Kalshi, Polymarket Face New Rival in Crypto’s Hottest Exchange

Hyperliquid, the decentralized crypto exchange that has emerged as one of the most active trading venues in digital assets, is proposing to add prediction markets to its platform — a direct challenge to Kalshi and Polymarket as the fast-growing sector draws new competitors.

The proposal, known as HIP-4 and currently in public testing, would let traders bet on real-world outcomes on a platform that has increasingly drawn notice from Wall Street for the speed and ambition of its product expansion.

Hyperliquid is traditionally focused on perpetual futures — contracts with no expiry that involve large amounts of leverage, and therefore ...