Hyperliquid Launches HIP4 Prediction Markets

Hyperliquid, a decentralized trading platform on its own layer-1 blockchain, launched HIP4 event contracts this week, marking its entry into prediction markets with 6.05 million contracts traded on the first day. The volume captured approximately 0.7 percent of the total daily prediction market activity, trailing leaders Kalshi at 546 million contracts and Polymarket at 190 million.

The HIP4 contracts introduce permissionless event markets, where deployers must stake 1 million HYPE tokens to create new listings and prevent spam. Unlike traditional perpetual futures, these outcome contracts carry no leverage or liquidation risks and settle within predefined ranges using the platform's USDH stablecoin. Traders can access them seamlessly alongside spot and perpetual markets via a single wallet, without bridging or separate accounts. The debut featured a recurring binary contract tied to Bitcoin's price movement, which saw higher activity than Polymarket's equivalent.

Hyperliquid's move expands its offerings beyond high-frequency perpetual futures and spot trading, where it already holds significant on-chain volume. The platform recorded 2,441 new original wallets on May 3,...