The decentralized crypto exchange Hyperliquid is moving toward prediction markets, a push to bring it closer to Polymarket and Kalshi.
Hyperliquid, best known as one of crypto’s busiest decentralized perpetual futures venues, is preparing to let users trade real-world outcomes, Bloomberg reports.
The proposal, simply known as HIP-4, is already in public testing and would let users trade real-world outcomes on the same venue where many already trade crypto perpetuals.
The report notes that the new outcome contracts would be simpler than its core perps product. A trader would buy one side of a question, and the winning side would settle at a fixed value once the result is known.
Per Bloomberg, HIP-4 contracts would not use leverage the way Hyperliquid’s perpetual futures do, making them look more like simple yes-or-no markets.
Read also: Hyperliquid Launches Android Mobile App as MVP on Google Play
Prediction Markets Strike Back
Polymarket is also moving into Hyperliquid’s home turf, with plans to launch perpetual futures after growing into one of the most visible prediction markets.
The product would take Polymarket closer to the high-volume contracts that sit at the center of crypto trading and have long been Hyperliquid’s key business.
Hyperliquid’s setup is different though because it already has a base of active derivatives traders. A user wouldn’t need to leave the platform to move from Bitcoin exposure to oil exposure to an event bet on inflation, elections or sports.
Nonetheless, some key parts are still missing. For example, Hyperliquid hasn’t fully explained which events would qualify. It’s also unclear how new markets would be approved, what settlement sources would be used, or when HIP-4 could move from testing to a full launch.
Read more: Hyperliquid HYPE Current Price April 2026 and Year Forecast
