Hyperliquid’s HYPE token could be its prediction market weapon, Arthur Hayes says

Arthur Hayes, co-founder of BitMEX, suggests that Hyperliquid's upcoming HIP-4 proposal, which introduces event trading with a zero-fee-to-open model, could make it a dominant prediction market. The key differentiator, according to Hayes, is Hyperliquid's native token, HYPE. Unlike competitors such as Polymarket and Kalshi, HYPE allows users to gain economic exposure to the platform's activity and directly profit from their usage. While Polymarket is expected to launch a token and Kalshi operates under strict CFTC regulation without token incentives, Hyperliquid's model, with its large user base skewed towards Asia and its tokenomics, positions it to capture the upside of platform usage. This structural difference, where Hyperliquid ties usage to a token and Polymarket is moving in that direction, contrasts with Kalshi's compliance-focused model that likely precludes similar value accrual for users.

(Source：CoinDesk)