BitMEX Report Highlights Crypto Perpetual Swaps in 2025: The Year the Engine Broke and Rebuilt
Few years have tested the crypto derivatives market like 2025. What once felt like a stable, yield-rich playground for professional traders turned into a proving ground where flawed infrastructure, fragile incentives, and misplaced trust were brutally exposed. Perpetual swaps, long regarded as the backbone of crypto derivatives, entered the year
