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Perp Pioneer BitMEX Launches Hyperliquid Copy Trading

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Perp Pioneer BitMEX Launches Hyperliquid Copy Trading

The feature allows CEX users to copy top traders on the largest perp DEX.

Crypto derivatives-focused centralized exchange BitMEX has expanded its copy trading feature to let users copy the strategies of top traders from Hyperliquid, the largest decentralized perpetual futures platform by trading volume and open interest.

The new feature, called Hyperliquid Copy Trading, lets BitMEX users automatically replicate trades from selected Hyperliquid traders, according to a press release viewed by The Defiant.

Trades are opened directly on BitMEX and users can copy up to five Hyperliquid traders at once. Other features include basic risk-management tools, such as take-profit and stop-loss options.

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The launch illustrates how CEXs continue to push into decentralized finance as on-chain platforms for both spot and derivatives trading gain popularity. A spokesperson for BitMEX told The Defiant, “We’ve basically leveraged Hyperliquid L1’s open-source code to track their users’ positions and have that as an automated system as part of our copy trading feature,” noting that the offering lets traders replicate trades using the CEX’s interface and risk management features they’re used to:

“It’s an opportunity for users to make the same perp trades as top hyperliquid traders and have that automatically reflected to their accounts.”

The Rise of DEXs

The move comes as trading activity continues to grow across DEXs, with volumes in some cases overtaking those on CEXs.

Over the past 24 hours, BitMEX reported about $655 million in trading volume and $14.5 billion in open interest, which represents the value of outstanding derivatives contracts. While OI on Hyperliquid is smaller at $5.8 billion, the perp DEX saw nearly $13 billion in trades in the past 24 hours, outpacing the CEX by nearly 20x.

The contrast is notable given BitMEX’s role as a first mover in crypto derivatives, and as the pioneer of perpetuals futures in particular, a version of which it first launched in 2016.

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“BitMEX pioneered the perpetual swap, which has since become the industry standard for futures trading,” BitMEX CEO Stephan Lutz said in the release, continuing:

“The launch of Hyperliquid Copy Trading completes the circle, bringing the alpha available on the world’s leading PerpDEX to BitMEX users and incorporating it into their existing workflow.”

In the face of rising competition from decentralized platforms, as well as centralized giants, smaller CEXs have had to get proactive with their strategies. For example, in December, Bitfinex removed all trading fees across its spot and derivatives markets in an effort to attract and retain users.

The announcement comes as crypto markets have swung sharply in recent weeks, with Bitcoin falling to levels not seen since April 2025.

In October, self-custody crypto wallet MetaMask integrated Hyperliquid to offer perpetual futures trading from directly within the wallet.

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Crypto World

Strategy Buys 1,031 Bitcoin Using MSTR Stock Sales

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Strategy Buys 1,031 Bitcoin Using MSTR Stock Sales

Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin (BTC), bought another 1,031 Bitcoin last week in a much smaller purchase than its previous two weekly buys, funding the acquisition with sales of Class A common stock.

Strategy acquired 1,031 Bitcoin for $76.6 million last week, according to an 8-K filing with the US Securities and Exchange Commission on Monday.

The purchases were made at an average price of $74,326 per coin, below the company’s overall average acquisition price of $75,694. Bitcoin averaged around $70,871 for the week of March 16-22, based on daily closing prices.

The new acquisitions bring Strategy’s holdings to 762,099 BTC, acquired for a total cost of roughly $57.69 billion, the company said.

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Source: SEC

Common stock funded the latest buy

Strategy’s relatively modest purchase follows larger Bitcoin acquisitions recently, including a 22,337 BTC buy reported last Monday and a 17,994 BTC buy a week earlier.

The 22,337 BTC ($1.6 billion) purchase ranks among Strategy’s largest on record and was largely funded through sales of its perpetual preferred equity, Stretch (STRC). The stock generated approximately $1.2 billion, accounting for about 75% of the total purchase.

Related: Strategy records biggest STRC issuance day with estimated 1,420 BTC buy

Unlike the prior week’s funding mix, the latest purchase appears to have been funded through sales of Strategy’s Class A common stock rather than preferred equity.

Source: SEC

Strategy has bought 41,362 Bitcoin for around $2.93 billion in March. With Bitcoin trading at $70,430 at the time of writing, the company is down around 7% on its BTC holdings, now worth around $54 billion, according to data from CoinGecko.

Related: Strategy halts Bitcoin buying via STRC: Will BTC price dip again?

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Strategy’s holdings are roughly 3% below the Bitcoin holdings of BlackRock’s iShares Bitcoin Trust ETF (IBIT), which held about 785,300 BTC on behalf of its clients after the close of trading on Friday.

US spot Bitcoin ETFs collectively held nearly 1.3 million BTC as of March 20, representing roughly 6.1% of the 21 million maximum Bitcoin supply, according to data from WalletPilot.

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