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- Hyperliquid’s equity perps now drive ~10% of open interest.
- HIP-4 will add prediction markets and options using USDH.
- HYPE is testing a key 200-day moving average after a 30% rebound.
Hyperliquid’s HYPE token is quietly standing out in a market that has punished most altcoins. While broad crypto prices drift lower, Hyperliquid continues to post tangible growth across product lines — and investors are taking notice.
The perpetual DEX has rapidly expanded beyond its core derivatives business, and its next major upgrade could deepen that momentum. Hyperliquid Improvement Proposal-4 (HIP-4) aims to introduce native prediction markets and options trading, positioning the platform closer to what supporters describe as an “everything exchange.”
If adoption mirrors the recent surge in equity perpetuals, HYPE may have further room to run.
Hyperliquid’s Market Share Surges on Equity Perps
Hyperliquid’s biggest near-term catalyst has been the success of equity perpetuals launched under HIP-3. These contracts allow users to trade tokenized exposure to stocks and ETFs using perpetual futures.
The result: Hyperliquid’s overall market dominance has climbed to roughly 33%, up about 15 percentage points in just a few weeks. Equity perps and other tokenized real-world assets (RWA) now represent around 10% of total open interest on the platform — rising from virtually zero in about a month.
Some analysts believe this share could grow dramatically. If RWA trading approaches even a fraction of spot crypto derivatives volume, it could become a major growth engine for Hyperliquid’s revenue and liquidity.
HIP-4 Brings Prediction Markets and Options
HIP-4 expands Hyperliquid’s ambitions further by enabling native prediction markets and options trading — two of the fastest-growing narratives in crypto.
Notably, these products will be exclusively denominated in USDH, Hyperliquid’s native stablecoin. That design choice keeps trading fees circulating inside the ecosystem, where they support HYPE buybacks and other incentive programs.
Syncracy Capital founder Ryan Watkins described the upgrade as another step toward an “everything exchange,” pointing to the massive valuations achieved by standalone prediction platforms like Polymarket and Kalshi.
The features are currently live on testnet, with a mainnet launch expected soon, though no exact date has been confirmed.
Can HYPE Extend Its Recovery?
HYPE reacted quickly to the HIP-4 news, jumping roughly 9% initially and adding another 11% shortly after. That move marks a 30% rebound from the $28 support area.
The rally has stalled near the 200-day moving average — a level many traders view as a dividing line between bearish and bullish structure. A sustained break above it could open the door to the $35–$38 range.
If momentum continues and new products gain traction, a push toward the $50 psychological level becomes plausible, which would recover a large portion of HYPE’s late-2025 drawdown.
On the downside, failure to reclaim the 200-day average could invite another test of the $28 support zone.
Also Read: HyperLiquid Cracks Down on Insider Trading as HYPE Slumps 58%
Hyperliquid’s resilience isn’t coming from hype alone. Real usage growth, expanding product breadth, and a fee model that directly supports HYPE are giving the token a stronger fundamental case than most peers.
If prediction markets and options find the same demand as equity perps, Hyperliquid may solidify its place as one of the most important venues in on-chain derivatives — and HYPE could remain one of the market’s standout performers.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
