New BitMEX research shows funding rates stay positive 92% of the time, driven by structural market forces shaping perpetual swap dynamics.
BitMEX released a new study titled “The Anchor and the Ceiling: Understanding the Structure of Funding Rates,” revealing that cryptocurrency funding rates remain positive 92% of the time due to two structural market forces.
Since BitMEX conceptualised perpetual swaps nine years ago, the crypto derivatives market has undergone significant evolution. Dedicated funding rate trading markets have now emerged, allowing traders to speculate on the mechanics behind perpetual contracts.
Funding rates have become key indicators of market structure and efficiency, offering insights that extend beyond price sentiment.
Key Findings
The study, which analysed data from Q3 2025 across BitMEX, Binance, and Hyperliquid, uncovered three central findings:
First, the perpetual swap’s built-in interest component acts as a gravitational pull towards the baseline rate of 0.01%. Funding rates were positive for over 92% of the quarter.
Second, inflows of institutional capital create a ceiling for funding rates by shorting overvalued contracts, rapidly compressing rates back to the baseline and ensuring extreme spikes remain temporary.
Third, BitMEX had one of the most stable and predictable funding rates for both BTC and ETH, maintaining exactly 0.01% for 78.19% and 87.52% of Q3, respectively.
“As the inventors of the perpetual swap, we are witnessing its next major evolution – the rise of funding rate trading,” said Stephan Lutz, CEO of BitMEX. “Our latest research moves beyond market sentiment to reveal the core mechanics driving this market. The ‘anchor’ and ‘ceiling’ are not theories; they are structural forces that create high-probability trading opportunities.”
Read the full report here.
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