Hyperliquid's HIP-4 event contract clears $6M notional on day one.

Hyperliquid's HIP-4 event contract opened trading with 6.05 million contracts — roughly $6 million in notional volume — on its first day live. That translated to about 0.7% of the day's total prediction market share, a modest but measurable foothold for a brand-new instrument.

For context, Kalshi recorded 546 million contracts and Polymarket hit 190 million on the same day, so HIP-4 is clearly still in early innings. The more relevant question is whether Hyperliquid's existing derivatives liquidity and user base can compound that initial traction over the coming weeks.

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