Why can stocks only be traded on weekdays? This question is becoming increasingly glaring in the era of encryption.

Perpetual contracts are tearing open the time rift of traditional finance. When the Nasdaq closes on Friday, do we have to wait until Monday to trade Tesla's stock price? The encryption platform has long turned this wait into a joke. Around-the-clock trading, flexible leverage, and instant account opening—these features are not gimmicks, but are genuinely grabbing two groups of people:

One type is retail investors. What about pre-market and after-hours trading in US stocks? The threshold is high and liquidity is poor, ordinary people can't get involved at all. Encryption contracts directly level the playing field, allowing bets on NVIDIA's earnings report even at midnight on weekends.

Another category is institutional players. How do hedge funds hedge risks over the weekend? How does the quantitative team capture cross-market arbitrage opportunities? Traditional exchanges cannot provide answers, but encryption platforms can seamlessly connect.

Arthur Hayes believes that traditional exchanges will be "forced to transform", but the reality may be more nuanced. Nasdaq has already begun to test extended trading hours, albeit limited to certain ETFs; some exchanges are also considering collaborating with encryption platforms to launch cash-settled stock derivatives—seeking efficiency while not wanting to lose control of the clearing system. There are even instances of directly acquiring encryption companies, exchanging capital for time.

In simple terms, the moat of traditional finance lies in licenses and trust endorsements, while the encryption market relies on speed and product innovation. The two are more like probing in a boxing ring rather than a life-and-death duel.

The logic of this wave is very clear: first attract retail investors and high-frequency traders with edge products, forcing traditional institutions to make partial concessions, and finally pushing for a loosening of the regulatory framework. For investors, opportunities lie in the infrastructure track - trading platforms, clearing protocols, and cross-chain bridges. But don't forget the risks: regulations could draw a red line at any time, and the complexity of products might lead newcomers to pay tuition.

Financial innovation has always been like this; early birds either get the meat or step on landmines. The key is whether you can position yourself well before the wind blows.