Hyperliquid, a major cryptocurrency trading platform, has now entered the $240 billion prediction market. The blockchain debuted with a recent HIP-4 upgrade on its mainnet, adding event-based trading to its platform, which already handles over $6 billion in daily crypto derivatives volume.
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This move puts Hyperliquid in direct competition with Polymarket and Kalshi, the two leading platforms in the prediction market space. Moreover, Hyperliquid is set to also rival other crypto exchanges such as Binance and Bitget, which announced moves into the prediction market earlier in April.
Hyperliquid Enters Prediction Markets with HIP-4 Launch
Hyperliquid’s new market feature allows users to trade simple yes-or-no contracts that settle at either 0 or 1. Unlike traditional platforms, these contracts do not use leverage, and users cannot get liquidated. Hyperliquid started in the Bitcoin market, where users bet on whether the price will hit certain levels.
Within hours, the first market already saw activity nearly three times higher than that of similar markets on Polymarket and Kalshi combined. Some users also started creating their own markets by staking HYPE tokens. In return, they can earn up to 50% of trading fees. This makes the system open for anyone to participate from day one.
Hyunsu Jung, CEO of Hyperion DeFi (HYPD), a U.S. treasury focused on Hyperliquid, said the early results show that the shared liquidity is working well. This means traders on the platform can easily move into prediction markets without having to start from scratch. He also said these binary markets are a natural “next step” for Hyperliquid’s trading system.
Hyperliquid Faces Off With Polymarket and Kalshi
In April 2026, total trading volume across prediction markets reached nearly $30 billion, with Kalshi leading the market, followed by Polymarket. Kalshi now controls about 62% of the market, mainly due to strong sports trading activity. However, rivalry is increasing as new platforms like Hyperliquid enter the space.
Besides, Hyperliquid is entering the market with support from major industry players such as the prime brokerage firm FalconX and the crypto platform Anchorage Digital. However, Jung said the most important factors to watch are trading volume, open interest, and how fast new markets are added. He noted that these will decide how quickly the platform grows.
Meanwhile, Hyperliquid plans to expand beyond Bitcoin-focused contracts into HYPE and Ethereum markets. According to reports, a wider launch is expected around mid-year. The rollout may line up with big global events like the FIFA tournament, which usually drives more betting activity.
What Is the Best Gambling Stock to Buy Now?
While Hyperliquid is a decentralized exchange, Polymarket and Kalshi are still private companies without publicly traded stock. Hence, investors interested in gambling stocks can consider well-known players like DraftKings (DKNG), Flutter Entertainment (FLUT), MGM Resorts (MGM), and Wynn Resorts (WYNN). All of these stocks can be tracked on the TipRanks Stocks Comparison Center.
