Hyperliquid is going after markets far bigger than crypto. What traders want to trade keeps changing. Last cycle that was crypto. Today much of the new activity is in prediction markets. Venues that offer all of it from one account keep those traders when the mood shifts. Hyperliquid is building that onchain. Outside teams already list oil, gold and stocks next to its crypto perps. Since August anyone can also launch a prediction market about almost anything, and those markets trade from the same balance as perps. Options look like the next step. Hyperliquid’s fees still rise and fall with crypto, averaging about $109M a month in the second half of 2025 and about $71M a month so far this year. A wider range of markets should keep traders active when crypto cools.