Odaily Planet Daily reports that, according to a report released by FalconX, the crypto derivatives platform Hyperliquid is expanding from perpetual contracts to pre-IPO trading, prediction markets, and tokenized real-world assets, beginning to compete with traditional exchanges and prediction market operators. The report notes that Hyperliquid’s HIP-3 markets enable users to trade stocks, commodities, forex, and pre-IPO contracts 24/7, with traders already using this market to speculate on upcoming listings of companies such as Cerebras, Anthropic, and SpaceX. HIP-4 outcome markets allow traders to place binary bets on political, economic, and crypto events.
In terms of fund inflows, the HYPE spot ETFs launched by 21Shares and Bitwise attracted a combined $530 million in inflows over several trading days. Hyperliquid’s partnership with Coinbase and Circle’s USDC is projected to generate up to $1.6 billion in annual protocol revenue. FalconX warned that CME and ICE have expressed concerns to regulators about potential market manipulation risks associated with Hyperliquid. Nevertheless, Hyperliquid continues to lead the decentralized perpetuals market in trading volume, revenue, and total value locked. (CoinDesk)