Arthur Hayes: The Legendary Life of the Inventor of Perptual Futures

Arthur Hayes was born in 1985 in Detroit, USA, and is a prominent figure in the cryptocurrency industry. His life experience spans multiple cryptocurrency cycles, from early adoption to infrastructure development, and then to application exploration, witnessing the rapid growth of this industry.

Hayes's educational background laid a solid foundation for his career. He attended the Wharton School of the University of Pennsylvania and chose to develop his career in Hong Kong after graduation. In 2008, he joined the trading department of Deutsche Bank, starting his career as a financial derivatives trader. Three years later, he moved to Citibank to continue working in derivatives trading.

2013 was a turning point in Hayes' career. At that time, the European debt crisis intensified, and he lost his job, but he also discovered opportunities in the cryptocurrency market. He began arbitrage trading between different exchanges, accumulating initial capital.

In 2014, 28-year-old Hayes co-founded the BitMEX exchange with his partners. BitMEX primarily focuses on derivatives trading and innovatively launched the Perptual Futures product. Perptual Futures combines the characteristics of 24/7 cryptocurrency trading with the leverage advantages of futures contracts, while eliminating expiration dates, allowing users to decide when to close their positions. This innovative product quickly gained market favor, bringing immense success to BitMEX.

From 2016 to 2019, BitMEX dominated the cryptocurrency derivatives market. Hayes thus became a well-known figure in the industry. However, his provocative remarks towards regulators ultimately led to an investigation by U.S. regulatory agencies.

In 2020, Hayes resigned as CEO of BitMEX. In 2022, he pleaded guilty to violating the Bank Secrecy Act, paid a $10 million fine, and was sentenced to six months of home confinement. This experience made Hayes deeply aware of the importance of cooperating with regulatory agencies.

Despite experiencing setbacks, Hayes did not stop his innovative efforts. In 2023, he co-founded the Ethena project, aimed at developing a new type of stablecoin called USDe based on Ethereum. This stablecoin combines the liquidity of centralized exchanges with the advantages of decentralized finance, attempting to find a balance between regulatory compliance and innovation.

The story of Arthur Hayes showcases the rapid development and changes in the cryptocurrency industry. From early trading arbitrage to the innovation of Perptual Futures, and exploring new types of stablecoins, Hayes has always been at the forefront of the industry. His experiences also reflect the challenges and opportunities faced by this sector, particularly in the exploration of regulatory compliance.