Arthur Hayes: Crypto Forces TradFi to Adapt or Die With Equity Perps Becoming 2026’s Hottest Play
Crypto-driven perpetual futures are rapidly emerging as the next frontier in global price discovery, reshaping how equities and major indices will trade as traditional exchanges confront an urgent adapt-or-die crossroads.
Perpetual Futures’ Rising Influence on Global Markets
Bitmex co-founder and Maelstrom CIO Arthur Hayes published on Nov. 27 that traditional exchanges face an “adapt or die” inflection point as perpetual futures reshape how global markets price equities, indices, and eventually interest rates. He argued that crypto-native structures are overtaking legacy derivatives faster than regulators expected.
“Why will derivatives trading volume across the world and across all financial assets migrate from dated futures and options contracts to never-expiring perps?” he wrote. Hayes used that question to frame the structural tension between conventional clearinghouses and margin systems engineered for high-leverage, 24/7 participation.
The Bitmex co-founder noted that equity perpetuals are set to accelerate dramatically in 2026 as nonstop access and concentrated liquidity attract both speculative and hedging flow. He said the shift reflects growing demand across centralized (CEX) and decentralized (DEX) crypto exchanges, which are positioned to expand their offerings as interest in perps rises. He opined:
Equity perps will become the hottest product of 2026, all DEXs and CEXs, like my beloved Bitmex, will offer them by the end of next year.
His analysis described how these contracts could become the preferred mechanism for managing overnight and weekend index risk, especially when geopolitical or macro announcements occur outside the limited operating hours of traditional exchanges.
Read more: Arthur Hayes Says Bitcoin’s Next Surge Is Locked in With Fed Liquidity Flood Rising
Hayes projected a rapid shift in benchmark price discovery toward crypto platforms if legacy exchanges do not overhaul their collateral and clearing models. “I predict that by the end of 2026, price discovery for the largest US tech stocks and the key US indices (i.e. S&P 500, Nasdaq 100) will happen on perps markets serving retail,” Hayes explained. He suggested that political momentum in the United States may support expansive crypto-market development through 2029, giving regulators abroad room to align with the U.S. stance.
“If the US is embracing perps for whatever reason, it gives regulators permission to embrace them too,” he said. Hayes framed the outcome for traditional venues in stark terms:
Therefore, in 2025, it’s time for the TradFi to adapt or die to perps and other crypto innovations.
His outlook argues that exchanges unwilling to transition toward continuous, crypto-style derivatives could lose relevance as liquidity migrates toward platforms offering deeper leverage, tighter funding markets, and uninterrupted access.
FAQ ⏰
- What market shift does Arthur Hayes predict for 2026?
He forecasts that equity perpetuals will surge as the hottest trading product, gaining dominance across exchanges. - Why does Hayes expect price discovery to move to crypto platforms?
He argues that perps’ nonstop access and liquidity will outpace legacy exchanges’ slower collateral and clearing systems. - How could U.S. political momentum influence global perp adoption?
Hayes says U.S. acceptance through 2029 could give international regulators cover to support similar crypto-market growth. - What risk do traditional exchanges face if they resist structural change?
Hayes warns they could lose relevance as traders shift toward continuous, high-leverage perp markets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP News Today: Investors Divided: XRP's $5 Buzz Compared to Ozak AI's 7,000% Growth Promise
- XRP gains traction as analysts predict $5 price targets via ETF-driven inflows, citing historical Bitcoin multipliers. - Ozak AI emerges as AI-focused crypto alternative, raising $4.54M in presale with 7,000% return potential via decentralized AI infrastructure. - Market splits between XRP's institutional appeal and Ozak AI's utility-driven innovation, highlighting crypto's shifting risk-reward dynamics. - Analysts note XRP's capped growth vs. Ozak AI's 50X-100X potential, emphasizing real-world AI appli
Between Breakthroughs and Turmoil: The Struggle for Safety and Longevity in Cryptocurrency
- Crypto sector faces structural challenges balancing innovation with security and sustainability amid rising threats and regulatory uncertainty. - Mutuum Finance advances dual-lending architecture and mtToken mechanics under Halborn audit to build defensible DeFi models. - Upbit's $36M hack and Tether's Uruguay exit highlight systemic vulnerabilities from cyberattacks and energy cost volatility. - Industry shifts toward sustainable yield models with automated collateral rules and revenue redistribution to

Trump’s Selection of Hassett as Fed Chair Challenges Central Bank Autonomy
- Trump's nomination of Kevin Hassett as potential Fed Chair gains traction, positioning him as the leading candidate to replace Jerome Powell in 2026. - Hassett, a pro-crypto economist with Coinbase ties and Trump-aligned regulatory views, could shift Fed policy toward aggressive rate cuts and crypto-friendly frameworks. - Market odds favor Hassett (52-55% on prediction platforms), though mixed investor reactions and Senate confirmation challenges highlight risks to Fed independence. - Critics warn of pol

Dogecoin News Update: Practical Use Drives Digitap's $2.1M Presale Amid Bearish Market, Not Just Hype
- Digitap ($TAP) secures $2.1M in presale amid crypto bear market, contrasting ADA and DOGE's struggles with technical issues and weak demand. - Its utility-driven model, including Visa integration and cross-border payments, addresses gaps in traditional finance with sub-1% fees and 150M+ merchant access. - 90% presale allocation and 133M $TAP sold at 76% discount highlight demand, driven by 120K+ wallets linked during Black Friday promotions. - Analysts project $TAP could rise to $0.45–$3 by 2030, citing

