Former FTX US president Brett Harrison is back with a new venture this time, blending crypto-style innovation with traditional markets. His startup, Architect Financial Technologies, has received approval in Bermuda to offer perpetual futures contracts tied to stocks, indexes, commodities, foreign currencies, and interest rates, according to a report by Bloomberg on Wednesday.
Perpetual futures or “perps” are high-leverage, non-expiring contracts that allow traders to go long or short indefinitely. They rely on a funding rate mechanism, a periodic payment between long and short traders that keeps perp prices close to their spot-market equivalents.
Originally popularized by BitMEX and later refined by FTX, perps became the engine of crypto’s explosive trading boom. In 2018, global monthly perp volumes were roughly $35 billion a figure that surged to $6.4 trillion by 2025, underscoring their massive market appeal.
From crypto chaos to TradFi innovation
Harrison’s new project signals an ambitious return to innovation after the dramatic collapse of FTX in November 2022 a liquidity crisis that led to one of the largest bankruptcies in crypto history.
At FTX US, Harrison oversaw a regulated entity that did not offer perpetual futures, unlike its global counterpart that offered up to 100x leverage. Architect Financial aims to revisit that model but with stricter controls and in a regulated environment.
By introducing perps for traditional financial assets, the startup could merge crypto-style liquidity and flexibility with TradFi-grade compliance, opening the door for hedge funds, institutions, and sophisticated traders seeking 24/7 exposure to global markets.
High-risk product, high regulatory attention
Despite their popularity, perpetual futures remain controversial for their inherent leverage risk. Traders can quickly amplify gains or losses and even small price swings can trigger mass liquidations.
In 2023, the US Commodity Futures Trading Commission (CFTC) flagged issues with settlement practices and risk management at exchanges offering perps, citing insufficient safeguards.
Still, the instruments remain central to crypto derivatives trading, with Binance, OKX, Bybit, and Bitget dominating the global perp market.
Why it matters
Architect’s launch represents a notable evolution in the convergence of crypto and traditional finance. By taking a product born in the crypto world and re-engineering it for regulated traditional markets, Harrison is betting that perps can become a mainstream financial tool not just a speculative one.
If successful, the move could reshape derivatives trading, giving institutions access to around-the-clock markets and programmable settlement infrastructure built on crypto-inspired mechanics but under a regulated, TradFi-compliant framework.