Arthur Hayes
speaker
1,864 appearances
4 recordings
3 series
first heard Jan 2026
last heard 22 Jun
Arthur Hayes’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 4 in all, peaking in Jan 2026 with 2.
Appearances
But again, the marginal retail punter is not going to trade that.
They want the high leverage.
They're perfectly happy giving up some of their profit in adverse scenarios, and they'll continue to trade more and more on hyperliquid.
Because the exchange cannot lose money, right?
You can't offer a product where the exchange is put at risk.
And when you do guaranteed settlement, the exchange is at risk because you're saying at any price, at any velocity of getting to that price, I will make sure that the person in profit, even if all the other traders are bankrupt, gets paid.
How do they get paid from my balance sheet?
So to rectify that, we built all of these clearing organizations.
And the clearing members put up bonds, and they got a little bit of a fee for this risk capital that they put up.
And that worked fine in sort of a bounded timeframe market.
And you have sort of a central banking government that can bail you out if things get really, really bad.
I see.
Now, in crypto, right, we have highly volatile assets, bearer assets, you can't print crypto.
And you
You're not going to see your clients.
And so if you have 100x leverage, you have to protect yourself with the exchange.
The only way to do that is socialized loss.
And so unless you put a socialized loss mechanism into your clearing situation or your margining, then you, from a risk perspective, cannot offer this product.
Correct.
You have to say...
Showing 501–520 of 1,864 · page 26 of 94
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