BitMEX Study Reveals Structure of Cryptocurrency Funding Rates: Anchors & Ceilings

A recent study by BitMEX sheds light on the underlying structure of cryptocurrency funding rates, revealing two key forces driving these rates: an ‘anchor’ and a ‘ceiling’. The study, titled “The Anchor and the Ceiling: Understanding the Structure of Funding Rates”, shows that funding rates remain consistently positive 92% of the time. This predictable dynamic creates opportunities for sophisticated trading strategies. 2025’s Q3 data from BitMEX, Binance, and Hyperliquid revealed how these structural forces play out in practice.