Unchained Will Perps Eat All of Finance? Ex-FTX.US CEO Brett Harrison Bets Yes - Ep. 940
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Nov 5, 2025 Brett Harrison, former president of FTX.US and founder of Architect Financial Technologies, is revolutionizing finance with perpetual futures. He discusses bringing this 24/7 leveraged trading product into traditional markets like stocks and commodities. Harrison explains the differences between CFDs and perpetual futures, regulatory compliance with the SEC and CFTC, and the importance of reliable pricing benchmarks. Plus, he highlights how tokenization and innovative backstop mechanisms can maximize efficiency in trading. Will perpetuals be the future of trading? Tune in to find out!
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Perpetuals Beat Expiring Futures
- Perpetual futures remove expirations and enable 24/7 leveraged exposure that traders prefer over expiring futures.
- Crypto popularized perps and Architect seeks to bring them to currencies, stocks, metals, and energy in a regulated way.
Build With Complementary Licenses
- Get the right regulatory bricks: CFTC for futures and SEC broker-dealer for securities to serve institutional clients.
- Use a licensed offshore exchange entity to accept stablecoin collateral and run a multi-jurisdictional offering.
Perps Versus CFDs: Market Structure Matters
- CFDs are bespoke bilateral swaps where the broker typically takes the other side, creating conflicts and caps on winners.
- Perpetuals are standardized exchange-listed contracts with anonymous matching and a funding-rate arbitrage to keep prices aligned.