TLDR:
- Hayes says shareholders will dominate derivatives markets as global trading venues move to 24/7 trading.
- He argues that perps solve leverage and liquidity problems that limit retail access in TradFi systems.
- Hyperliquid’s Nasdaq100 perp drives DEX growth and trades over $100 million daily under its HIP-3 system.
- Hayes expects all major CEXs and DEXs to list equity managers by 2026 as adoption accelerates.
Arthur Hayes believe that equity swaps will overtake traditional equity derivatives soon. He points to rapid adoption across both crypto and Traffic places as the shift accelerates.
Hayes argues that offenders are solving long-standing restrictions on leverage and market access in regulated exchanges. He expects the format to reshape global trade much faster than most traditional institutions expect.
Shareholders gain traction in global markets
Hayes citing major changes across top exchanges that once dismissed cryptonative leveraged products.
He notes that SGX and CBOE plan to launch perp-style offerings in late 2025 as demand picks up. Coinbase also introduced a regulated variant earlier this year for US retail traders.
He links this shift to pressure from traders who want delta-one exposure without the complexity of futures.
Additionally, he says, perps offer that simplicity while concentrating liquidity in a single never-ending market. That appeal, he adds, is forcing traditional venues to adapt or risk losing the flow to crypto exchanges.
A product built for 24/7, Internet-based commerce
Hayes explains that perpetrators succeed because they match how global retailers behave. They want high leverage and immediate liquidity in markets that run non-stop.
He argues that futures and options cannot deliver that experience because of maturities, security models and clearinghouse structures.
He also notes that TradFi clearing house cannot support high leverage without pursuing bankrupt clients through the courts.
Crypto venues avoid that cost by relying on insurance funds and socialized loss schemes. Hayes believes this structure unlocks leverage levels that retail demand but TradFi cannot offer.
Hyperliquid shows how quickly Equity Perps can scale
According to Hayes, Hyperliquid’s HIP-3 protocol marks the next major step in the adoption of perp.
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.
He predicts that stock offenders will dominate in 2026 as both CEXs and DEXs compete to list them. Hayes says exchanges and investors need to understand perps now because they will define future derivatives markets.
