[PRESS RELEASE – Mahe, Seychelles, October 14th, 2025]

BitMEX, one of the most secure cryptocurrency exchanges, shared insights from its report, The Anchor and the Ceiling: Understanding the Structure of Funding Rates, which indicates that two primary forces keep cryptocurrency funding rates positive 92% of the time, with rates above the 0.01% baseline being short-lived. The report suggests that traders could capitalize on this pattern to implement advanced trading strategies.

Over the last nine years, since BitMEX introduced the perpetual swap, the cryptocurrency market landscape has dramatically transformed. Dedicated funding rate trading markets have emerged, enabling speculation on underlying market dynamics. Funding rates, which represent the periodic payments that maintain the alignment between futures and spot prices, have developed into a crucial market structure indicator that provides deeper insights beyond mere price sentiment.

The research analyzed data from Q3 2025 across BitMEX, Binance, and Hyperliquid, revealing several key findings:

• The Structural ‘Anchor’ Keeps Funding Rates at 0.01%: The perpetual swap funding formula includes an inherent interest component that nudges towards a baseline of 0.01%. Data reflects that funding rates remained positive over 92% of Q3 2025, even amid contracts trading at a small discount.
• The Arbitrage ‘Ceiling’ Caps Extreme Spikes: Significant institutional investments impose a ceiling on funding rates. These flows swiftly short high-premium contracts, driving rates back to the baseline and ensuring that extreme positive funding rates are fleeting and unstable.
• BitMEX Leads in Funding Rate Stability: The findings confirmed that BitMEX displayed the most consistent and predictable funding rates for both BTC and ETH, with the rate being 0.01% for 78.19% of the quarter for BTC and 87.52% for ETH. This indicates a highly efficient market where perpetuals consistently align with spot prices. Conversely, platforms like Hyperliquid exhibited much greater volatility.

“As the inventors of the perpetual swap, we are witnessing its next major evolution – the rise of funding rate trading,” said Stephan Lutz, CEO of BitMEX. “Our latest research moves beyond market sentiment to reveal the core mechanics driving this market. The ‘anchor’ and ‘ceiling’ are not theories; they are structural forces that create high-probability trading opportunities. This study underscores a new level of market maturity, where understanding the architecture is the key to success.”

Further details about the study can be accessed here.

About BitMEX

BitMEX is the original cryptocurrency derivatives exchange, designed for professional crypto traders. It offers a platform tailored to meet their specific needs, characterized by low latency, deep crypto-native liquidity, and outstanding reliability.

Since its inception, BitMEX has maintained a flawless record regarding security, ensuring that no cryptocurrency has ever been compromised through hacking. Users can trade with peace of mind, knowing their funds are safeguarded, and they have access to the necessary tools to achieve profitability.

Additionally, BitMEX was one of the first exchanges to release their on-chain Proof of Reserves and Proof of Liabilities data, regularly publishing this information bi-weekly to guarantee the safety and segregation of entrusted funds.