Odaily Planet Daily News: BitMEX today released its research report "Anchors and Caps: Understanding the Structure of Funding Rates," revealing that two structural forces are dominating the cryptocurrency market, causing funding rates to remain positive as much as 92% of the time. Once the rates exceed the baseline of 0.01%, they usually fall back quickly.

The report details how cryptocurrency traders can exploit this predictable dynamic to develop complex, market structure-based trading strategies.

The study analyzed data from BitMEX, Binance, and Hyperliquid through the third quarter of 2025 and revealed several key insights:

A structural "anchor" stabilizes funding rates at 0.01%. The perpetual swap funding rate calculation formula includes an interest component, which acts like a gravitational pull toward the 0.01% baseline. Data shows that even with contracts trading at a slight discount, funding rates were positive over 92% of the time in the third quarter of 2025.

- Arbitrage "ceilings" limit extreme spikes: The massive influx of institutional capital sets a hard cap on funding rates. This capital is quickly used to short high-premium contracts, pushing rates back down to the baseline. This ensures that extremely high positive funding rates are short-lived and unstable.

BitMEX Leads in Funding Rate Stability: Analysis confirms that BitMEX exhibits the most stable and predictable funding rates for both BTC and ETH. During the quarter, BTC's funding rate remained precisely within 0.01% 78.19% of the time, while ETH's was 87.52%. This demonstrates that BitMEX is an efficient market, with its perpetual swaps consistently and closely tracking spot prices. In contrast, platforms like Hyperliquid exhibit significantly higher volatility.