《BitMEX Alpha: The Evolution of Funding Rates》 BitMEX analyzed the evolution of XBTUSD perpetual contract funding rates from 2016 to 2025, discovering a shift from early extreme volatility to 'institutional-grade stability.' Starting in 2024, the launch of ETFs and the Ethena protocol drove an influx of arbitrage capital, significantly compressing volatility. Although high-rate opportunities have decreased, backtesting shows annualized returns from funding arbitrage reaching 873%. There’s still potential for future arbitrage, but it will depend on more efficient infrastructure and strategies. Read the full article: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=49461