Hyperliquid’s HIP-4 event contract opened with ~6.05M contracts on day one, about 0.7% of total prediction market flow.

That is small next to Kalshi (~546M) and Polymarket (~190M), but it is meaningful for a first iteration. If Hyperliquid can route its existing liquidity into these contracts, distribution could matter more than early volume.

Right now it looks like a toe in the water, but the real question is whether this becomes a new vertical or just another niche product inside the stack.
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