The BitMEX co-founder believes the exchange’s native token and value accrual mechanism give it a key advantage. Users who own HYPE▼$59.20 can directly profit from their usage of the platform’s prediction market.
BitMEX co-founder Arthur Hayes believes that decentralized exchange (DEX) Hyperliquid can take a leading position in the prediction market segment thanks to its native token HYPE and its ecosystem value accrual mechanism.
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“HIP-4 will quickly become a dominant prediction market because of Hyperliquid’s large user base, much cheaper trading fees, and very robust tech infrastructure. Users who own the $HYPE token can directly profit from their usage of HIP-4,” Hayes told CoinDesk.
What Makes Hyperliquid Different From Competitors
In Hayes’s view, the key advantage is that Hyperliquid users do not simply trade contracts. They directly participate in the platform’s economy through HYPE ownership.
By contrast, a Kalshi trader receives no share in the platform’s growth. They simply buy and sell contracts. Polymarket is preparing to launch its own POLY token, with a pre-market FDV estimated at approximately $14B. However, Hyperliquid already has a ready-made value redistribution mechanism, with HYPE′s FDV exceeding $38B.
Read more: Hyperliquid Prediction Markets Push Takes Aim at Polymarket, Kalshi
Geographic and Regulatory Factors
Hayes also highlighted regulatory asymmetry. Kalshi operates under strict CFTC oversight in the US. Polymarket, after registering in the US, faces restrictions in Asia. The service is blocked or partially restricted in Singapore, Thailand, Taiwan, and Japan.
Hyperliquid faces no such barriers, and its core audience has traditionally been concentrated in Asia.
In March, Hyperliquid launched the HIP-4 protocol on testnet with prediction markets. Users will be able to open positions on event outcomes similar to trading perpetual contracts. Outcome tokens will carry zero fees for opening positions. Fees are only charged upon closing or settlement.
Read more: Hyperliquid HYPE current price April 2026 and year forecast
