Hyperliquid’s HIP-4 Records $317 Million in Five-Month Volume

Hyperliquid’s HIP-4 outcome-market platform recorded $317 million in cumulative volume during its first five months, but its activity remains smaller than that of established prediction-market venues.

HIP-4 launched on Hyperliquid’s mainnet May 2, 2026, initially with recurring Bitcoin outcome markets. Volume reached $51 million in September and about $5 million during the first five days of October.

The comparison with Kalshi and Polymarket is not directly like-for-like because the available figures do not establish whether volume represents matched trading, one-sided activity or another measure. Polymarket’s displayed figures also combine activity from Polymarket US and Polymarket International.

Soccer World Cup markets accounted for $89.5 million, or 28%, of HIP-4’s cumulative volume. The recurring Bitcoin outcome market’s volume fell 93% from its May peak.

HIP-4 adds binary and multi-outcome contracts to Hyperliquid’s trading infrastructure. The system supports order-book trading, market-data feeds, settlement functions and optional builder fees. Positions are fully collateralized and do not use leverage.

The design places prediction-style contracts alongside Hyperliquid’s other markets, allowing users to access shared trading infrastructure and collateral. The platform’s market breadth and liquidity remain below those of larger competitors.

As of Oct. 13, HIP-4 had 228 active markets. Of those, 223 used deployer-controlled settlement without a formal dispute period. The platform also had 28 validator-approved market templates and three mainnet deployers.

An Outcome rewards program had distributed $273,409 to 2,487 wallets by Oct. 5 from a stated $1 million allocation.

Polymarket US is a Commodity Futures Trading Commission-designated contract market, while Polymarket International operates as a blockchain-based platform. That distinction matters when comparing venue volume for US readers.

Hyperliquid’s earlier HIP-4 rollout began with 691 protocol-operated markets. Hyperliquid opened HIP-4 to outside venue operators on Aug. 29; three had posted the required stake as of Oct. 5.