Outspoken BitMEX co-founder Arthur Hayes has said that crypto-style perpetual futures will “kill” traditional stock exchanges, arguing that equity price discovery will move to 24/7 perp markets on crypto platforms.

His forecast is coming on the back of U.S. and Asian exchanges like CBOE and SGX getting ready to roll out their own perpetual products by the end of 2025. Hayes frames this as an “adapt or die” moment for traditional finance (TradFi), claiming that if established exchanges don’t copy crypto’s perp model and socialized loss margin systems, they’ll lose liquidity and relevance to more nimble crypto venues and DEXs.

Outspoken BitMEX co-founder Arthur Hayes has said that crypto-style perpetual futures will “kill” traditional stock exchanges, arguing that equity price discovery will move to 24/7 perp markets on crypto platforms.

His forecast is coming on the back of U.S. and Asian exchanges like CBOE and SGX getting ready to roll out their own perpetual products by the end of 2025. Hayes frames this as an “adapt or die” moment for traditional finance (TradFi), claiming that if established exchanges don’t copy crypto’s perp model and socialized loss margin systems, they’ll lose liquidity and relevance to more nimble crypto venues and DEXs.