Hyperliquid has officially activated its HIP-4 event contracts, introducing a novel prediction market product to its trading ecosystem. According to data from defioasis, these contracts achieved a nominal trading volume of $6.05 million on their first day, capturing roughly 0.7% of the day’s overall prediction market activity. For context, Kalshi dominated the sector with $546 million in contracts, while Polymarket recorded $190 million. Other players like Limitless ($68.26 million), Crypto.com ($28.2 million), Opinion ($25.72 million), and Predict Fun ($11.8 million) also posted notable volumes.
HYPE, the native token of Hyperliquid, is currently trading at $41.64 with a 24-hour volume of $255.91 million, reflecting a modest 1% daily gain but a nearly 2% decline over the past week. Its market capitalization stands at approximately $9.92 billion, based on a circulating supply of 240 million tokens. The price is hovering near the upper end of its recent range, with resistance at $42.50 to $44.00 being closely watched by traders for a potential breakout. Support is established around $40.50 to $41.00; if this zone holds, buyers may push toward $42.50 and $44.00. A drop below $40.50 could shift focus to $38.00 and $36.00.
The Relative Strength Index (RSI) currently sits at 54.38, above its moving average of 51.94, indicating mild bullish momentum but not yet strong buying pressure. A rise above 60 would strengthen the bullish case, while a fall below 50 would suggest weakening demand. Meanwhile, the Moving Average Convergence Divergence (MACD) presents a mixed picture: the MACD line is at 0.357 below the signal line at 0.510, and the histogram stands at -0.153, implying lingering bearish pressure although the situation appears to be stabilizing.
Hyperliquid operates its own layer-1 blockchain tailored for high-frequency trading, with flagship products including an on-chain perpetual futures exchange, spot trading, lending, borrowing, and the HyperEVM for Solidity-based applications. The platform has maintained a strong share of on-chain perpetual futures volume, and a portion of trading fees is allocated to buying back and burning HYPE tokens, linking exchange activity directly to tokenomics. The HIP-4 launch adds a prediction market layer to this ecosystem, potentially driving further engagement and demand for HYPE.