2025 was a brutal stress test for the perp market 📉 From the $20bn Oct crash to the death of "easy" funding yield, the game has changed. Key insights from our 2025 Crypto Perps Report: 1️⃣ The Hard 10-11 Oct Lesson: Auto Delveraging loops broke hedge trades, leaving orderbooks at low lows. 2️⃣ Yield Compression: Funding arbitrage is crowded; 4% funding rate is the new normal. 3️⃣ 2026 Meta: The rise of Equity Perps and new innovations Survival is a choice. Strategy is the edge: http://https://bitmex.com/blog/state-of-crypto-2025/?utm_source=twitter&utm_medium=socials(BitMEX)