Arthur Hayes: Equity perpetuals go force TradFi make change by 2026

Former BitMEX CEO Arthur Hayes dey predict say equity perpetual contracts (equity perps) go become main TradFi product by 2026, wey go force old institutions to adopt crypto-native structures like perpetuals and 24/7 markets. Hayes point to moves from SGX, Cboe and Coinbase and to crypto-native products like Hyperliquid’s Nasdaq‑100 perp (dey trade >$100m/day) as proof say perpetuals fit scale liquidity and meet retail demand for leveraged, continuous exposure. E trace perp model back to BitMEX 2016 XBTUSD design — no expiry, hourly funding, and socialised loss/insurance funds — wey allow extreme leverage and deep liquidity wey derivatives players later copy. Hayes talk say equity perps give cleaner one-for-one exposure and higher leverage compared to options or short-dated futures, and e predict global derivatives volume go shift from expiring futures/options to 24/7 perps. E warn say the shift go attract regulatory attention (CFTC sandbox, possible U.S. listings) and cause institutional change as banks and brokers integrate or partner with crypto platforms. Implications for traders: equity perps fit open retail access to high leverage, concentrate liquidity into perpetual markets, increase off-hours hedging around geopolitical events, and put pressure on legacy clearing and margin models — all things wey fit raise intraday volatility and change liquidity dynamics across equity and crypto derivatives markets.