BitMEX, the cryptocurrency exchange that invented perpetual swaps (perps), is shutting down. 

The exchange, co-founded by investor Arthur Hayes in 2014, announced that it will cease operations on Sept. 23 of this year.

BitMEX is encouraging users to close their positions and withdraw their funds as soon as possible. 

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The decision to shut down comes after BitMEX lost perpetuals business to competing rivals and a new wave of decentralized derivatives markets that have sprung up in recent years.

The wind-down ends an 11-year run for BitMEX, which pioneered modern digital asset derivatives trading.