Hyperliquid Launches HIP-4 Permissionless Events Market

Hyperliquid launched HIP-4, a permissionless events trading protocol. On its first day of trading the platform reached a peak of 6.05 million contracts and captured roughly 0.7% of the prediction market by that metric.

HIP-4 allows any user to create outcome markets on Hyperliquid’s native layer-1 chain provided they stake 1,000,000 HYPE tokens as an anti-spam requirement. Some competing platforms limit market creation to approved creators.

All trades on HIP-4 are recorded on Hyperliquid’s L1. Markets are designed to be composable with the broader Hyperliquid ecosystem. Traders can use a single wallet and cross-margin functionality to hold positions in BTC outcome markets, perpetual futures and spot markets without bridging assets, maintaining separate accounts or paying extra conversion fees.

The protocol uses a central limit order book engine to provide immediate fills, and taker fees are reduced for high-volume traders. All predictive markets launched under HIP-4 settle in Hyperliquid’s USDH stablecoin.

Hyperliquid reported 2,441 new original wallets on May 3, bringing the platform’s total to about 1.19 million users. By contract volume, Kalshi reported about 546 million contracts and Polymarket about 190 million; HIP-4’s first-day peak equaled roughly 0.7% of those totals.

HIP-3, already live on Hyperliquid, hosts pre-IPO markets and contributes a significant share of daily volumes. TradeXYZ supplies more than 91% of open interest on HIP-3 and is the largest source of trading volume on that market.

HIP-3’s pre-IPO markets use a company’s most recent relevant funding round to set a baseline valuation. Price discovery occurs through perpetual futures; if an IPO is completed the perpetual futures price is converted to the public market price. If a company does not go public, the market remains active and is based on the average pre-IPO price established on the platform.

Following the HIP-4 announcement the HYPE token traded near a three-month high around $41.65. Market data show HYPE has spent recent months trading largely in the $40 range.