Hyperliquid HIP-4 Event Contract Records 6.05 Million Contracts on First Trading Day

TLDR

• Hyperliquid’s HIP-4 event contract recorded 6.05M contracts in first-day notional trading volume.
• The launch gave Hyperliquid about 0.7% of total prediction market volume on day one.
• Kalshi and Polymarket remained dominant, recording 546M and 190M contracts respectively.
• HYPE traded near $41.85 as traders watched short-term pressure before the May 6 unlock.
• The scheduled unlock will release 9.92M HYPE tokens, valued at roughly $408M.

Hyperliquid’s HIP-4 event contract recorded 6.05 million contracts in notional trading volume on its first trading day, giving the decentralized trading platform an early entry into the prediction market sector.

According to data cited by defioasis, the new contract captured about 0.7% of total prediction market volume during its launch session. The figure placed Hyperliquid behind established platforms such as Kalshi and Polymarket but showed early trader interest in its non-leveraged prediction market product.

Kalshi led the market on the same day with 546 million contracts, while Polymarket recorded 190 million contracts. Other platforms also remained ahead of Hyperliquid, with Limitless at 68.26 million contracts, Crypto.com at 28.2 million, Opinion at 25.72 million and Predict Fun at 11.8 million.

The launch followed Hyperliquid’s public testing of HIP-4 on May 2. The feature is designed to add event contracts to the protocol and expand activity beyond its existing derivatives trading base.

Hyperliquid Enters Prediction Market Race

The HIP-4 launch places Hyperliquid in a market that has grown rapidly as traders use event contracts to take positions on outcomes across finance, politics, sports and macro events.

Although Hyperliquid’s 0.7% market share remains small compared with larger competitors, the first-day total of 6.05 million contracts points to early adoption from users already active on decentralized trading platforms.

Event contracts differ from conventional crypto perpetuals because they are based on defined outcomes rather than leveraged price exposure. Hyperliquid’s move into this category expands its product range and gives traders another way to express market views.

The prediction market sector is still led by platforms with deeper liquidity and established user bases. Kalshi and Polymarket continue to account for the largest share of activity, while smaller platforms compete through product design, fees, market selection and execution quality.

HYPE Token Trades Near $41 as Unlock Nears

Hyperliquid’s native token, HYPE, traded around $41.85 after rising about 1.61% over 24 hours. The token remained down roughly 1.79% over seven days, showing short-term pressure despite broader strength earlier in 2026.

A major token unlock is scheduled for May 6, 2026, when 9.92 million HYPE tokens, valued near $408 million, are expected to enter circulation. The event has contributed to market caution as traders assess whether new supply could create selling pressure.

Hyperliquid also saw a sharp short squeeze on May 3, when short positions reportedly accounted for 99.95% of liquidations on the exchange. The move showed how positioning can shift quickly on the platform during periods of high volatility.

Source: TradingView

Technical data shows HYPE consolidating near local highs after recovering from the $26 to $28 range. The token moved into the $44 to $45 resistance area before sellers slowed the advance.

Price has since held near $41 to $42, keeping the broader structure constructive. Immediate resistance sits around $42.5, while the larger resistance zone remains $44 to $45. Support is near $39 to $40, followed by stronger support around $35 to $36.

Traders Watch Liquidity and Retention

The next phase for HIP-4 will depend on whether Hyperliquid can retain activity after its opening session. Prediction markets depend heavily on liquidity, active order books and market variety.

A strong launch can attract attention, but sustained usage usually depends on whether traders continue to find efficient pricing and reliable execution. Established platforms have an advantage because they already host deep markets and regular users.

Hyperliquid’s strength comes from its existing derivatives trading community and its reputation among decentralized traders. The addition of event contracts could broaden user activity if the product remains active beyond the first launch cycle.

Momentum indicators for HYPE show a market in consolidation rather than a confirmed reversal. RSI near 53 suggests neutral momentum, while MACD shows slowing bullish strength. A move above $44 to $45 would point to renewed upside, while a break below $39 to $40 could bring a deeper pullback.

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