Hyperliquid launches outcome contracts as Bitcoin market beats rivals on volume
Updated
Updated · DLNews · May 5
Hyperliquid launches outcome contracts as Bitcoin market beats rivals on volume
11 articles · Updated · DLNews · May 5
Its first Bitcoin contract, launched over the weekend, generated about three times the volume of comparable Polymarket and Kalshi markets, Hyperion DeFi CEO Hyunsu Jung said.
Bernstein said the debut shows prediction markets are becoming institutional hedging tools, as binary contracts can isolate event risk more cleanly than foreign exchange or commodity exposures.
The move expands Hyperliquid beyond crypto perpetuals into a market where Kalshi and Polymarket handled nearly $24 billion in April, with broader rollout expected around mid-June.
Can Hyperliquid's DeFi efficiency dethrone Kalshi's regulatory moat to win over institutional hedging clients?
As prediction markets boom, will decentralized tech or regulatory approval ultimately define the future of hedging?
Hyperliquid's HIP-4 Outcome Contracts Drive $12K in Fees and Triple Competitors' Volume on Launch
Overview
On May 2, 2026, Hyperliquid launched its HIP-4 outcome contracts, introducing fully collateralized binary prediction markets settled in USDH stablecoin. The debut targeted a Bitcoin price event and quickly gained traction, recording over 6 million contracts traded and attracting more than 3,000 unique traders within 24 hours. This success was driven by Hyperliquid's large user base, seamless integration with its unified margin system, and high-performance HyperCore blockchain. HIP-4's innovative zero-fee opening structure and portfolio margin capabilities set it apart, enabling efficient hedging and trading. The launch disrupted established platforms like Polymarket and Kalshi, fueling a surge in Hyperliquid's HYPE token through increased fee revenue and a builder staking program that locks tokens and promotes market integrity.