Hayes’s Bold Claim: Crypto Perpetual Futures to Overtake Stocks
Arthur Hayes, a co-founder of BitMEX, believes that traditional stock exchanges will be replaced by cryptocurrency-style perpetual futures. According to him, equity price discovery will move to perpetual markets that are open around the clock. According to his previous public remarks, these markets would be hosted on cryptocurrency platforms. The prediction is made as Asian and American exchanges, such as SGX and CBOE, get ready to introduce their own everlasting products. According to Hayes, these introductions are anticipated by the end of 2025.
He said that traditional finance has to “adapt or die” in light of this trend. He cautioned that conventional exchanges run the risk of losing their relevance and liquidity to decentralized exchanges and cryptocurrency platforms. If they don’t implement socialized loss margin systems and the perpetual model of cryptocurrency, this will occur.
Hayes Forecasts Major Growth for Perpetual Markets in 2026
According to Hayes, BitMEX’s invention of the perpetual swap transformed cryptocurrency trading. The product has no expiration date and operates similarly to a futures contract. It allows traders to use large leverage while consolidating liquidity into a single contract that tracks spot prices. He claimed that perpetuals provide retail traders with deep liquidity and great leverage when paired with socialized loss systems and insurance funds. A more accessible and effective trade environment is supported by these techniques. Legal risk is restricted to the original margin deposits in the event that trades fail.
Hayes emphasized the permissionless HIP-3 protocol from Hyperliquid, which enables anyone to introduce eternal products. He mentioned that a company named XYZ introduced a Nasdaq 100 equity perpetual using this methodology. He claims that this product presently has a sizable daily trading volume. He projected that in 2026, equity perpetuals will become a significant product. Both decentralized platforms and centralized exchanges will be vying to list them by the end of the year.
Trump-Era Crypto Policies Open Door for Perpetual Futures
Hayes also mentioned modifications to the American legal system. He considered the evolving regulatory landscape after years of enforcement activities following the FTX collapse and his legal actions with the CFTC. The regulatory environment changed in 2025 during the Trump presidency. The new administration has taken a more pro-cryptocurrency posture. According to him, this change has made it possible to conduct sandbox-style tests for novel variants. Additionally, it has pushed international authorities to adopt U.S. policy, which has given exchanges like SGX the assurance they need to pursue perpetual listings.
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