Hyperliquid Research Collective (HRC) analyzed that after Hyperliquid's prediction market feature HIP-4 was opened to external operators on August 29, its daily trading volume reached $1.97 million on August 31, about three times higher than the August average of $545,000. External operators deposited 500,000 HYPE to open the market. HRC explained, "With HIP-4, prediction market positions and Hyperliquid perpetual futures can be managed together in one account, allowing users to take a futures position in the opposite direction of the prediction outcome to reduce loss risk. This differentiates it from Kalshi and Polymarket. Furthermore, while the sports market is potentially the largest growth area, related regulations remain a variable in the United States."
