Arthur Hayes

Arthur Hayes is Co-Founder of 100x Group and serves as Chief Investment Officer at Maelstrom, a family office investment vehicle. He co-founded BitMEX (Bitcoin Mercantile Exchange) in 2014 alongside Ben Delo and Samuel Reed, building it into one of the world's largest cryptocurrency derivatives exchanges, with average daily trading volume exceeding $2 billion in 2021. Hayes writes regularly on macro theory and digital assets, with a particular focus on the relationship between money supply, central bank policy, and cryptocurrency markets. His published commentary argues that the volume of money in circulation is a more consequential driver of crypto markets than interest rate movements, and he monitors indicators such as quantitative easing programmes, US Treasury cash balances, and central bank lending activity as signals for liquidity conditions.

Hayes began his career at Deutsche Bank in Hong Kong from 2008 to 2011 as an equity derivatives trader, where he led the rollout of X-trackers ETF products across Asia. He then joined Citibank in Hong Kong as a Delta One trader until 2013. In October 2020, Hayes and his BitMEX co-founders were indicted by the US Department of Justice for Bank Secrecy Act violations. In 2022, Hayes pled guilty and was sentenced to six months of home detention, two years of probation, and a $10 million fine; he was subsequently pardoned by Donald Trump. Hayes holds a Bachelor of Science in Economics and Finance from the Wharton School of Business at the University of Pennsylvania, graduating in 2008.