BitMEX Report Finds Crypto Perpetuals Enter Post-Yield Era
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…
