hyperliquid’s HIP‑4 bolts prediction markets directly onto perps and spot via unified margin. 14% of polymarket’s top traders are already active on hyperliquid, representing ~$1.43b of polymarket flow. today they split capital across two venues; post‑HIP‑4, the same stack can collateralize both event risk and levered perps in one account. polymarket has no token, no staking, no moat beyond UX; switching cost is nil. hyperliquid charges 0.9% on wins versus polymarket’s 1–2%, and prediction fees are fat relative to perps. even modest share gains add real dollars to a ~$900m annualized run‑rate that’s 99% routed into buybacks. the world cup kicks off june 11, HIP‑4 is weeks away. that timing is not a coincidence. // zero illusion