Most definitely: 

$arg1 = '//; system( ... ); #';

[download]

Or without even breaking out of the s///: 

$arg1 = '${ system( ... ) }';

[download]

In reply to Re^11: hex code passed from command line is interpreted literally in substitution by ikegami
in thread hex code passed from command line is interpreted literally in substitution by Allasso

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