Hyperliquid, one of the most active decentralised exchanges, may add prediction markets to its platform. This move would put it in direct competition with Kalshi and Polymarket.

Singapore Summit: Meet the largest APAC brokers you know (and those you still don’t!)

The proposal, known as HIP-4, would let users trade outcome contracts on real-world events alongside Hyperliquid’s existing leveraged perpetual futures. Early versions are already running on testnet, while a mainnet rollout has not yet been scheduled.

Why Integration Matters Here

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What makes Hyperliquid a credible entrant is not volume alone — it is the architecture. The platform runs on its own L1 blockchain and HyperCore engine, enabling a unified trading environment. A single account can hold event bets, Bitcoin positions, and commodity exposure against the same collateral pool.

For sophisticated traders, that means cross-margining across market types — a feature absent from platforms built around prediction markets as a standalone product.

“Sophisticated traders will be able to take advantage of portfolio margin and figure out ways to generate alpha from these two different market types,” said Sunny Shi, an investor at crypto fund Syncracy Capital.


Hyperliquid also does not need to build an audience for prediction markets. It is distributing the product to an existing and active base of traders.

Movement in Both Directions

Hyperliquid’s entry coincides with prediction market platforms pushing the other way. Kalshi has announced a perpetual futures product called Timeless. Polymarket is launching 10x leveraged contracts on Bitcoin, Nvidia, and gold.

Each platform is approaching the convergence from a different position.

Kalshi is operating as a CFTC-regulated exchange and is building toward regulatory legitimacy in the U.S. market. Polymarket is leaning on its crypto-native interface and global reach. Hyperliquid is treating prediction market contracts as one more instrument type on a high-throughput derivatives engine.

What This Means for the Industry

The competition is shifting from product creativity to infrastructure. Hyperliquid’s model depends on factors it cannot fully control, including oracle reliability, resolution disputes, and retail engagement with event contracts.

Some market participants are skeptical that Hyperliquid will compete directly with Kalshi or Polymarket for retail volume. Its interface and distribution model are geared more toward experienced traders, suggesting that demand may come primarily from users looking to hedge or trade event contracts alongside existing derivatives positions.

Those are unresolved questions, and the $1 trillion annual volume figure cited by proponents for 2030 reflects projections, not a current trajectory.

Hyperliquid, one of the most active decentralised exchanges, may add prediction markets to its platform. This move would put it in direct competition with Kalshi and Polymarket.

Singapore Summit: Meet the largest APAC brokers you know (and those you still don’t!)

The proposal, known as HIP-4, would let users trade outcome contracts on real-world events alongside Hyperliquid’s existing leveraged perpetual futures. Early versions are already running on testnet, while a mainnet rollout has not yet been scheduled.

Why Integration Matters Here

What makes Hyperliquid a credible entrant is not volume alone — it is the architecture. The platform runs on its own L1 blockchain and HyperCore engine, enabling a unified trading environment. A single account can hold event bets, Bitcoin positions, and commodity exposure against the same collateral pool.

For sophisticated traders, that means cross-margining across market types — a feature absent from platforms built around prediction markets as a standalone product.

“Sophisticated traders will be able to take advantage of portfolio margin and figure out ways to generate alpha from these two different market types,” said Sunny Shi, an investor at crypto fund Syncracy Capital.


Hyperliquid also does not need to build an audience for prediction markets. It is distributing the product to an existing and active base of traders.

Movement in Both Directions

Hyperliquid’s entry coincides with prediction market platforms pushing the other way. Kalshi has announced a perpetual futures product called Timeless. Polymarket is launching 10x leveraged contracts on Bitcoin, Nvidia, and gold.

Each platform is approaching the convergence from a different position.

Kalshi is operating as a CFTC-regulated exchange and is building toward regulatory legitimacy in the U.S. market. Polymarket is leaning on its crypto-native interface and global reach. Hyperliquid is treating prediction market contracts as one more instrument type on a high-throughput derivatives engine.

What This Means for the Industry

The competition is shifting from product creativity to infrastructure. Hyperliquid’s model depends on factors it cannot fully control, including oracle reliability, resolution disputes, and retail engagement with event contracts.

Some market participants are skeptical that Hyperliquid will compete directly with Kalshi or Polymarket for retail volume. Its interface and distribution model are geared more toward experienced traders, suggesting that demand may come primarily from users looking to hedge or trade event contracts alongside existing derivatives positions.

Those are unresolved questions, and the $1 trillion annual volume figure cited by proponents for 2030 reflects projections, not a current trajectory.





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