After entering the on-chain event market, Hyperliquid delivered a high volume of trading data in its first full month of trading. The latest disclosure shows that the platform's HIP-4 event contracts saw a trading volume exceeding $92 million in May, averaging approximately $3 million per day, indicating that this still-emerging product type has already attracted a group of active traders.
May trading volume exceeded $92 million
Based on current data, the number of tradable markets for HIP-4 is not large, but its trading performance has significantly exceeded many people's expectations for early products. The article states that with a still relatively narrow product range, monthly trading volume exceeding $92 million reflects the market's search for alternatives beyond traditional prediction markets.
Based on daily averages, HIP-4 maintained a trading volume of approximately $3 million in May. This indicates that the product is not solely driven by short-term hype, but has developed into a product with sustained trading activity.
- Total trading volume in May exceeded $92 million.
- The average daily trading volume is approximately $3 million.
- The above data corresponds to the first full trading month.
Extending from perpetual contracts to event markets
Hyperliquid was already one of the largest decentralized perpetual contract ecosystems in the crypto market. With the launch of HIP-4, the platform began to extend its business from traditional derivatives to event and prediction markets.
This also expands Hyperliquid's competitive scope beyond perpetual contract platforms. The article notes that the prediction market has long been dominated by platforms like Polymarket, while Hyperliquid attempts to combine on-chain liquidity, trading experience, and event contracts to broaden its product boundaries.
Cross-competition with prediction market platforms
The article argues that the comparison between Hyperliquid and Polymarket is gaining increasing attention. The former is moving towards an event marketplace, while the latter continues to explore broader on-chain transaction scenarios. The two types of platforms are more likely to see business overlap in the future, rather than simply competing in a single area.
For Hyperliquid, the performance of HIP-4 in its first month at least demonstrates that there is no lack of demand in the on-chain event market. If trading volume continues to grow, this type of product could open up new competitive space between prediction markets and broader trading platforms.
