HIP-4 plays out across two competitive landscapes. Wallets and frontends compete for users on one side. Deployers compete to build the markets themselves on the other. TradeXYZ is the HIP-3 leader and is likely to own a large portion of the HIP-4 markets on crypto assets. Kinetiq runs the most aggressive builder-code economics on Hyperliquid and onboarded thousands of users in a single day from its recent mobile launch. It can monetize HIP-4 flow whether it routes to its own markets or to third parties. The markets HIP-4 can express fit naturally next to existing Hyperliquid positions: ETF approvals, token unlocks, and protocol milestones. Hyperliquid takes the protocol cut regardless of who owns the user or builds the market.(Delphi Digital)