BitMEX report highlights structural shifts in crypto perpetual swaps market in 2025

The crypto perpetual swaps market faced its most significant stress test to date in 2025, according to BitMEX’s State of Crypto Perpetual Swaps 2025 report. Long viewed as a core source of liquidity and yield, perpetual futures instead became a focal point for systemic failures, collapsing funding rates, and renewed questions around exchange practices. The report examines how a year marked by liquidation cascades, exchange disruptions, and structural changes reshaped derivative trading across both centralized and decentralized platforms. October ADL crisis exposes market structure weaknesses According to the report, the defining event of 2025 occurred during the October 10–11 market crash, which triggered an estimated $20 billion liquidation cascade, the largest in crypto history source: https://finbold.com/bitmex-report-highlights-structural-shifts-in-crypto-perpetual-swaps-market-in-2025/