BitMEX has released an analysis of the evolution of XBTUSD perpetual contract funding rates from 2016 to 2025, highlighting a transition from early volatility to "institutional-grade stability." The introduction of ETFs and the Ethena protocol in 2024 significantly increased arbitrage capital inflows, compressing volatility. Despite fewer high-rate opportunities, backtesting indicates an annualized return of 873% from funding arbitrage. Future arbitrage potential remains, contingent on more efficient infrastructure and strategies.