Polymarket and Kalshi are getting into perpetual contracts. HYPE, you want to do prediction markets? You mess with me, we’ll mess with you too. This is kind of like Meituan starting instant retail, and JD saying: WTF, then I’ll do food delivery! You steal my business, I’ll steal yours. Now Meituan and JD are going all out, and with Alibaba in the mix, billions are being burned just like that. Next up, HYPE’s challenges are about to get even bigger—welcome to the three-way battle.