Since the market sell-off on March 12, the daily trading volume of BitMEX BTC futures has fallen sharply, and it has been surpassed by the three exchanges of Binance, OKEx and Huobi. Skew’s data shows that on April 7, the total trading volume of Bitcoin futures of Binance, Huobi and OKEx were US $ 3.1 billion, US $ 2.6 billion and US $ 2.3 billion respectively, and BitMEX ranked fourth with a trading volume of US $ 2.2 billion . At the same time, the order depth provided by the market maker cannot return to the level before BitMEX. In the fiercely competitive futures market, BitMEX maintains its dominant position because its large amount of liquidity can continue to attract market participants. At present, BitMEX’s liquidity is shrinking and prices have become less favorable, so traders flow to other exchanges.