Hyperliquid has debuted its long-awaited HIP-4 prediction-market framework, opening a new liquidity hub as early providers begin deploying seven prediction pairs. The rollout follows HIP-3, which brought tokenized securities and third-party markets to the platform, pushing Hyperliquid deeper into the prediction-market segment. The central development is that HIP-4 gives outside deployers a path to create outcome markets backed by staked HYPE. Curated providers are leading the initial phase, while a future update is expected to broaden permissionless creation as liquidity and resolution quality are tested.
TradeXYZ, already the leading deployer on HIP-3, is preparing to enter HIP-4 after a linked wallet staked and delegated enough HYPE to support new launches. Third-party prediction pairs require a 500,000 HYPE bond, and current delegation waiting times suggest TradeXYZ could begin deploying markets from September 5. The size of that staking requirement turns market creation into a meaningful capital commitment rather than a lightweight listing process. OutcomeXYZ became the first party to unlock HIP-4 staking, while its prediction pairs recently climbed among Hyperliquid's leading outcome markets. Skew is another early participant expected to receive support from HyperionDeFi to meet the required 500,000 HYPE stake. The emerging contest among Skew, OutcomeXYZ and TradeXYZ suggests HIP-4 could quickly develop its own hierarchy of liquidity providers and market creators.
Hyperliquid already hosts more than 300 outcome pairs, while cumulative outcome volume exceeded $300 million before the new rollout, giving new providers a sizable starting marketplace. The expansion is feeding into HYPE's market narrative: the token traded above $81 near all-time highs as prediction-market activity accelerated, while Hyperliquid's daily fees climbed above $3 million during August. Higher onchain activity matters because the platform's fee-driven token burn directly links ecosystem usage with HYPE's supply dynamics. Hyperliquid has also distributed more than $105 million to over 1,500 builder teams that deployed applications in its ecosystem.
In parallel, Hyperliquid Labs is nearing a U.S. foothold through a partnership with Kraken's parent company Payward, according to Bloomberg. Under the proposed arrangement, Payward subsidiary Bitnomial would offer registered U.S. users access to a selection of crypto perpetual futures linked to markets on Hyperliquid's decentralized exchange and underlying Layer 1 blockchain. Payward has already pitched the Commodity Futures Trading Commission with the structure outline but is still awaiting final regulatory approval. Payward acquired Bitnomial earlier this year for up to $550 million, giving it control of a CFTC-licensed U.S. derivatives stack spanning exchange, clearing and brokerage operations.
For Hyperliquid to operate in the U.S., both the SEC and the CFTC may need to be involved in writing revised interpretive rules involving custody and mechanics around current routing standards, former SEC senior counsel Ashley Ebersole told The Block. That process could take at least 10 to 12 months, "assuming things went quickly." The talks come amid a major push to establish a regulatory path for crypto perpetual contracts in the U.S. Last week, the Hyperliquid Policy Center urged the SEC and CFTC to harmonize their treatment of these products. President Donald Trump specifically mentioned Hyperliquid during a press conference, saying CFTC Chair Michael Selig was working to bring the platform into the U.S. in a "fully compliant and legal fashion." In May, the CFTC took a first step toward allowing crypto perpetual futures by greenlighting KalshiEX and Coinbase to list the products. HYPE was trading up 1.3% over the past 24 hours to $84.25, having reached an all-time high just above $86 last week and gaining over 85% over the past year.
