Two months of steady long accumulation on the leading on-chain perps venue reads less like a tactical scalp and more like whales positioning for a structural breakout.
Live token performance among recently launched perp DEXs offers a yardstick for four pre-token venues still farming points, with GRVT, Extended, Hibachi, and Ethereal the names to watch.
The product lands inside a prediction-market sector that traded roughly $29B in April alone, but its binary-options-adjacent format is the precise category US and EU regulators have spent years…
First-day volume barely cracked 1% of incumbent prediction-market flow, but HIP-4 lands on a platform that already controls the perps volume conversation — and that distribution is the actual asset.
Day-one volume barely registers against Kalshi and Polymarket, but HIP-4 marks Hyperliquid's first step into event contracts — a category the perps-first exchange has so far sat out.
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