According to BlockBeats, on September 3, Hyperliquid Research Collective (HRC) released a report stating that Hyperliquid's trading volume has grown rapidly since it opened up third-party permissionless deployment of the HIP-4 prediction market layer on August 29.
HIP-4's average daily trading volume in the first 28 days of August was approximately $545,000. After deployment, the daily trading volume rose to $1.97 million on August 31, and the trading volume in the last 24 hours reached $2.75 million. The number of active traders increased from 1,256 to 1,841.
The report points out that the prediction market project Outcome has become the main beneficiary, currently accounting for nearly 85% of the trading volume share of HIP-4, and its $1 million trading incentive program has further boosted liquidity growth.
HRC believes Hyperliquid's core advantage lies in its unified account system. Prediction markets share an account environment with perpetual contracts and HIP-3 assets, allowing users to hedge perpetual positions using prediction market contracts—an experience currently unavailable on platforms like Kalshi and Polymarket. The sports prediction market may represent the biggest growth potential for HIP-4. During the previous World Cup, HIP-4-related markets saw a cumulative trading volume of $189.5 million, accounting for approximately 3% of the global World Cup prediction market trading volume.
However, HRC stated that the main limitation HIP-4 currently faces is not on-chain deployment, but rather regulatory access. The US market involves regulatory frameworks such as the CFTC and SEC, and sports prediction markets are particularly likely to trigger gambling-related regulatory scrutiny. HIP-4 has proven that permissionless deployment can rapidly increase transaction volume, but whether it can further expand its market share will depend on the regulatory environment, the recovery of the sports market, and future governance votes.