‘Adapt or Die’: Hayes Warns Stock Exchanges as Equity Perps Surge
TLDR : Hayes says equity perps will dominate derivatives markets as global venues shift to 24/7 trading. He argues perps solve leverage and liquidity issues that restrict retail access in TradFi systems. Hyperliquid’s Nasdaq100 perp pushes DEX growth, trading over $100M daily under its HIP-3 system. Hayes expects all major CEXs and DEXs to list equity perps by 2026 as adoption accelerates. Arthur Hayes believes equity perpetual swaps are set to overtake traditional stock derivatives soon. He points to rapid adoption across both crypto and TradFi venues as the shift accelerates. Hayes argues that perps solve long-standing limits around leverage and market access in regulated exchanges. He expects the format to reshape global trading far faster than most traditional institutions anticipate. Equity Perps Gain Traction Across Global Markets Hayes cites major shifts across top exchanges that once dismissed crypto-native leverage products. He notes that SGX and CBOE plan t...