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Crypto

Arthur Hayes Predicts Price Discovery Shift to Perpetual Markets by 2026 in 'Adapt or Die'

11/28/2025, 01:36
11/28/2025, 10:36
AI SUMMARY
●Arthur Hayes predicts price discovery for US tech stocks will shift to crypto-style perpetuals by late 2026. The essay 'Adapt or Die' argues that the superior capital efficiency of perpetual swaps will lead them to dominate TradFi markets. Hayes forecasts retail derivative volume will overtake spot markets as traders adapt to perpetual contract specifications.
Arthur Hayes has released a new essay titled "Adapt or Die," which discusses the history and product-market fit of perpetual swaps. In the piece, he argues that perpetual swaps are destined to take over all Traditional Finance (TradFi) markets due to their superior capital efficiency. The essay explores the evolution of derivatives and forecasts that retail derivative volume will overtake spot markets as traders adapt to these specifications. [Update 1] Additional coverage notes that the essay also emphasizes the necessity for flexibility in investment strategies in response to current macroeconomic dynamics, reinforcing the "Adapt or Die" theme.

Sources (5)

01@ICODrops↗02@ChainCatcher_↗03@PANews↗04@IsekaiTaiku↗05@CryptoHayes↗
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