BitMEX has released a comprehensive study shedding light on a key structural bias in cryptocurrency markets - the tendency for funding rates to remain positive most of the time.
According to its new report, “The Anchor and the Ceiling: Understanding the Structure of Funding Rates,” data from Q3 2025 shows funding rates across major exchanges like BitMEX, Binance, and Hyperliquid stayed positive 92% of the time. This trend, BitMEX says, reflects a consistent market pattern that savvy traders can use to their advantage.
Perpetual Swaps and the Market’s Hidden Mechanics
Funding rates serve as the balancing mechanism that keeps perpetual futures prices in line with spot prices. But beyond their basic function, they offer a glimpse into how liquidity and sentiment interact in crypto markets. Since BitMEX first introduced the perpetual swap nine years ago, the product has become one of the most important innovations in crypto derivatives – shaping how both institutions and retail traders approach leverage and market exposure.
The BitMEX report identifies two main forces that explain why rates remain positive 92% of the time. The first is the Anchor Effect, a built-in element of the perpetual swap formula that naturally gravitates funding rates toward a baseline of 0.01%. This internal mechanism ensures rates rarely stay negative for long, maintaining equilibrium even when perpetual contracts briefly trade below spot prices.
Institutional Capital Creates a “Ceiling” for Spikes
The second force, the Ceiling Effect, comes from institutional arbitrage. When funding rates surge above normal levels, professional traders quickly short high-premium contracts, compressing rates back to their baseline. This self-correcting process prevents excessive volatility and stabilizes the overall market structure – ensuring that funding rate spikes are short-lived and predictable.
The analysis found that BitMEX maintained the most stable funding rates across all exchanges studied. For Bitcoin, funding remained at exactly 0.01% for 78.19% of Q3, while Ethereum achieved 87.52% consistency. By comparison, platforms such as Hyperliquid showed greater rate fluctuations, confirming BitMEX’s efficiency in maintaining alignment between perpetual and spot prices.
A Sign of Market Maturity
BitMEX CEO Stephan Lutz said the findings mark an important milestone for crypto markets. He described the shift as a move toward structural maturity, where the mechanics of funding rates play a greater role than sentiment-driven speculation. “The anchor and ceiling are not abstract concepts – they’re real forces shaping how this market operates,” Lutz said.
The report concludes that dedicated funding rate markets are likely to expand in the near future, allowing traders to speculate directly on rate movements rather than price direction alone. BitMEX sees this as the next stage in the evolution of perpetual swaps – a shift toward more advanced, structure-based strategies in an increasingly efficient and transparent trading environment.
