TechFlow News, May 25: According to CoinDesk, crypto derivatives platform Hyperliquid is expanding comprehensively beyond perpetual contract trading into pre-IPO markets, prediction contracts, and tokenized real-world assets—intensifying direct competition with traditional exchanges and prediction markets such as CME, Kalshi, and Polymarket. A recent FalconX report notes that Hyperliquid’s HIP-3 market now supports 24/7 trading of equities, commodities, foreign exchange, and pre-IPO contracts, while HIP-4 introduces binary prediction markets tied to political, economic, and crypto-related events.
Meanwhile, the spot HYPE ETF launched by 21Shares and Bitwise has attracted over $53 million in net inflows within just a few trading days—representing a higher proportion of HYPE’s market capitalization than the initial levels observed for Bitcoin, Ethereum, and Solana ETFs upon their launches. Additionally, Hyperliquid’s USDC integration agreements with Coinbase and Circle are projected to generate approximately $160 million in annual protocol revenue. However, CME and ICE have raised concerns with regulators regarding potential market manipulation risks, subjecting the platform to mounting regulatory pressure.
Currently, Hyperliquid remains the leader in decentralized perpetual contract markets across trading volume, revenue, and total value locked (TVL); the HYPE token has surged 94% over the past three months.
