Hyperliquid’s HIP-4 Records $317 Million in Five-Month Volume

Hyperliquid’s HIP-4 outcome-market platform recorded $317 million in cumulative volume during its first five months, but its activity remains smaller than that of established prediction-market venues. HIP-4 launched on Hyperliquid’s mainnet May 2, 2026, initially with recurring Bitcoin outcome markets. Volume reached $51 million in September and about $5 million during the first five days of October. The comparison with Kalshi and Polymarket is not directly like-for-like because the available figures do not establish whether volume represents matched trading, one-sided activity or another measure. Polymarket’s displayed figures also combine activity from Polymarket US and Polymarket International.