Mahe, Seychelles, June 30, 2025 — Cryptocurrency exchange BitMEX has announced the results of a comprehensive study of XBTUSD, the longest-running Bitcoin perpetual contract, aimed at shedding light on the evolution of the funding rate market. The study, which covers data from May 2016 to May 2025, reveals a significant shift in funding rate patterns, marking a transition from high volatility to unprecedented stability in the market.
Since BitMEX pioneered perpetual swaps in 2016, they have become one of the most traded financial products in the world. A key component of these products is the funding rate, which is a periodic payment between long and short position holders of perpetual swaps to keep the futures price of a token in line with its spot price. The funding rate is critical for identifying market arbitrage opportunities and gauging market sentiment.
This report, which delves into the long history of the BitMEX XBTUSD perpetual contract, reveals several key insights:
● Extreme Funding Rates Plunged 90%: Bitcoin has not had extreme funding rates since 2016, with the probability of extreme funding rates plummeting by a staggering 90%. Notably, the data for 2024-2025 shows remarkable stability, a trend that persists even as the price of Bitcoin breaks through $100,000. This is a clear sign of the maturation of the cryptocurrency market, with Bitcoin moving from a highly speculative asset to a more stable financial instrument.
● Mainstream integration drives stability: The launch of the Bitcoin ETF in January 2024 and the emergence of decentralized finance (DeFi) protocols like Ethena have played a key role in facilitating large-scale arbitrage. These developments further anchor futures prices to spot prices, thereby improving market efficiency.
● Stable funding rate era: The current stable funding rate environment indicates a significant reduction in market volatility. This stability may make Bitcoin a more reliable asset in institutional portfolios and have a broader impact on traditional financial markets.
Stephan Lutz, CEO of BitMEX, said: “Our research highlights a shift in the Bitcoin perpetual futures market. The absence of extreme funding rates on XBTUSD is a testament to the growing maturity and institutional acceptance of cryptocurrencies. As one of the oldest cryptocurrency exchanges, we are excited to share these market insights with our traders and strengthen the crypto industry’s integration into the global financial landscape.”
For more details on the study, click here .
About BitMEX
BitMEX is a pioneering exchange for crypto 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 to a breach or hack, allowing BitMEX users to trade with peace of mind, confident that their funds are safe while ensuring they have access to the products and tools they need to make a profit.
BitMEX was also one of the first exchanges to publish on-chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week - proving that they are securely storing and segregating funds.
For more information about BitMEX, please visit the BitMEX blog or www.bitmex.com , and follow us on Telegram , Twitter , Discord , and the online community . For further inquiries, please contact press@bitmex.com.
