Arthur Hayes: Perpetual futures model will replace traditional trading systems

BitMEX co-founder Arthur Hayes predicted in a blog post that the perpetual futures model, widely used in the crypto market, is likely to replace the existing systems of traditional stock exchanges. He argued that perpetual futures are superior to the legacy structures of conventional financial markets, noting that they offer no expiration dates, high leverage, and deep liquidity while limiting investor losses to their initial margin. Hayes pointed to the adoption of this model by traditional exchanges, including the CBOE and the Singapore Exchange (SGX), which are planning to launch perpetual futures products by the end of this year. He added that the Trump administration's shifting regulatory stance is accelerating the mainstream adoption of derivatives, and predicted that by 2026, stock perpetual futures will become the most popular financial product.