Hyperliquid’s Prediction Markets Upgrade Goes Live on Mainnet, Rivaling Polymarket and Kalshi

Perpetual decentralized exchange (DEX) Hyperliquid’s HIP-4 upgrade is now live on the mainnet, providing users with access to prediction markets on the platform. The HYPE token rallied on the back of this development, as the perp DEX now looks to rival the top prediction-market platforms, Polymarket and Kalshi.

Hyperliquid HIP-4 Market Goes Live On Mainnet

In a release, the perp DEX announced that the outcome markets, also known as HIP-4, are live on the mainnet as a limited-feature initial release. The DEX noted that these outcomes are fully collateralized contracts that settle within a fixed range and are useful for applications such as prediction markets and bounded options.

“They do not involve leverage or liquidations. The initial goal is to validate the technical implementation.” Hyperliquid added. This move from the crypto leverage trading platform comes just months after it first unveiled this upgrade, which will introduce prediction markets on the DEX.

The first market following the HIP-4 release on the mainnet is a recurring binary outcome that settles daily to the BTC mark price on the exchange. The market is a Bitcoin up-and-down market, where the leading crypto will trade above a particular price on a given day.

With this move, Hyperliquid will rival the top prediction markets, Polymarket and Kalshi. Interestingly, the move comes as Polymarket and Kalshi reportedly consider launching perpetual trading on their respective platforms, which would put them in direct competition with the perp DEX.

HIP-4 Already Seeing Notable Demand

Hyperliquid News shared data that showed that the HIP-4 market is already seeing notable demand since its launch today. The platform stated in an X post that the perp DEX has surpassed Polymarket’s trading volume on its sole HIP-4 pair, the BTC up-and-down market.

In less than 6 hours, Hyperliquid surpassed @Polymarket trading volume on its sole HIP-4 pair, which is $BTC Up or Down on a daily basis.

Polymarket calculates volume in $ using shares, where 1 share traded = $1 in volume.
Therefore, 79,500 shares were traded on Polymarket… pic.twitter.com/i3aBN22vPg

— Hyperliquid News (@HyperliquidNews) May 2, 2026

The platform noted that Polymarket calculates volume in dollars per share, where 1 share traded equals $1 in volume. Based on this, Polymarket recorded a trading volume of 79,500 shares today on this market, compared to Hyperliquid’s 89,253.

Meanwhile, the HYPE price rallied on the back of the launch of the HIP-4 market on mainent. The crypto price rose above $42 on the back of the release, rising from around $41.5, according to TradingView data.

However, the Hyperliquid token has since retraced some of these gains and is now trading at around $41.6, up over 1% today. The token is also notably up over 63% year-to-date (YTD) despite the current bear market conditions.