[Arthur Hayes: Price Discovery for U.S. Tech Stocks May Shift to Perpetual Futures Markets] BitMEX co-founder Arthur Hayes stated that traditional finance is striving to maintain its dominance in stock trading, but stock index perpetual futures are rapidly gaining market recognition. He believes that U.S. stocks and all equities will eventually be tokenized, but stock index perpetual futures can succeed without relying on tokenization. Currently, the daily trading volume of stock index perpetual futures has exceeded $100 million and could reach tens of billions of dollars per day in the future. Hayes predicts that by the end of 2026, price discovery for major U.S. tech stocks and stock indices (such as the S&P 500 and Nasdaq 100) will shift to perpetual futures markets, and financial media may adopt perpetual futures prices as the best source for pricing.