{"id":36994,"date":"2026-04-30T14:13:58","date_gmt":"2026-04-30T14:13:58","guid":{"rendered":"https:\/\/buvei.com\/blog\/?p=36994"},"modified":"2026-04-30T14:13:58","modified_gmt":"2026-04-30T14:13:58","slug":"hyperliquid-hip-4-challenging-kalshi-and-polymarket-in-prediction-markets","status":"publish","type":"post","link":"https:\/\/buvei.com\/blog\/hyperliquid-hip-4-challenging-kalshi-and-polymarket-in-prediction-markets\/","title":{"rendered":"Hyperliquid HIP-4: Challenging Kalshi and Polymarket in Prediction Markets"},"content":{"rendered":"<p data-path-to-node=\"3\"><b data-path-to-node=\"3\" data-index-in-node=\"0\">Executive Summary:<\/b> Hyperliquid\u2019s proposal to add outcome-based contracts (HIP-4) represents a structural shift in the industry. Unlike standalone prediction platforms, Hyperliquid offers a unified engine where traders can cross-margin event bets against leveraged perpetual futures. This move triggers a \"war for the trader's capital,\" as Kalshi and Polymarket simultaneously attempt to expand into the perpetuals space.<\/p>\n<h2 data-path-to-node=\"5\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-37008\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-91-1.webp\" alt=\"\" width=\"1600\" height=\"896\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-91-1.webp 1600w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-91-1-300x168.webp 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-91-1-1024x573.webp 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-91-1-768x430.webp 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-91-1-1536x860.webp 1536w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-91-1-400x224.webp 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-91-1-800x448.webp 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-91-1-832x466.webp 832w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-91-1-1248x699.webp 1248w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/>The<a href=\"https:\/\/buvei.com\/blog\/best-u-s-virtual-cards-may-2026-top-providers-guide\/\"> Architectural Edge<\/a>: Unified Liquidity<\/h2>\n<p data-path-to-node=\"6\">What sets Hyperliquid apart is its <b data-path-to-node=\"6\" data-index-in-node=\"35\">HyperCore engine<\/b> and native L1 blockchain. In a traditional setup, a trader might have to move funds between a crypto exchange (for BTC futures) and a prediction market (for election bets).<\/p>\n<p data-path-to-node=\"7\"><b data-path-to-node=\"7\" data-index-in-node=\"0\">With HIP-4, Hyperliquid enables:<\/b><\/p>\n<ul data-path-to-node=\"8\">\n<li>\n<p data-path-to-node=\"8,0,0\"><b data-path-to-node=\"8,0,0\" data-index-in-node=\"0\">Portfolio Margining:<\/b> A single collateral pool (USDC) can support a long Bitcoin position, a short Nvidia position, and a \"Yes\" bet on a political outcome.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"8,1,0\"><b data-path-to-node=\"8,1,0\" data-index-in-node=\"0\">Capital Efficiency:<\/b> Gains from a perpetual trade can instantly be used to hedge an event contract without withdrawal delays or bridging fees.<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"8,2,0\"><b data-path-to-node=\"8,2,0\" data-index-in-node=\"0\">Alpha Generation:<\/b> Sophisticated traders can execute complex arb strategies between correlated assets (e.g., betting on a pro-crypto candidate while longing BTC perps).<\/p>\n<\/li>\n<\/ul>\n<h2 data-start=\"1124\" data-end=\"1167\"><a href=\"https:\/\/buvei.com\/?s=blog\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-28870 aligncenter\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-300x90.png 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-768x230.png 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-400x120.png 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-800x240.png 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-832x249.png 832w\" alt=\"\" width=\"1024\" height=\"307\" \/><\/a><\/h2>\n<h2 data-path-to-node=\"10\">A Two-Way Convergence<\/h2>\n<p data-path-to-node=\"11\">The industry is no longer divided into \"prediction markets\" and \"derivative exchanges.\" Instead, every major player is racing toward a <b data-path-to-node=\"11\" data-index-in-node=\"135\">Full-Stack Trading Model<\/b>.<\/p>\n<table style=\"height: 176px;\" width=\"995\" data-path-to-node=\"12\">\n<thead>\n<tr>\n<td><strong>Platform<\/strong><\/td>\n<td><strong>Current Stronghold<\/strong><\/td>\n<td><strong>New Direction<\/strong><\/td>\n<td><strong>Strategy<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><span data-path-to-node=\"12,1,0,0\"><b data-path-to-node=\"12,1,0,0\" data-index-in-node=\"0\">Hyperliquid<\/b><\/span><\/td>\n<td><span data-path-to-node=\"12,1,1,0\">Decentralized Perps<\/span><\/td>\n<td><span data-path-to-node=\"12,1,2,0\"><b data-path-to-node=\"12,1,2,0\" data-index-in-node=\"0\">Prediction Markets<\/b><\/span><\/td>\n<td><span data-path-to-node=\"12,1,3,0\">Treat event contracts as a new asset class on an L1 engine.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"12,2,0,0\"><b data-path-to-node=\"12,2,0,0\" data-index-in-node=\"0\">Polymarket<\/b><\/span><\/td>\n<td><span data-path-to-node=\"12,2,1,0\">Crypto Prediction<\/span><\/td>\n<td><span data-path-to-node=\"12,2,2,0\"><b data-path-to-node=\"12,2,2,0\" data-index-in-node=\"0\">10x Leveraged Perps<\/b><\/span><\/td>\n<td><span data-path-to-node=\"12,2,3,0\">Adding BTC, Nvidia, and Gold perps to retain prediction users.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span data-path-to-node=\"12,3,0,0\"><b data-path-to-node=\"12,3,0,0\" data-index-in-node=\"0\">Kalshi<\/b><\/span><\/td>\n<td><span data-path-to-node=\"12,3,1,0\">US-Regulated Prediction<\/span><\/td>\n<td><span data-path-to-node=\"12,3,2,0\"><b data-path-to-node=\"12,3,2,0\" data-index-in-node=\"0\">\"Timeless\" Perps<\/b><\/span><\/td>\n<td><span data-path-to-node=\"12,3,3,0\">Leveraging CFTC status to offer regulated perpetual futures.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 data-path-to-node=\"14\">Distribution vs. Regulation<\/h2>\n<p data-path-to-node=\"15\">The battle for dominance is being fought on two fronts:<\/p>\n<ul data-path-to-node=\"16\">\n<li>\n<p data-path-to-node=\"16,0,0\"><b data-path-to-node=\"16,0,0\" data-index-in-node=\"0\">Hyperliquid &amp; Polymarket:<\/b> Leveraging <b data-path-to-node=\"16,0,0\" data-index-in-node=\"37\">crypto-native distribution<\/b>. They already have the high-frequency traders and the on-chain liquidity. Their challenge remains the fragmented global regulatory landscape (as seen in recent New York lawsuits against Gemini\/Coinbase).<\/p>\n<\/li>\n<li>\n<p data-path-to-node=\"16,1,0\"><b data-path-to-node=\"16,1,0\" data-index-in-node=\"0\">Kalshi:<\/b> Leveraging <b data-path-to-node=\"16,1,0\" data-index-in-node=\"19\">regulatory legitimacy<\/b>. As a CFTC-regulated exchange, Kalshi targets institutional capital that cannot legally touch offshore or decentralized platforms. However, its \"permissioned\" nature often limits the speed of new product listings.<\/p>\n<\/li>\n<\/ul>\n<h2 data-path-to-node=\"18\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-36396\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48.webp\" alt=\"\" width=\"1600\" height=\"896\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48.webp 1600w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-300x168.webp 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1024x573.webp 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-768x430.webp 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1536x860.webp 1536w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-400x224.webp 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-800x448.webp 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-832x466.webp 832w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/04\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-48-1248x699.webp 1248w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/>What This Means for Traders<\/h2>\n<p data-path-to-node=\"19\">The arrival of Hyperliquid in the prediction space means that <b data-path-to-node=\"19\" data-index-in-node=\"62\">volatility is becoming interoperable<\/b>.<\/p>\n<p data-path-to-node=\"20\">For retail users, it offers a more \"game-like\" experience where any event can be traded with leverage. For professional firms, it provides a high-throughput environment for automated market makers (AMMs) to provide deep liquidity across disparate event types.<\/p>\n<p data-path-to-node=\"21\">As Sunny Shi of Syncracy Capital noted, the ability to take advantage of <a href=\"https:\/\/buvei.com\/blog\/best-practices-for-implementing-credit-card-surcharges\/\"><b data-path-to-node=\"21\" data-index-in-node=\"73\">portfolio margin<\/b><\/a> is the real \"killer app\" that could pull high-volume traders away from standalone prediction apps.<\/p>\n<h2 data-start=\"1124\" data-end=\"1167\"><a href=\"https:\/\/buvei.com\/?s=blog\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-28870 aligncenter\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-300x90.png 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-768x230.png 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-400x120.png 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-800x240.png 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-832x249.png 832w\" alt=\"\" width=\"1024\" height=\"307\" \/><\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"Executive Summary: Hyperliquid\u2019s proposal to add outcome-based contracts (HIP-4) represents a structural shift in the industry. Unlike standalone&hellip;","protected":false},"author":4,"featured_media":37008,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":""},"categories":[4,2516,6],"tags":[1752,4897,4087,5699,618],"class_list":{"0":"post-36994","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-case-studies","9":"category-news","10":"tag-cross-border-payments","11":"tag-instant-virtual-card","12":"tag-secure-payments","13":"tag-secure-transactions","14":"tag-virtual-cards","15":"cs-entry"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts\/36994","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/comments?post=36994"}],"version-history":[{"count":0,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts\/36994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/media\/37008"}],"wp:attachment":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/media?parent=36994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/categories?post=36994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/tags?post=36994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}