Hyperliquid is emerging as a competitor to traditional exchanges and prediction markets, expanding its market offerings beyond crypto perpetual futures into areas such as pre-IPO markets, prediction contracts and tokenized real-world assets. Its HIP-3 markets list equities, commodities, forex and pre-IPO contracts for around-the-clock trading, while HIP-4 outcome markets enable binary bets on political, economic and crypto events. The HYPE token has risen 94% over the past three months.
HIP-3 markets allow 24/7 trading of assets including equities, commodities, forex and pre-IPO contracts, with the HIP-3 product classification explicitly listing those asset types and maintaining continuous trading hours for those markets on Hyperliquid’s platform.
HIP-4 outcome markets enable binary bets on politics, economics and crypto events, with the HIP-4 designation identifying those outcome-focused contracts and distinguishing event-based prediction positions from the continuous asset listings in the HIP-3 set.
“For example you could pair a HIP-3 perps position on NVDA with outcome markets that it could miss or beat earnings,” the report said.
The report said Hyperliquid is seeing traction as demand for its HIP-3 markets expands to include pre-IPO markets.
Spot HYPE ETFs issued by 21Shares and Bitwise attracted a combined $53 million in inflows after only a few trading sessions. That combined inflow figure quantifies the early capital that flowed into the spot HYPE ETF products in their initial days on the market. Reporting contrasted those HYPE ETF inflows with the early inflows recorded by spot bitcoin, ether (ETH) and solana (SOL) ETFs at comparable early stages of trading. On a percentage-of-market-capitalization basis, the inflows into HYPE were larger than the early-stage inflows into those BTC, ETH and SOL ETFs.
The figures cited are described in the report as illustrative of early ETF demand. This paragraph limits itself to the reported ETF flows and the reported comparative market-capitalization metric.
Hyperliquid has partnered with Coinbase and Circle to integrate USDC as an aligned quote asset, a collaboration that the report says could generate up to $160 million in annualized revenue based on USDC reserve yields. The partnership designates USDC as a quote asset on Hyperliquid’s platform.
Separately, regulatory developments in Washington include reports that the SEC is considering an innovation exemption framework for tokenized stocks. The report said such regulatory movement could accelerate adoption of tokenized real-world assets on decentralized trading venues.
Hyperliquid has expanded its market scope beyond crypto perpetual futures to include pre-IPO markets, prediction contracts and tokenized real world assets. Its HYPE token’s recent strong performance, investor interest via spot ETFs from 21Shares and Bitwise, partnerships with Coinbase and Circle, and regulatory developments in Washington regarding tokenized stocks are cited in the report as factors contributing to its growth potential.
