Hyperliquid Tests HIP-4 Prediction Market Proposal With Kalshi Partnership on April 21

According to on-chain researcher Fleck, Hyperliquid is publicly testing HIP-4, a proposal to integrate prediction markets directly into its trading platform alongside perpetual futures. The decentralized exchange partnered with Kalshi, which co-authored the proposal, formalizing the collaboration in March. Traders would be able to place binary bets on real-world outcomes without switching platforms or moving funds.

The move poses a significant threat to Polymarket. Fleck's data shows 3.3% of Polymarket's users are already active on Hyperliquid, yet this small user slice generates roughly 12% of Polymarket's total trading volume. HIP-4 has not confirmed a mainnet launch date or finalized oracle infrastructure, meaning the competitive threat remains weeks or months away from materializing.