From Trading Desk to Crypto Unicorn: Arthur Hayes on Building BitMEX

Arthur Hayes, co-founder and original CEO of BitMEX, joins Scott to discuss how he transformed a belief in crypto into the world’s first crypto derivatives unicorn. He didn't set out to disrupt financial systems—he just wanted to build the trading platform he wished existed. In this candid conversation, Arthur opens up about his early crypto convictions, why product-market fit was non-negotiable, and the painful cost of hiring the wrong people. As BitMEX scaled from 13 to 300 people in three years while growing the top line 350X, he navigated regulatory headwinds, media storms, and the challenge of keeping culture intact in a high-risk, high-reward industry.⏱️ Timestamped Show Notes[00:00] Cold open: Arthur’s #1 lesson—hire better people.[00:34] Show intro and guest welcome.[02:17] Arthur’s entrepreneurial origin story—jumping into crypto after losing his job.[04:05] From trading derivatives to building a platform: the BitMEX birth story.[05:08] Confidence and conviction when funding was scarce.[07:10] Product-market fit: why charging from day one mattered.[08:29] Pivoting to meet customer demand: offering 100x leverage.[11:11] Founder struggles—why HR was Arthur’s biggest pain point.[14:43] Overhiring, overpaying, and dealing with toxic culture.[16:25] Navigating the regulatory gray zones in crypto.[18:41] Staying focused through uncertainty.[19:06] Quick Fire Hacks:Book every entrepreneur should read: Who by Geoff Smart (Amazon)Daily habit: ExerciseCan’t-live-without app: TradingView (Link)Best advice: Focus on the supply (liquidity)[21:02] One key lesson: Be more selective in hiring.[22:16] Advice to new founders: Don’t build a business just to please your VC.[23:03] Show outro.