BitMEX Report: Cryptocurrency Perpetual Contracts Enter the "Post-Yield Era"

Mahé, Seychelles, January 8, 2026 — BitMEX, the most secure cryptocurrency derivatives exchange, today released its annual research report, "The State of Crypto Perps 2025." The report outlines five key insights that defined a tumultuous year for the global crypto derivatives market.

The report provides an in-depth analysis of how structural pressures, liquidity shocks, and the failure of trading strategies once deemed "reliable" reshaped the Perpetual Swaps market throughout 2025.

According to the report, the most significant event of the year was the market crash on October 10-11, which triggered a cascade of liquidations valued at approximately $20 billion. BitMEX's analysis shows that the Auto-Deleveraging (ADL) mechanisms triggered on multiple exchanges disrupted delta-neutral strategies, forcing professional market makers to drastically reduce liquidity. This caused order book depth to plummet to its lowest levels since 2022.

"2025 was a turning point where market structure exerted more influence than market direction," said Stephan Lutz, CEO of BitMEX. "The events in October demonstrated that even sophisticated, historically neutral strategies can fail when exchange risk engines are under pressure. Market resilience now depends on transparent systems and rigorous risk management."

The report also notes that funding rate arbitrage, once considered a reliable source of passive yield, became increasingly crowded. As exchange-native delta-neutral products expanded, funding rates narrowed significantly; by mid-year, their yields had fallen to around 4%, often below the prevailing US Treasury rates at the time.

Beyond market mechanics, the report highlights the growing trust gap between fair-matching exchanges and so-called "B-Book" platforms. BitMEX researchers observed multiple incidents where profitable traders faced order cancellations or account restrictions under "abnormal trading" clauses. This further underscores the importance of understanding counterparty risk.

"Where traders choose to execute has become as important as the strategy itself," said Lutz. "As the derivatives market matures, participants are demanding venues that prioritize fair matching, clear rules, and accountability, especially during periods of market stress."

The report also examines the rise of perpetual decentralized exchanges (DEXs), pointing out that increased innovation has brought new vulnerabilities, such as targeted liquidation attacks and oracle manipulation. Concurrently, BitMEX identified emerging product categories, including equity perpetuals and funding rate trading, as signs of the ongoing evolution in the derivatives space. Earlier this week, BitMEX launched Equity Perps, providing traders with 24/7 access to 10 US stocks and indices.

Looking ahead, BitMEX believes the era of easy profits is over, but innovation in product design and market structure is accelerating. The company anticipates continued convergence between crypto and traditional markets, with derivatives increasingly used as tools for round-the-clock exposure to global assets.

The full "The State of Crypto Perps 2025" report is available on the BitMEX official blog.

About BitMEX

BitMEX is a pioneer exchange for crypto derivatives trading, offering professional crypto traders a platform that meets their needs through low latency, deep crypto-native liquidity, and unparalleled reliability.

Since its inception, BitMEX has never lost any cryptocurrency to intrusion or hacking, enabling BitMEX users to trade with peace of mind, confident that their funds are secure. It also ensures they have access to the products and tools needed to be profitable.

BitMEX was also one of the first exchanges to publish Proof of Reserves and Proof of Liabilities data on-chain. The exchange continues to publish this data twice weekly—demonstrating that they securely store and custody funds in segregated accounts.

For more information about BitMEX, please visit the BitMEX Blog or www.bitmex.com, and follow their Telegram, Twitter, Discord, and online communities. For further inquiries, please contact press@bitmex.com.