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Adapt or Die. Less than a decade ago, the elevated… | by Arthur Hayes | Medium

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(Any views expressed here are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) Want More? Follow the Author on Instagram, LinkedIn and X Access the Korean language version here: Naver Subscribe to see the latest Events: Calendar Less than a decade ago, the elevated and distinguished TradFi scallywags heaped scorn and disdain ‌on the 100x leverage crypto derivatives market BitMEX created using this new derivatives contract called a perpetual swap. When I read missives from Jim Grant of Grant’s Interest Rate Observer and Dan Oliver of Myrmikan Capital highlighting the insanity that BitMEX offered such WMD’s for crypto, I smiled. But how things change. Suddenly TradExchanges, such as the SGX (Singapore) and CBOE (United States) will each launch perps or similar products by the end of 2025.[1] In the Pax Americana retail arena, the calls to bestow upon plebes

Adapt or Die Arthur Hayes 27 min read · Nov 27, 2025 -- 3 Listen Share (Any views expressed here are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.) Want More? Follow the Author on Instagram , LinkedIn and X Access the Korean language version here: Naver Subscribe to see the latest Events: Calendar Less than a decade ago, the elevated and distinguished TradFi scallywags heaped scorn and disdain ‌on the 100x leverage crypto derivatives market BitMEX created using

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