Hyperliquid Enables HIP-4 Permissionless Deployment of Prediction Markets on Testnet

Decentralized exchange (DEX) Hyperliquid has rolled out HIP-4 permissionless deployments on the testnet, marking the first step toward enabling developers to deploy their prediction markets. This comes as the HYPE token continues to face significant selling pressure, falling below the psychological $55 level.

Hyperliquid’s HIP-4 Permissionless Deployment Goes Live On Testnet

In their latest announcement, the Hyperliquid team revealed that the initial implementation of HIP-4 permissionless deployments is live on testnet. They also mentioned plans to roll out additional features, including configurable fees and more testnet templates.

This follows the initial announcement of plans to launch permissionless deployment for HIP-4 prediction markets last week. The feature is expected to launch on mainnet soon following the rollout on testnet.

The feature notably enables developers to launch their prediction and outcome markets on Hyperliquid, similar to how these developers can launch perpetuals for any asset on the HIP-3 market. The DEX had initially rolled out HIP-4 earlier this year, in a move to rival platforms such as Polymarket and Kalshi.

Blockworks data shows that the sports prediction markets have accounted for most of the open interest on Hyperliquid’s HIP-4 market. Interestingly, the open interest has been on a decline since the end of the 2026 FIFA World Cup earlier this month.

The HIP-4 market’s open interest currently stands at $182,000, according to Blockworks data. Meanwhile, the notional trading volume is $881,000.

HYPE Price Falls Below $55

The Hyperliquid price has fallen below the psychological $55 level amid the rollout of the HIP-4 permissionless deployment on testnet. The DEX token is currently trading at around $54.700, down almost 2% in the last 24 hours.

The Hyperliquid price has fallen along with Bitcoin, which dropped below $64,000 as the U.S. and Israel discuss a land blockade on Iran, which could escalate the U.S.-Iran war. HYPE also faces significant selling pressure as whales continue to unstake and offload their coins.

Onchain analytics platform Lookonchain drew attention to a whale that bought HYPE at an average price of $18 months back and unstaked the tokens today and deposited them to FalconX and Coinbase Prime, likely in a move to sell them.

Whales keep selling $HYPE!

A whale that bought 1.02M $HYPE at an average price of $18 17 months ago unstaked the tokens today and deposited them into #FalconX and #CoinbasePrime 2 hours ago, likely to sell.https://t.co/sokAtSnie9 pic.twitter.com/fqgN3G5788

— Lookonchain (@lookonchain) July 31, 2026

For more on prediction markets, please check out our page on Best Crypto Prediction Markets In 2026