- The HIP-4 service allows traders to place prediction market bets and trade cryptocurrency perpetual contracts from the same margin account.
- Kalshi co-authored the proposal and entered into a partnership agreement with Hyperliquid in March.
The developers of the decentralized exchange Hyperliquid are testing the HIP-4 service, which allows traders to place bets on prediction markets and trade perpetual cryptocurrency contracts from the same margin account.
The HIP-4 platform was not created solely by the Hyperliquid team; the head of the cryptocurrency department also participated in its creation. Kalshi John Wang. The two companies formalized their partnership back in March 2026 to “jointly reinvigorate online prediction markets.”
Through this collaboration Kalshi gained an advantage over its main competitor platform polymarketAccording to blockchain research, 3,3% of users polymarket are already listed on Hyperliquid and account for approximately 12% of total trading volume.
HIP-4 will allow large players to stop choosing between platforms and consolidate their activities in a single Hyperliquid margin account.
At first glance, the loss of 3,3% of users does not seem catastrophic, if you do not take into account that this group accounts for more than a tenth of the turnover polymarket.
The HIP-4 service isn’t expected to launch anytime soon. The developers haven’t yet completed the oracle infrastructure, meaning that a real competitive threat to existing prediction markets may only emerge in a few weeks or months.
We must not forget that the main problem now is polymarket consists of starting full-fledged work on the most liquid American market, where Kalshi is already facing restrictive initiatives from legislators in various states.
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