On November 28, according to a blog by BitMEX co-founder Arthur Hayes, he detailed the historical development of Perptual Futures and predicted that it will completely change the landscape of TradFi derivatives trading. Hayes stated that Perptual Futures solve two core issues of leverage and Liquidity, making it a perfect product for retail traders. Traditional financial exchanges, due to the Clearing House-guaranteed Settlement model, cannot provide high leverage for retail users, while crypto exchanges can offer up to 100 times leverage through a socialized loss Margin system. Hayes predicts that by the end of 2026, all DEXs and Centralized Exchanges will offer stock Perptual Futures, and this product will completely disrupt the stock derivatives trading market. As the regulatory environment in the U.S. shifts to support encryption, traditional exchanges face the choice of "adapt or die," and must adjust their product structures to cope with competition from crypto exchanges.