Disrupting a century of finance! How do encryption "Perptual Futures" force TradFi to a dead end?



[Plain Language Guide] Arthur Hayes reflects on his and BitMEX's history of inventing Perpetual Futures and explains how this never-expiring high-leverage encryption derivative is fundamentally disrupting the traditional financial (TradFi) market.

The article points out that perpetual futures combined with a socialized loss guarantee system address the needs of retail investors for high leverage and liquidity. Traditional exchanges (such as SGX, CBOE) are being forced to launch similar products by the end of 2025 to cope with competition from CEX and DEX.

The author predicts that stock perpetual futures will become a popular product in 2026, potentially shifting the price discovery of major indices like the S&P 500 to encryption exchanges, forcing TradFi to "adapt or die."

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