BitMEX Q3: 0.01% Funding Rate Floor & Arbitrage Caps
BitMEX Research’s Q3 2025 derivatives report reveals that perpetual swap funding rates are structurally anchored by a built-in 0.01%/8 h interest floor and capped by institutional arbitrage capital. Over 92% of BTC and ETH funding rate intervals remained positive, with BitMEX showing the highest stability—0.01% anchor in 78% of Bitcoin periods and 88% for Ethereum. Binance averages slightly below the baseline, indicating persistent shorting pressure, while Hyperliquid’s hourly window and lower leverage generated spikes above 0.06% and 35% higher ETH volatility than BTC. Traders should avoid betting on sustained negative funding rates and anticipate brief rate surges. These insights guide timing of basis trades and risk management in crypto derivatives.
Neutral
The report outlines the mechanics of funding rates without indicating a clear bullish or bearish bias for BTC or ETH prices. A stable 0.01% floor and institutional arbitrage caps reduce funding rate extremes, which may lower short-term volatility but do not directly drive price direction. Traders gain better guidance for basis trades and risk management, yet the structural insights themselves neither forecast price rallies nor declines, resulting in a neutral market outlook.