottoming out. Perpetual contracts are one of the most important financial innovations in crypto, ushering in the era of 'leverage on everything.' They’ve inspired countless exchanges and become a major profit source for most top-tier platforms. At the same time, they’ve caused billions of dollars in liquidations every year, leaving countless traders wiped out. Perpetual contracts didn’t just stay in the crypto world—they’ve been widely adopted by exchanges for traditional financial assets like precious metals, Hong Kong and U.S. stocks, bonds, forex, and crude oil. BitMEX’s closure once again proves that in the business world, innovation ≠ success. The pioneers of a track aren’t always the ultimate winners. Companies that laugh last and reap the biggest rewards in a given field are often the result of multiple factors. Cases of latecomers winning are not uncommon in business history.