TLDR
- Hyperliquid’s HIP-4 opened with 6.05 million contracts in nominal day-one prediction market volume on mainnet.
- The first listed market centered on BTC daily binary outcomes and used USDH for settlement.
- Reported market share stood near 0.7%, behind Kalshi, Polymarket, Limitless, Cryptocom, and Opinion that day.
- HIP-4 runs inside Hyperliquid’s trading system, alongside spot, perpetuals, and shared collateral accounts for users.
- Zero opening fees, no leverage, and fixed maximum loss reduce event-trading barriers for new users
Hyperliquid’s HIP-4 event contract recorded 6.05 million contracts on its first trading day, according to Datadashboards data cited by Wu Says. The launch placed Hyperliquid in the prediction market race with a 0.7% day share. The first live market centers on Bitcoin daily binary outcomes on mainnet. The product lets traders take yes-or-no exposure on defined outcomes.
HIP-4 enters live prediction market trading
Datadashboards data, cited by Wu Says, put day-one notional volume at 6.05 million contracts. The figure placed Hyperliquid behind larger prediction venues during the same trading day. Kalshi recorded 546 million contracts, while Polymarket recorded 190 million contracts.
Other venues also reported higher volumes, according to the same market snapshot. Limitless stood at 68.26 million contracts, and Cryptocom reached 28.2 million contracts. Opinion recorded 25.72 million contracts in the ranking.
The opening numbers gave HIP-4 about 0.7% of the daily prediction market share. Hyperliquid introduced the product after building a large onchain trading base. Its exchange already supports active traders, market makers, APIs, and platform collateral.
The first-day rank does not show user count or open interest for HIP-4. It only shows contract volume in the cited ranking. Therefore, the data gives an early view, not a full market picture.
BTC binary contracts move onto Hyperliquid
HIP-4 brings binary outcome contracts into Hyperliquid’s existing trading environment. Traders can view event contracts beside spot positions and perpetual futures. The structure keeps activity inside one account instead of a separate prediction app.
The first live contract focuses on Bitcoin daily price outcomes. A market post said, “$BTC daily binary contracts are now live on mainnet.” Settlement uses USDH, and traders do not need to bridge funds.
Hyperliquid says HIP-4 uses zero fees to open positions. The product does not offer leverage, and it has no liquidation risk. Traders know the maximum loss before they enter a contract.
Because HIP-4 shares the same account system, users can manage collateral across several product types. A Bitcoin trader may hold spot, perps, and event exposure together. This design reduces account moves, but it does not remove market risk.
Hyperliquid links event markets with wider trading
Market watchers describe HIP-4 as part of a broader exchange design. The product follows HIP-3, which allowed builders to deploy more market types. Those markets included stocks, commodities, and pre-IPO contracts.
The new event contracts may serve traders around scheduled market events. Traders can use them during CPI releases, Fed decisions, and token unlocks. However, each contract still depends on liquidity, rules, and settlement design.
The launch also brings Hyperliquid closer to Kalshi and Polymarket in product range. Yet the first-day data show a much smaller share than those rivals. The next trading days will show whether volume grows after the BTC market launch.
Separate market posts also linked the launch to HYPE token activity. Those posts cited HYPE near $41 and open interest near $1.65 billion. They also noted a scheduled core contributor unlock on May 6. The unlock covers 9.92 million HYPE, based on the same market commentary.
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