Arthur Hayes ‘flattered’ by Coinbase defense of US stock perpetual futures

The significance here is less about the product than about legitimacy: a US-listed exchange publicly defending a category its pioneer launched offshore a decade ago signals how far perpetuals have moved toward the regulatory mainstream. The exchange's stance matters most for domestic venues weighing similar offerings, since it frames perps as a defensible market structure rather than a purely offshore instrument. Whether that defense translates into concrete US product expansion, or remains rhetorical, is the open question worth watching.