Cryptocurrency exchange BitMEX has announced the release of comprehensive research results on XBTUSD (the longest-running Bitcoin perpetual contract), aimed at elucidating the evolution of the funding rate market. This study covers data from May 2016 to May 2025, revealing significant changes in funding rate patterns, marking the market's transition from high volatility to unprecedented stability.
Since BitMEX pioneered perpetual contracts in 2016, they have become one of the most traded financial products globally. The funding rate is a key component of these products, representing the periodic payments made between long and short position holders in perpetual contracts, aimed at aligning the futures price of the token with its spot price. The funding rate is crucial for identifying market arbitrage opportunities and measuring market sentiment.
This in-depth report on the long history of the BitMEX XBTUSD perpetual contract reveals several key insights:
Extreme funding rate drops by 90%: Since 2016, Bitcoin has no longer experienced extreme funding rates, with the occurrence probability of extreme funding rates plummeting by an astonishing 90%. Notably, data from 2024-2025 shows significant stability, even as Bitcoin prices surpass $100,000, indicating that this trend continues. This clearly demonstrates the maturation of the cryptocurrency market, with Bitcoin transitioning from a highly speculative asset to a more stable financial instrument.
Mainstream integration drives stability: The launch of Bitcoin ETFs in January 2024, along with the emergence of decentralized finance (DeFi) protocols like Ethena, has played a key role in facilitating large-scale arbitrage. These developments further anchor futures prices to spot prices, thereby enhancing market efficiency.
Era of stable funding rates: The current stable funding rate environment signifies a substantial reduction in market volatility. This stability may make Bitcoin a more reliable asset in institutional portfolios and have broader implications for traditional financial markets.
BitMEX CEO Stephan Lutz stated, “Our research highlights the transformation of the Bitcoin perpetual contract market. There are no longer extreme funding rates on XBTUSD, confirming the growing maturity and institutional acceptance of cryptocurrencies. As one of the longest-standing cryptocurrency exchanges, we are pleased to share these market insights with our traders and strengthen the integration of the crypto industry with the global financial landscape.”
For more details on the research, please click here.
About BitMEX
BitMEX is a pioneering exchange for cryptocurrency derivatives trading, providing a platform that meets the needs of professional cryptocurrency traders through low latency, deep crypto-native liquidity, and unparalleled reliability.
Since its inception, BitMEX has never lost any cryptocurrency due to breaches or hacks, allowing BitMEX users to trade with peace of mind, confident that their funds are secure. At the same time, it ensures they have access to the products and tools they need to profit.
BitMEX is also one of the first exchanges to publish on-chain proof of reserves and proof of liabilities data. The exchange continues to release this data twice a week - proving that they securely store and segregate client funds.
For more information about BitMEX, please visit the BitMEX Blog or www.bitmex.com, and follow them on Telegram, Twitter, Discord, and their online community. For further inquiries, please contact press@bitmex.com.
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