BitMEX Report Finds Crypto Perpetuals Enter Post-Yield Era

BitMEX released its year-end research report, "State of Crypto Perpetual Swaps 2025," highlighting five core insights from a turbulent year in crypto derivatives. A major event was the October 10-11 market crash, causing a $20 billion liquidation cascade that stressed auto-deleveraging mechanisms and thinned liquidity. CEO Stephan Lutz noted that market structure became more critical than market direction, as even sophisticated delta-neutral strategies failed under exchange risk engine stress. Furthermore, funding rate arbitrage, once a reliable yield source, became overcrowded, causing yields to compress toward 4% or below U.S. Treasury rates by mid-year. The report also points to a growing trust divide between fair exchanges and B-Book platforms, emphasizing the importance of counterparty risk. While the era of easy yield is over, BitMEX observes continued innovation, including the rise of perpetual decentralized exchanges and new products like equity perpetuals, signaling an acceleration in derivatives evolution.

(Source：BeInCrypto)