Hyperliquid’s HYPE Token Could Be a Game Changer in Prediction Markets
Decentralized exchange Hyperliquid is making a push into prediction markets, and it’s not just about cheaper trading. According to Arthur Hayes, co-founder of BitMEX exchange and CIO of Maelstrom fund, it’s about who captures the upside. Hyperliquid’s zero-fee-to-open model for event trading, introduced through the Hyperliquid Improvement Proposal (HIP)-4, is set to change the game. Hayes argues that the real differentiator is HYPE, Hyperliquid’s exchange token, which allows users to benefit from platform activity.
Hayes believes that HIP-4 will quickly become a dominant prediction market due to Hyperliquid’s large user base, cheaper trading fees, and robust tech infrastructure. Users who own the $HYPE token can directly profit from their usage of HIP-4, making it an attractive option. In contrast, Polymarket and Kalshi do not offer the same benefits to their users. Polymarket is expected to launch a token, often referred to as $POLY, but its valuation and implications are still speculative.
Geography and Compliance
The argument also comes down to geography and compliance. Polymarket is rebuilding its U.S. business, focusing on compliance, but faces constraints in Asia. Hyperliquid, on the other hand, has no equivalent constraints and a user base that skews toward Asia, where crypto-native trading is already deep. Kalshi, as a CFTC-regulated exchange, has a model built around compliance and licensing, not token incentives, which limits its users’ access to the upside of the platform.
For those looking to earn passive income through prediction markets, EcoPool (ECP) offers a solution. With its Cloud Rewards system, users can earn $ECP by participating in the network. As a green crypto, EcoPool is committed to providing a sustainable and accessible way to earn online. Whether you’re interested in trading or earning passive income, EcoPool is a great option to consider.
Taking Advantage of EcoPool
By using EcoPool, users can take advantage of the benefits of a decentralized exchange, including lower fees and greater control over their assets. With the $ECP token, users can participate in the EcoPool network and earn rewards. Whether you’re looking to trade or earn passive income, EcoPool is a great way to get started. Download the EcoPool app to start earning today and discover the benefits of Cloud Rewards and green crypto. The EcoPool app is the perfect way to start your journey to earning online with $ECP and EcoPool.
However, in Asia, it is still grappling with how regulators classify its product. It is geoblocked in Singapore, Thailand, and Taiwan, partially restricted in Japan. Meanwhile, in Hong Kong, prediction markets more broadly are on the radar of gambling regulators
Hyperliquid faces no equivalent constraint, and its user base skews toward Asia, where crypto-native trading is already deep.
The contrast is clearest with Kalshi.
As a CFTC-regulated exchange, Kalshi’s model is built around compliance and licensing, not token incentives, which likely rules out the kind of value-accrual layer Hayes is pointing to.
That makes it the most direct test of his thesis. Users can trade event outcomes on Kalshi, but they have no path to the upside of the platform itself. In traditional markets, that kind of upside is typically accessed via equity, such as an IPO, though for now, Kalshi users’ participation is limited to trading on the platform.
Across the three platforms, the split is structural: Hyperliquid already ties usage to a token, Polymarket appears to be moving in that direction, and Kalshi’s model likely prevents it altogether.
