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CORRECTING and REPLACING – BitMEX Report Finds Crypto Perpetuals Enter Post-Yield Era

In a release issued under the same headline earlier today by BitMEX, please note that the link to the blog in the ninth paragraph has changed. The corrected release follows:

VICTORIA, Seychelles, Jan. 08, 2026 (GLOBE NEWSWIRE) — BitMEX, one of the safest exchanges, today released its end–of–year research report, “State of Crypto Perpetual Swaps 2025,” outlining five core insights that defined a turbulent year for the global crypto derivatives market. The report examines how structural stress, liquidity shocks and the breakdown of once–reliable trading strategies reshaped perpetual swaps in 2025.

According to the report, the most significant event of the year was the Oct. 10 to 11 market crash, which triggered an estimated $20 billion liquidation cascade. BitMEX analysis shows that auto–deleveraging mechanisms across multiple exchanges disrupted delta–neutral strategies, forcing professional market makers to reduce liquidity and leaving order books at their thinnest levels since 2022.

“2025 marked a turning point where market structure mattered more than market direction,” said Stephan Lutz, CEO of BitMEX. “The events of October showed that even sophisticated, historically neutral strategies can fail when exchange risk engines are stressed, and that resilience now depends on transparent systems and disciplined risk management.”

The report also finds that funding rate arbitrage, once considered a reliable source of passive yield, became increasingly crowded. As exchange–native delta–neutral products expanded, funding rates compressed sharply, with yields falling toward 4 percent and often below prevailing U.S. Treasury rates by mid–year.

Beyond market mechanics, the report highlights a growing trust divide between fair matching exchanges and so–called B–Book platforms. BitMEX researchers observed multiple incidents in which profitable traders faced trade reversals or account restrictions under “abnormal trading” clauses, reinforcing the importance of understanding counterparty risk.

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

The report also examines the rise of perpetual decentralized exchanges, noting increased innovation alongside new vulnerabilities such as targeted liquidation attacks and oracle manipulation. At the same time, BitMEX identifies emerging product categories, including equity perpetuals and funding rate trading, as signs of continued evolution in the derivatives landscape. Earlier this week, it launched Equity Perps, giving traders 24/7 access to 10 US stocks and indices.

Looking ahead, BitMEX concludes that the era of easy yield has ended, but that innovation in product design and market structure is accelerating. The firm expects continued convergence between crypto and traditional markets, with derivatives increasingly used to access global assets on a 24/7 basis.

The full “State of Crypto Perpetual Swaps 2025” report is available on the BitMEX blog.

About BitMEX

BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs with low latency, deep crypto native and especially BTC liquidity, and unmatched reliability.

Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade with confidence that their funds are secure and that they have access to the products and tools required to be profitable.

BitMEX was also among 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, providing assurance that customer funds are safely stored and segregated.

For more information, users can visit the BitMEX Blog or www.bitmex.com and follow Discord, Telegram and Twitter.

Media Contact
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15fba643–2895–44b6–9a8d–2beeae86f7a9


GLOBENEWSWIRE (Distribution ID 1001158333)

BitMEX Report Finds Crypto Perpetuals Enter Post-Yield Era

VICTORIA, Seychelles, Jan. 08, 2026 (GLOBE NEWSWIRE) — BitMEX, one of the safest exchanges, today released its end–of–year research report, “State of Crypto Perpetual Swaps 2025,” outlining five core insights that defined a turbulent year for the global crypto derivatives market. The report examines how structural stress, liquidity shocks and the breakdown of once–reliable trading strategies reshaped perpetual swaps in 2025.

According to the report, the most significant event of the year was the Oct. 10 to 11 market crash, which triggered an estimated $20 billion liquidation cascade. BitMEX analysis shows that auto–deleveraging mechanisms across multiple exchanges disrupted delta–neutral strategies, forcing professional market makers to reduce liquidity and leaving order books at their thinnest levels since 2022.

“2025 marked a turning point where market structure mattered more than market direction,” said Stephan Lutz, CEO of BitMEX. “The events of October showed that even sophisticated, historically neutral strategies can fail when exchange risk engines are stressed, and that resilience now depends on transparent systems and disciplined risk management.”

The report also finds that funding rate arbitrage, once considered a reliable source of passive yield, became increasingly crowded. As exchange–native delta–neutral products expanded, funding rates compressed sharply, with yields falling toward 4 percent and often below prevailing U.S. Treasury rates by mid–year.

Beyond market mechanics, the report highlights a growing trust divide between fair matching exchanges and so–called B–Book platforms. BitMEX researchers observed multiple incidents in which profitable traders faced trade reversals or account restrictions under “abnormal trading” clauses, reinforcing the importance of understanding counterparty risk.

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

The report also examines the rise of perpetual decentralized exchanges, noting increased innovation alongside new vulnerabilities such as targeted liquidation attacks and oracle manipulation. At the same time, BitMEX identifies emerging product categories, including equity perpetuals and funding rate trading, as signs of continued evolution in the derivatives landscape. Earlier this week, it launched Equity Perps, giving traders 24/7 access to 10 US stocks and indices.

Looking ahead, BitMEX concludes that the era of easy yield has ended, but that innovation in product design and market structure is accelerating. The firm expects continued convergence between crypto and traditional markets, with derivatives increasingly used to access global assets on a 24/7 basis.

The full “State of Crypto Perpetual Swaps 2025” report is available on the BitMEX blog.

About BitMEX

BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs with low latency, deep crypto native and especially BTC liquidity, and unmatched reliability.

Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade with confidence that their funds are secure and that they have access to the products and tools required to be profitable.

BitMEX was also among 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, providing assurance that customer funds are safely stored and segregated.

For more information, users can visit the BitMEX Blog or www.bitmex.com and follow Discord, Telegram and Twitter.

Media Contact
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15fba643–2895–44b6–9a8d–2beeae86f7a9


GLOBENEWSWIRE (Distribution ID 1001158221)

BitMEX Launches Equity Perps for 24/7 Stock Trading

VICTORIA, Seychelles, Jan. 06, 2026 (GLOBE NEWSWIRE) — BitMEX, one of the safest exchanges, today announced the launch of Equity Perps, a new derivatives product that allows traders to gain exposure to major U.S. stocks and equity indices using cryptocurrency as collateral. The launch expands BitMEX’s product suite beyond crypto–native markets, enabling 24/7 trading on traditional equity benchmarks, including when U.S. stock markets are closed.

Equity Perps are cash–settled perpetual swap contracts that track the price of individual U.S. stocks or indices and do not have an expiry date. Similar to BitMEX’s existing crypto perpetuals, the contracts use a funding rate mechanism to anchor prices to the underlying reference index. Traders can take long or short positions with up to 20x leverage, using assets such as Bitcoin or Tether as margin collateral.

“Equity Perps give traders a more flexible way to access U.S. equity markets using crypto,” said Stephan Lutz, CEO of BitMEX. “By removing traditional market hours and allowing crypto collateral, we are extending our derivatives expertise to a broader set of global markets while maintaining the reliability and performance BitMEX is known for.”

At launch, Equity Perps are available on a selection of widely traded U.S. stocks and indices, including Amazon, Apple, Circle, Coinbase, Meta, Nvidia, Robinhood, Tesla, the S&P 500, and the Nasdaq. BitMEX plans to expand the range of available contracts over time. Trading is open 24/7, with index pricing during U.S. market hours based primarily on real–time equity prices and, outside those hours, supported by tokenized spot prices from multiple exchanges.

All Equity Perps trades on BitMEX feature a maker rebate of 2.5 basis points and a taker fee of 7.5 basis points. Funding is exchanged every eight hours, consistent with BitMEX’s existing perpetual swap products, regardless of U.S. equity market hours. In the event of corporate actions such as stock splits, affected contracts will be settled early and relisted once the action is complete.

To mark the launch, BitMEX is offering a 70,000 USDT prize pool for eligible users who trade Equity Perps, alongside maker rebates on all Equity Perps contracts. Additional educational resources and product guides are available through the BitMEX website and blog.

About BitMEX

BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs with low latency, deep crypto native and especially BTC liquidity and unmatched reliability.

Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade with confidence that their funds are secure and that they have access to the products and tools required to be profitable.

BitMEX was also among 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, providing assurance that customer funds are safely stored and segregated.

For more information, users can visit the BitMEX Blog or www.bitmex.com and follow Discord, Telegram and Twitter. For further inquiries, please contact [email protected].

Media Contact

BitMEX Press

[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d4b16bbb–2799–4091–a181–bab1f01bde72


GLOBENEWSWIRE (Distribution ID 1001157828)

BitMEX Launches Year-End Gala: Win from a 3.5 BTC Prize Pool

VICTORIA, Seychelles, Dec. 18, 2025 (GLOBE NEWSWIRE) — BitMEX, one of the safest crypto exchanges, announced today the launch of its Year End Gala, allowing traders to compete for their share of a 3 BTC prize pool, in addition to 0.5 BTC in bonus rewards with 5 Sony Playstation 5 Pros available through a lucky draw.

The competition will run from 18 December 2025 at 12:00 AM (UTC) to 16 January 2026 at 11:59 PM (UTC). Users can participate in the competition anytime during the campaign period.

Rewards will be distributed across three leaderboards:

  • Highest Trading Volume: 80% of the total prize pool will be shared by the Top 100 Traders ranked by trading volume
  • Highest PnL: 10% of the total prize pool will be shared by the Top 100 Traders ranked by PnL
  • Highest ROI%: 10% of the total prize pool will be shared by the Top 100 Traders ranked by ROI%

To participate in the Year End Gala, traders must be fully verified on BitMEX. Competition details and registration can be found here.

About BitMEX
BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs through low latency, deep crypto native liquidity and unmatched reliability.

Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade safely in the knowledge that their funds are secure. So too that they have access to the products and tools they require to be profitable.

BitMEX was also one of the first exchanges to publish their on–chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week – proving assurance that they safely store and segregate the funds they are entrusted with.

For more information on BitMEX, please visit the BitMEX Blog or www.bitmex.com, and follow Telegram, Twitter, Discord, and its online communities. For further inquiries, please contact [email protected].

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ef08295d–3360–4fa7–b386–773da118a2fe


GLOBENEWSWIRE (Distribution ID 1001145583)

BitMEX Debuts New Mobile Trading Experience With Intuitive Design and Controls

VICTORIA, Seychelles, Dec. 11, 2025 (GLOBE NEWSWIRE) — BitMEX, one of the safest crypto exchanges, today announced significant upgrades to its mobile app, introducing a redesigned interface and new interaction model intended to support faster, clearer and more intuitive crypto derivatives trading on the go. The update delivers a streamlined user experience that prioritizes instant reactions, simplified order flows and improved access to essential trading tools.

“The redesigned BitMEX Mobile app represents an important step in our commitment to provide traders with faster, clearer, and more intuitive tools,” said Stephan Lutz, CEO of BitMEX. “We built this experience to match the pace and precision our users demand, and to simplify how they interact with the full power of BitMEX.”

The upgraded BitMEX Mobile app features a lighter, more focused UI that highlights the information hierarchy and reduces visual noise. Traders can now use faster gesture–driven controls, including “Swipe to Close,” which lets users close positions with a single movement. The Quick Trade flow has also been redesigned to help users enter the market with fewer taps and greater clarity.

Additional enhancements include a simplified KYC process, one–click fiat–to–crypto purchases and improved navigation of markets and account actions through gesture–based controls. Users can access more than 80 derivatives contracts with low latency along with trading bots, copy trading capabilities, instant crypto purchases, and zero fee crypto conversions.

“We see mobile trading as central to the future of derivatives markets,” Lutz said. “Derivatives trading relies on precision and fast decision making, and a well designed mobile experience can support that. This upgrade lays the groundwork for a smarter and more seamless environment, and we will continue to refine every detail that helps traders act with confidence in real time.

The relaunch of the BitMEX Mobile app marks the first step in a broader series of product improvements that will roll out over the coming months. BitMEX will continue to focus on enhancing execution, simplifying complexity, and expanding access to advanced trading tools for users worldwide. More details on the new changes can be found here.

About BitMEX

BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs with low latency, deep crypto native and especially BTC liquidity and unmatched reliability.

Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade with confidence that their funds are secure and that they have access to the products and tools required to be profitable.

BitMEX was also among 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, providing assurance that customer funds are safely stored and segregated.

For more information, users can visit the BitMEX Blog or www.bitmex.com and follow Discord, Telegram and Twitter. For further inquiries, please contact [email protected].

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cfa3be3b–d50d–4689–949a–309da56f286f


GLOBENEWSWIRE (Distribution ID 1001144248)

BitMEX Integrates Mercuryo On-ramp to Introduce Fiat-to-Crypto Conversion

VICTORIA, Seychelles, Dec. 09, 2025 (GLOBE NEWSWIRE) — BitMEX, one of the safest crypto exchanges, announced today the launch of fiat–to–crypto on–ramps on its platform through a partnership with Mercuryo, a global payment infrastructure platform. The introduction of this feature will enable users on the exchange to purchase cryptocurrency using a variety of fiat currencies.

The availability of Mercuryo’s on–ramps on BitMEX will simplify the onboarding of new users, streamlining the process of converting fiat assets such as USD into digital tokens to use for trading on the platform.

Payment methods accepted via the BitMEX–Mercuryo integration include credit cards, bank transfer, Apple Pay, and Google Pay. More than 30 fiat currencies are supported through the integration, available to traders in all eligible jurisdictions*.

The integration will allow user accounts to be credited with their chosen cryptocurrency in a matter of minutes. With the payment gateway directly integrated into BitMEX, users can convert their fiat into crypto to support their trading on BitMEX’s spot and futures markets, including bitcoin (BTC), Ethereum (ETH) and Solana (SOL).

“The integration of Mercuryo’s on–ramps on the BitMEX platform provides our users with a robust and intuitive means of converting fiat into the cryptocurrency of their choice,” said Raphael Polansky, Chief Growth Officer at BitMEX. “The user experience (UX) is everything in crypto and Mercuryo has proven expertise in delivering an optimum on–ramp experience.”

“The integration of Mercuryo’s on–ramps gives BitMEX traders the convenience of a trusted gateway wrapped in a familiar interface,” said Petr Kozyakov, Co–Founder and CEO at Mercuryo. “This is an important step towards enhancing the trading experience for millions of BitMEX’s global users.”

For more information on the new fiat–to–crypto conversion feature on BitMEX, visit this page.

About BitMEX

BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs through low latency, deep crypto native liquidity and unmatched reliability.

Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade safely in the knowledge that their funds are secure. So too that they have access to the products and tools they require to be profitable. BitMEX was also one of the first exchanges to publish their on–chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week – proving assurance that they safely store and segregate the funds they are entrusted with.

For more information on BitMEX, please visit the BitMEX Blog or www.bitmex.com, and follow Telegram, Twitter, Discord, and its online communities. For further inquiries, please contact [email protected].

About Mercuryo

Mercuryo is a first–mover and innovator in the fast–evolving Web3 space, providing a variety of payment solutions along with integrated on–chain functionality. Mercuryo's intuitive solutions are simplifying the experience for newcomers to the digital token space. Since 2018, Mercuryo has proudly partnered with industry leaders such as MetaMask, Trust Wallet, Ledger, 1inch, PancakeSwap, and more, with plans to expand further as we continue to innovate with our stack of products.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/39a40ee5–a009–459b–ac18–6613dfa7080b


GLOBENEWSWIRE (Distribution ID 1001143814)

BitMEX Launches the ‘BitMEX Legends’ Campaign With a 5 BTC Prize Pool to Celebrate 11-Year Anniversary

VICTORIA, Seychelles, Nov. 25, 2025 (GLOBE NEWSWIRE) — BitMEX, one of the safest crypto exchanges, recently announced the launch of the ‘BitMEX Legends,’ a global campaign featuring a 5 BTC and 100,000 USDT prize pool to celebrate its 11–year anniversary.

The campaign, which began on 24 November, is available to new, existing, and returning traders on BitMEX. Key highlights of the campaign include:

  • BitMEX Legends Showdown Trading Competition: Users must aim for the highest trading volume, PnL and ROI% to win their share of a 5 BTC prize pool.
  • 11 Missions For 11 Days: By completing daily trading tasks, eligible users can claim up to 121 BMEX across 11 days.
  • 50,000 USDT Referral Bonus: Users must refer friends to sign up for a BitMEX account and place their first trade to win from a 50,000 USDT prize pool.

As an ode to the crypto trading community, BitMEX is also introducing the 11 BitMEX Legends; a list of top traders in BitMEX history commemorated for their influence on the platform and broader industry. From 25 November for 11 days, BitMEX will reveal the identity of each chosen trader on their website.

To participate in the BitMEX Legends campaign, new customers must successfully sign up for a BitMEX account and complete their KYC process. Detailed information on the tasks and rewards can be found here.

Traders interested in joining the BitMEX Legends Showdown Trading Competition can do so here.

About BitMEX
BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs through low latency, deep crypto native liquidity and unmatched reliability.

Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade safely in the knowledge that their funds are secure. So too that they have access to the products and tools they require to be profitable. BitMEX was also one of the first exchanges to publish their on–chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week – proving assurance that they safely store and segregate the funds they are entrusted with.

For more information on BitMEX, please visit the BitMEX Blog or www.bitmex.com, and follow Telegram, Twitter, Discord, and its online communities. For further inquiries, please contact [email protected].

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4681eb0d–f9ea–4005–b4af–b90499b1e142


GLOBENEWSWIRE (Distribution ID 1001140826)

BitMEX Turns 11 – The Exchange that Taught Crypto How to Trade

VICTORIA, Seychelles, Nov. 24, 2025 (GLOBE NEWSWIRE) — BitMEX, the exchange that helped define modern crypto trading, marks its 11–year anniversary today with a bold celebration of the traders who helped shape the exchange and the industry since 2014. As part of the milestone, BitMEX is releasing “11 Insights from 11 Years of Experience,” a curated set of hard–earned lessons from more than a decade at the frontier of digital asset markets.

11 Years of being Big and Bold: How BitMEX Helped Build Modern Crypto Trading
BitMEX’s story is linked with the history of crypto itself. From inventing the world’s first perpetual swap and being the first to introduce 100x leverage, to being one of the earliest advocates for Proof of Reserves, BitMEX has been consistently ahead of the curve. As the market evolved through cycles, narratives, and reinventions, BitMEX stayed grounded in its founding principles: build for traders, not hype. Today, BitMEX continues pushing that mission forward – expanding access to professional tools including Copy Trading, Trading Bots, and advanced derivatives – whilst upholding its commitments to transparency, resilience, and technical excellence.

“BitMEX has weathered every cycle because we built on principles, not trends,” said Stephan Lutz, CEO of BitMEX. “In my three years as CEO, I’ve watched the market reinvent itself again and again. Many exchanges have risen and fallen and we’ve seen many things change, but BitMEX has always stayed true to its DNA. We’ve remained principled, resilient, and trader–first, and I’ve never been prouder to lead this company. The last few years have shown me that when the market gets loud, traders return to the platforms that are steady, neutral, and battle–tested. I’m proud of what my team has achieved and incredibly excited about what comes next.”

11 Insights from 11 Years: What a Decade on the Frontline Has Taught Us
BitMEX is celebrating its anniversary by consolidating a decade of hard lessons, market scars, and engineering breakthroughs into 11 key insights – a candid look at what really matters in crypto trading. The highlights include:
1.   It’s always been about Bitcoin.

Every cycle reinforces the same truth: Bitcoin is still the only asset to consistently surpass its previous all–time highs, driven by its immaculate monetary design and decentralised origins.

2.   Perpetual swaps are the greatest finance invention in the 21st century.

Before BitMEX created the perpetual swap, crypto derivatives were broken toys. The perps solved the fundamental limitations of traditional futures and became the most traded product in crypto. Real innovation endures.

3.   Security isn’t a product — it’s a practice. You can’t buy trust. You have to earn it every day.

BitMEX’s 100% cold–storage, multi–signature withdrawal model was slow and inconvenient but that is exactly why it worked. After 11 years, the lesson remained the same: security isn’t just a feature but a philosophy backed by non–negotiable trade–offs.

4.   Are you trading the market or the house?

Many exchanges still run internal market–making desks – a structural conflict that gives them visibility into customer flow and liquidation levels. BitMEX was built differently: no prop trading or no internal desks. A neutral venue remains the only fair venue.

5.   Crypto remains a fragmented market.

The crypto market isn’t a unified pool, it’s a patchwork of liquidity silos. As we highlighted in our Q1 2025 Derivatives Report, some exchanges list tokens that peak on Day 1 and collapse immediately after. BitMEX’s listing strategy consistently shows stronger, more sustainable performance because real markets require real liquidity.

6.   The real risk isn't liquidation. It's Auto–Deleveraging.

Liquidation is predictable; ADL isn’t. When markets crash faster than the insurance fund can respond, profitable traders can still be force–closed. BitMEX’s ADL system does not privilege any trader in the queue, results of years of engineering to ensure fairness under stress.

7.   Fair Price Marking: The shield for perp traders against market manipulation.

BitMEX pioneered the concept of Fair Price Marking, which protects traders positions by anchoring Mark Prices to a hybrid composite index rather than a single source. To move that price, manipulators would need to crash the global spot market, not just a single venue. It’s the ultimate defence for high–leverage traders.

8.   Leverage is freedom.

BitMEX introduced 100x leverage but paired it with non–recourse liquidation, meaning traders can never lose more than their posted collateral. It democratised access to position sizes previously reserved for institutions, while demanding a level of discipline and precision most traders underestimate.

9.   The Bitcoin 4–Year Cycle isn’t dead.

As outlined in our recent article, “Four–Year Cycles Aren't Dead”, every cycle births a new “this time is different” narrative, but leverage, human psychology, and halving–driven supply constraints continue to reset the market in predictable waves. The ETF era hasn’t changed the underlying plumbing, the cycle is alive and functioning exactly as designed.

10.   Be careful of the high–yield stablecoin trap.

Some “stablecoins” are not stable; rather, they’re leveraged yield schemes waiting to implode. Terra/LUNA, xUSD, and USDX all followed the same pattern: artificial yields masked unsustainable mechanics. High yield is always a warning label, not a feature.

11.   Don't confuse the wrapper with the asset.

ETFs, digital asset treasuries, and structured wrappers offer new access but come with fees, incentives, and premium/discount dynamics that often cause them to underperform the crypto they track. The wrapper is a business; the asset is the asset. Traders must know the difference.

Please see the full report linked here.

About BitMEX

BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs with low latency, deep crypto native and especially BTC liquidity and unmatched reliability.

Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade safely in the knowledge that their funds are secure. So too that they have access to the products and tools they require to be profitable.

BitMEX was also one of the first exchanges to publish their on–chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week – proving assurance that they safely store and segregate the funds they are entrusted with.

For more information on BitMEX, please visit the BitMEX Blog or www.bitmex.com, and follow Discord, Telegram and Twitter. For further inquiries, please contact [email protected].


GLOBENEWSWIRE (Distribution ID 1001140544)

BitMEX Reduces Spot Fees by 50% and Introduces Maker Rebates, Paying Traders to Provide Liquidity

VICTORIA, Seychelles, Oct. 21, 2025 (GLOBE NEWSWIRE) — BitMEX, one of the safest crypto exchanges, announced today a major upgrade to its Spot trading fee structure, featuring a 50% reduction in fees and up to 0.015% in rebates. The new model is designed to aggressively reward traders and provide community support following the recent market crash, establishing one of the most competitive fee structures in the industry.

Trading fees are a critical component of a trader's profitability, directly impacting returns on every transaction. By fundamentally lowering the cost to trade, BitMEX aims to maximise efficiency and profitability for its users, from beginners to high–volume institutional clients.

The new fee structure, effective immediately, introduces several transformative changes:

  • Spot Fees Reduced by 50% for All: Standard Maker and Taker fees have been reduced from 0.1000% to 0.0500%. This change grants all regular users the highly competitive rates previously reserved for top–tier VIPs.
  • 'Get Paid to Trade' with Maker Rebates: All VIP traders will receive maker rebates for providing liquidity. The programme offers rebates of up to –0.0150%, meaning BitMEX now pays its highest–volume market makers to trade on the platform.
  • Immediate Support for the Trading Community: Launched in response to recent historic market volatility, this initiative is designed to provide immediate relief and support, helping traders accelerate their recovery and maximise future opportunities.

All changes to the BitMEX Spot trading fee structure can be viewed here.

“In the wake of unprecedented market events, our priority is to provide tangible support to our trading community,” said Stephan Lutz, CEO of BitMEX. “This new fee structure is a fundamental shift to reward every trader on our platform. By offering some of the lowest fees and highest rebates in the industry, we are reaffirming our commitment to making BitMEX the most efficient and profitable exchange for spot trading.”

More details about the new fee structure can be found here.

About BitMEX
BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs through low latency, deep crypto native liquidity and unmatched reliability.

Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade safely in the knowledge that their funds are secure. So too that they have access to the products and tools they require to be profitable.

BitMEX was also one of the first exchanges to publish their on–chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week – proving assurance that they safely store and segregate the funds they are entrusted with.

For more information on BitMEX, please visit the BitMEX Blog or www.bitmex.com, and follow Telegram, Twitter, Discord, and its online communities. For further inquiries, please contact [email protected].

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3c49a619–1644–4c82–920b–07ad245d534a


GLOBENEWSWIRE (Distribution ID 1001134129)

BitMEX Study Finds Cryptocurrency Funding Rates Positive 92% of the Time, Revealing a Structural Market Bias

VICTORIA, Seychelles, Oct. 14, 2025 (GLOBE NEWSWIRE) — BitMEX, one of the safest crypto exchanges, announced today the findings of its study, “The Anchor and the Ceiling: Understanding the Structure of Funding Rates,” which reveals that two structural forces are driving cryptocurrency funding rates to remain positive 92% of the time and that rates above the 0.01% baseline are often short–lived. The report outlines how crypto traders can leverage this predictable dynamic to adopt sophisticated, structure–based trading.

Since BitMEX invented the perpetual swap nine years ago, the market has evolved significantly. Now, dedicated funding rate trading markets are emerging, allowing traders to speculate on the market's underlying mechanics. Funding rates, the periodic payments that keep futures prices aligned with spot prices, have become a key indicator of market structure, offering insights that go beyond simple price sentiment.

The study, which analysed data from Q3 2025 across BitMEX, Binance, and Hyperliquid, uncovered several key insights:

  • The Structural 'Anchor' Keeps Funding Rates at 0.01%: The perpetual swap funding formula has a built–in interest component that acts as a gravitational pull towards a baseline rate of 0.01%. Data shows funding rates were positive for over 92% of Q3 2025, even when contracts traded at a slight discount.
  • The Arbitrage 'Ceiling' Caps Extreme Spikes: Large inflows of institutional capital create a hard ceiling for funding rates. This capital is rapidly deployed to short high–premium contracts, compressing rates back to the baseline. This ensures that extreme positive funding rates are short–lived and unstable.
  • BitMEX Leads in Funding Rate Stability: The analysis confirmed BitMEX exhibited the most stable and predictable funding rates for both BTC and ETH. The rate was exactly 0.01% for 78.19% of the quarter for BTC and 87.52% for ETH, demonstrating a highly efficient market where perpetuals consistently track spot prices. In contrast, venues like Hyperliquid showed significantly higher volatility.

“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. This study underscores a new level of market maturity, where understanding the architecture is the key to success.”

More details about the study can be found here.

About BitMEX
BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs through low latency, deep crypto native liquidity and unmatched reliability.

Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade safely in the knowledge that their funds are secure. So too that they have access to the products and tools they require to be profitable.

BitMEX was also one of the first exchanges to publish their on–chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week – proving assurance that they safely store and segregate the funds they are entrusted with.

For more information on BitMEX, please visit the BitMEX Blog or www.bitmex.com, and follow Telegram, Twitter, Discord, and its online communities. For further inquiries, please contact [email protected].

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/292666bc–ef69–4dcb–aa85–7f2fa7daa3c2


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