Hyperliquid's HIP-4 event contract posted 6.05 million contracts in notional volume on its first trading day, capturing roughly 0.7% of total prediction market share for the session. The launch puts it in early competition with established venues, though the gap remains wide: Kalshi recorded 546 million contracts and Polymarket hit 190 million contracts on the same day.
For a first-day debut, the number is a proof-of-concept rather than a market-share grab. Hyperliquid's edge — if it develops one — will likely come from its on-chain perps infrastructure and existing liquidity base rather than raw volume alone. Whether HIP-4 can close the gap with Polymarket over the coming weeks is the metric worth watching.
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Hyperliquid HIP-4 Event Contract Hits 6.05m Contracts (>$6m) in First-Day Volume
Hyperliquid’s HIP-4 event contract has officially launched. On its first trading day, the contract recorded a notional volume of 6.05 million contracts, capturing roughly 0.7% of the day’s total prediction market share. By comparison, Kalshi recorded 546m contracts and Polymarket reached 190m contracts on the same day.
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