Margin debt just hit a new all-time high.

Yes, historically this signals we’re late in the cycle.
But it also reveals something structural.
Leverage compresses time horizons.
When positions are financed with debt, risk must be managed continuously.
That is why the fastest growing instruments today are:
• 0DTE options in equities
• perpetual futures in crypto
• prediction markets for real-world events
They all price short-term uncertainty.
As leverage rises, demand shifts toward markets that clear quickly and settle quickly.
Perps, 0DTE, and prediction markets are the natural endpoint of that evolution.