‘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.
  

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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 to launch perp-style offerings by late 2025 as demand grows. Coinbase also introduced a regulated variation earlier this year for U.S. retail traders.

He connects this shift to pressure from traders who want delta-one exposure without the complexity of futures. 

Moreover, he says perps offer that simplicity while concentrating liquidity in a single never-expiring market. That appeal, he adds, forces traditional venues to adapt or risk losing flow to crypto exchanges.

A Product Built for 24/7, Internet-Native Trading

Hayes explains that perps succeed because they match how global retail traders behave. They want high leverage and instant liquidity in markets that run nonstop. 

He argues that futures and options cannot deliver that experience due to expiries, collateral models, and clearinghouse structures.

He also notes that TradFi clearinghouses cannot support high leverage without pursuing bankrupt clients through courts. 

Crypto venues avoid that cost by relying on insurance funds and socialized loss systems. Hayes believes this structure unlocks leverage levels that retail demand but TradFi cannot offer.

Hyperliquid Shows How Fast Equity Perps Can Scale

According to Hayes, Hyperliquid’s HIP-3 protocol marks the next major step in perp adoption. 

XYZ used the system to launch a Nasdaq100 equity perp that already trades more than $100 million per day. Hayes sees this as proof that crypto venues can out-innovate stock exchanges on equities.

He predicts equity perps will dominate in 2026 as both CEXs and DEXs race to list them. Hayes says exchanges and investors must understand perps now because they will define future derivatives markets.

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