State of Crypto Perpetual Swaps 2025: What Happened and What’s Next?
The BitMEX State of Crypto Perpetual Swaps 2025 Report is now live, summarising the year’s hardest lessons and outlining the path forward for crypto derivatives markets.
The report uncovers five core insights from the crypto derivatives market in the past year:
How the 10/11 Oct flash crash triggered a record ~$20bn liquidation cascade
The saturation of funding rate arbitrage and why the“risk-free“ crypto yield collapsed
The new meta that emerged, including Equity Perps and Funding Rate Trading.
…and more.
Read the full report here.
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