El sesgo bajista en las tasas de financiación de CEX y DEX: Implicaciones para la exposición a altcoins y estrategias de cobertura

The fourth quarter of 2025 has witnessed a pronounced bearish bias in perpetual contract funding rates across both centralized and decentralized exchanges (CEX and DEX), signaling a structural shift in market sentiment toward altcoins. Funding rates, which serve as a barometer for the balance between long and short positions in perpetual contracts, have consistently remained below 0.005% for most altcoins, a stark contrast to Bitcoin's relatively neutral positioning. This divergence underscores a lack of institutional and retail confidence in altcoin markets, even as total crypto market capitalization contracted by 25–27% year-over-year, shrinking from $4.0 trillion in Q3 to $2.9 trillion in Q4.

Funding Rates as a Bearish Indicator

Funding rates are designed to align perpetual contract prices with spot prices, but their current trajectory reveals a broader narrative of risk-off behavior. According to a report by Phemex, the persistent bearishness in altcoin funding rates reflects a flight to liquidity and safety, with traders increasingly favoring Bitcoin and stablecoins over volatile altcoin exposures. This trend is compounded by the structural shift toward decentralized derivatives, where hybrid exchanges have gained traction, combining the speed of CEXs with the security of DEXs. However, the bearish bias is not merely a function of market sentiment; it is also a consequence of macroeconomic headwinds, including the Federal Reserve's policy uncertainty and the absence of reliable macroeconomic data during the Q4 government shutdown.

Hedging Strategies in a Weakening Perpetual Environment

In response to these dynamics, investors have turned to sophisticated hedging strategies to mitigate altcoin exposure. Perpetual swaps and options have emerged as critical tools, though their efficacy has been tested by recent market volatility. For instance, the October 2025 crash exposed vulnerabilities in delta-neutral strategies, where Auto Deleveraging (ADL) mechanisms exacerbated losses for market makers by forcibly closing short hedges during a liquidity crunch. Similarly, funding rate arbitrage has become less attractive as short perpetuals outpace long positions, compressing returns.

To navigate these challenges, investors are increasingly adopting multi-legged options strategies and yield-generating tactics. Bitcoin lending, call overwriting, and staking have gained prominence, with yields ranging from 1.5% to 4% depending on market conditions. For altcoin holders, liquid staking and structured derivatives offer partial protection, though smaller-cap tokens remain particularly vulnerable to liquidity risks. The rise of altcoin ETFs in Q4 2025 has also provided institutional and retail investors with regulated avenues to hedge exposure while complying with evolving regulatory frameworks.

Capital Reallocation and the Rise of Digital Asset Treasuries

Capital reallocation has become a defining theme of Q4 2025, with younger investors allocating 25% of their portfolios to non-traditional assets like crypto, derivatives, and NFTs-far exceeding the 8% allocated by older demographics. Meanwhile, institutional investors are doubling down on Bitcoin, viewing it as a strategic asset rather than a speculative play. This shift is evident in the growth of digital asset treasuries (DATs), where over 142 companies collectively hold $137 billion in cryptocurrencies, including Ethereum, Solana, and other staking-capable tokens.

DATs have also pioneered active treasury management strategies, such as staking 100% of holdings and deploying yield aggregators to optimize returns. For example, companies like SharpLink Gaming have transitioned from traditional finance to become major ETH holders, leveraging staking yields of 2–3% to bolster balance sheets. However, the bearish funding rate environment has forced DATs to adopt more dynamic approaches, including convertible notes, private investments in public equity (PIPEs), and at-the-market (ATM) offerings to scale reserves without diluting equity.

Case Studies and Practical Outcomes

The practical implications of these strategies are evident in Q4 2025 case studies. During the October crash, hedge funds managed to profit from market inefficiencies despite the broader downturn. Similarly, DATs that diversified into Ethereum and Solana saw their treasuries grow from $200 million to $11 billion, reflecting a 55-fold increase. Conversely, firms holding smaller-cap altcoins faced liquidity pressures, with some trading below net asset value (NAV) and prompting calls for active yield generation to outperform passive ETFs.

The macroeconomic landscape further amplified these trends. The approval of spot BTC ETFs and the passage of the GENIUS Act provided regulatory clarity, encouraging institutional adoption. Meanwhile, tokenized real-world assets expanded from $7 billion to $24 billion in a year, offering diversification and liquidity benefits.

Conclusion

The bearish bias in CEX and DEX funding rates has reshaped risk mitigation and capital reallocation strategies in Q4 2025. While altcoin exposure remains fraught with volatility, investors are leveraging a mix of hedging tools, yield generation, and regulatory-compliant instruments to navigate the landscape. As the market continues to evolve, the interplay between funding rates, macroeconomic shifts, and institutional adoption will likely dictate the trajectory of crypto portfolios in 2026.