BitMEX Report Finds Crypto Perpetuals Enter Post-Yield Era

 

 

VICTORIA, Seychelles, Radarseluma.disway.id  -- BitMEX, one of the safest exchanges, today released its end-of-year research report, “State of Crypto Perpetual Swaps 2025,” outlining five core insights that defined a turbulent year for the global Crypto derivatives market. The report examines how structural stress, liquidity shocks and the breakdown of once-reliable trading strategies reshaped perpetual swaps in 2025.

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According to the report, the most significant event of the year was the Oct. 10 to 11 market crash, which triggered an estimated $20 billion liquidation cascade. BitMEX analysis shows that auto-deleveraging mechanisms across multiple exchanges disrupted delta-neutral strategies, forcing professional market makers to reduce liquidity and leaving order books at their thinnest levels since 2022.

 

“2025 marked a turning point where market structure mattered more than market direction,” said Stephan Lutz, CEO of BitMEX. “The events of October showed that even sophisticated, historically neutral strategies can fail when exchange risk engines are stressed, and that resilience now depends on transparent systems and disciplined risk management.”

 

The report also finds that funding rate arbitrage, once considered a reliable source of passive yield, became increasingly crowded. As exchange-native delta-neutral products expanded, funding rates compressed sharply, with yields falling toward 4 percent and often below prevailing U.S. Treasury rates by mid-year.

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Beyond market mechanics, the report highlights a growing trust divide between fair matching exchanges and so-called B-Book platforms. BitMEX researchers observed multiple incidents in which profitable traders faced trade reversals or account restrictions under “abnormal trading” clauses, reinforcing the importance of understanding counterparty risk.

 

“Where traders choose to execute has become as important as the strategy itself,” Lutz said. “As derivatives markets mature, participants are demanding venues that prioritize fair matching, clear rules and accountability, particularly during periods of market stress.”

Sumber: globe newswire