Arthur Hayes Forecasts Perpetual Swaps Will Reshape Derivatives Trading Forever
Arthur Hayes predicts that equity perpetual swaps, or perps, will soon dominate derivatives trading. These instruments offer simplicity and nonstop liquidity, forcing traditional exchanges to change their approach. Hayes argues that major platforms must now prepare for a shift toward 24/7 markets driven by retail demand.
Perps have gained traction by solving key problems in traditional finance. Hayes highlights their ability to provide high leverage and instant liquidity without expiry dates. This matches the behaviour of global retail traders who prefer continuous access over complex futures contracts.
The rise of perps is pushing exchanges toward round-the-clock trading models. With platforms like SGX and CBOE preparing new products, adoption is set to accelerate. Hayes insists that understanding these instruments will be crucial for investors and institutions in the coming years.
