I’ve been using Bitmex perpetual futures contracts for years. I also have a Binance account, but I mainly use Bitmex because I’m accustomed to their UI. However, lately I’ve noticed that Bitmex’s funding rates are too high compared to other exchanges, especially for token-margined contracts. For example, for ETHUSD perpetual futures (token-margined), Bitmex’s funding rates are much higher than Binance, Bybit, Okex, Huobi, and Deribit: (make sure to toggle “type” to “token-margined”)
I’ve sent support tickets complaining about the unusually high funding rates, and they responded by saying, “We recalculated the recent funding levels manually and confirm the levels are correct.” What does that even mean? That they have some proprietary method of calculating funding rates (which I have found to be arbitrary)? I’m starting to suspect that they have their own trading desk taking opposite positions to collect this high funding. Can someone shed some light as to what might really be going on here? Does anyone have any suggestions for another exchange to use that would be a step up from Bitmex in terms of funding/fees?