Hyperliquid’s HYPE token could be its prediction market weapon, Arthur Hayes says

HIP-4 could become a dominant prediction-market venue because Hyperliquid users can get economic exposure to platform usage through HYPE, unlike users of Polymarket or Kalshi. What to know : Arthur Hayes argues Hyperliquid’s planned HIP-4 prediction markets will stand out not just for low fees but because its HYPE token lets users share directly in the platform’s upside. Polymarket is expected to launch its own token, informally called POLY, with premarket trading implying a roughly $14 billion fully diluted valuation versus about $38 billion for HYPE. Regulatory posture sharply divides the rivals, with Polymarket and Kalshi constrained by U.S. and regional rules while Hyperliquid, skewing toward Asian crypto-native traders, operates without comparable compliance limits.