Hyperliquid is challenging Wall Street and prediction markets — FalconX says the platform is just getting started!

Crypto derivatives platform Hyperliquid is rapidly expanding beyond perpetual futures into pre-IPO trading, prediction contracts, and tokenized real-world assets, according to a new report from FalconX senior strategist David Lawant. The platform's native HYPE token has surged 94% over the past three months, while spot HYPE ETFs from 21Shares and Bitwise pulled in a combined $53 million in inflows within just a few trading sessions — a larger share of market cap than early spot BTC, ETH, or SOL ETF inflows at comparable stages.

FalconX flagged Hyperliquid's HIP-3 markets — which let users trade equities, commodities, forex, and pre-IPO contracts around the clock — as a direct competitive threat to CME Group, Kalshi, and Polymarket.