{"id":61343,"date":"2026-01-16T11:52:05","date_gmt":"2026-01-16T11:52:05","guid":{"rendered":"https:\/\/thecryptocurrencypost.net\/es\/?p=61343"},"modified":"2026-05-30T10:36:26","modified_gmt":"2026-05-30T08:36:26","slug":"informe-de-bitmex-revela-que-los-perpetuos-cripto-entran-en-la-era-post-rendimiento","status":"publish","type":"post","link":"https:\/\/thecryptocurrencypost.net\/es\/informe-de-bitmex-revela-que-los-perpetuos-cripto-entran-en-la-era-post-rendimiento\/","title":{"rendered":"Un informe de BitMEX revela que los perpetuos cripto entran en la era Post-Rendimiento"},"content":{"rendered":"<p><strong>BitMEX public\u00f3 su informe &#8220;Estado de los Swaps Perpetuos Cripto 2025&#8221; el 8 de enero<\/strong>, concluyendo que la era de rendimiento pasivo f\u00e1cil en las tasas de financiaci\u00f3n ha terminado.<\/p>\n<p><!--more--><\/p>\n<p><strong>El informe de <a href=\"https:\/\/www.bitmex.com\/blog\/state-of-crypto-perps-2025\" target=\"_blank\" rel=\"noopener noreferrer\">BitMEX<\/a> identific\u00f3 tasas de financiaci\u00f3n comprimidas<\/strong>, un <strong>shock de liquidez<\/strong> provocado por des-apalancamiento autom\u00e1tico (ADL), <strong>y una brecha creciente de confianza<\/strong> entre intermediarios transparentes y contrapartes depredadoras.<\/p>\n<p><strong>El arbitraje de tasas de financiaci\u00f3n<\/strong>, antes una fuente confiable de ingresos pasivos,<strong> se comprimi\u00f3 dr\u00e1sticamente<\/strong>, cayendo a menudo por debajo del <strong>4%<\/strong> a mediados de 2025, despu\u00e9s de que los exchanges introdujeran productos de margen delta neutral que saturaron la estrategia.<\/p>\n<p>El 10 de octubre, <strong>los exchanges experimentaron una cascada de liquidaciones sin precedentes que el informe estim\u00f3 en aproximadamente $20 mil millones<\/strong>. Ese evento expuso bucles de retroalimentaci\u00f3n de ADL: los creadores de mercado que usaban coberturas cl\u00e1sicas de largo en spot\/corto en perpetuos fueron des-apalancados autom\u00e1ticamente.<\/p>\n<h2>Confianza, vectores de manipulaci\u00f3n y nuevas fronteras de productos<\/h2>\n<p><strong>BitMEX document\u00f3 una creciente divisi\u00f3n entre los llamados intermediarios justos y plataformas de &#8220;libro B&#8221;<\/strong> que invocaron cl\u00e1usulas de <strong>&#8220;comportamiento de trading anormal&#8221;<\/strong> para revertir o confiscar ganancias, una pr\u00e1ctica que seg\u00fan el informe erosion\u00f3 la confianza.<\/p>\n<p><strong>La migraci\u00f3n de volumen a perpetuos DEX de alto rendimiento tambi\u00e9n revel\u00f3 nuevos vectores de ataque en cadena:<\/strong> listados pre-token il\u00edquidos y debilidades de or\u00e1culos permitieron manipulaciones dirigidas que aprovecharon la transparencia p\u00fablica del libro de \u00f3rdenes para crear mapas de liquidaci\u00f3n.<\/p>\n<p>Una evaluaci\u00f3n concisa del informe enmarc\u00f3 el a\u00f1o como un punto de inflexi\u00f3n: &#8220;<strong>la conclusi\u00f3n de una era caracterizada por la generaci\u00f3n de rendimiento sin esfuerzo en swaps perpetuos&#8221;,<\/strong> seg\u00fan BitMEX, subrayando la escala del cambio estructural.<\/p>\n<p>Para traders y operadores de <a href=\"http:\/\/thecryptocurrencypost.net\/es\/#\" target=\"_blank\" rel=\"noopener\">plataformas<\/a>, la conclusi\u00f3n pr\u00e1ctica fue clara: modelar y hacer pruebas de estr\u00e9s para escenarios de ADL, <strong>considerar el comportamiento de la contraparte en la selecci\u00f3n de plataformas,<\/strong> y tratar la exposici\u00f3n a tasas de financiaci\u00f3n como un activo activo y vol\u00e1til en lugar de un flujo de ingresos pasivo.<\/p>\n<p>El informe argument\u00f3 que los exchanges con motores de matching transparentes, sistemas de riesgo s\u00f3lidos y pr\u00e1cticas operativas \u00e9ticas ten\u00edan las mejores probabilidades de retener liquidez y participaci\u00f3n de mercado a largo plazo.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BitMEX public\u00f3 su informe &#8220;Estado de los Swaps Perpetuos Cripto 2025&#8221; el 8 de enero, concluyendo que la era de rendimiento pasivo f\u00e1cil en las tasas de financiaci\u00f3n ha terminado.<\/p>\n","protected":false},"author":33,"featured_media":61342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,22],"tags":[1787,374,1788],"class_list":["post-61343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-editors-picks","category-noticias-criptomonedas","tag-adl","tag-bitmex","tag-swaps"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Un informe de BitMEX revela que los perpetuos cripto entran en la era 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