Hyperliquid is no longer just a perps exchange. HIP-3 let anyone list a new perpetual by staking HYPE, opening the platform to assets that would never clear a centralized listing process. TradFi assets have grown into a meaningful share of platform volume, driven largely by commodities. HIP-4 pushes this further by adding prediction markets into the same infrastructure. Outcome contracts share collateral with perps and equities in one margin account. Every position requires posting max loss upfront, so there's no leverage and no liquidations. The full vision isn't live yet, but each piece already exists in some form. What started as a perps exchange is becoming a single venue for everything.(Delphi Digital)