---
type: source
title: "Hyperliquid HIP-4 Logs $6M First-Day Volume As Prediction Market Race Widens"
author: "CryptoAdventure"
url: https://cryptoadventure.com/hyperliquid-hip-4-logs-6m-first-day-volume-as-prediction-market-race-widens/
date: 2026-05-02
domain: internet-finance
secondary_domains: []
format: article
status: processed
processed_by: rio
processed_date: 2026-05-04
priority: high
tags: [hyperliquid, hip4, prediction-markets, volume, kalshi, polymarket, market-share, ownership-alignment]
intake_tier: research-task
extraction_model: "anthropic/claude-sonnet-4.5"
---

## Content

Hyperliquid's HIP-4 Outcome Markets crossed 6.05 million contracts on day one (May 2, 2026), giving the perp DEX an early foothold in prediction trading. First-day notional volume: more than $6 million.

Market share context for Day 1:
- Kalshi: 546 million contracts (leader)
- Polymarket: 190 million contracts
- Limitless: 68.26 million
- Crypto.com: 28.2 million
- Opinion: 25.72 million
- Predict Fun: 11.8 million
- HIP-4 (Hyperliquid): 6.05 million = 0.7% of day's prediction market volume

Platform features: zero fees to open positions, settlement charges apply, unified portfolio margin with perps and spot, on-chain transparency via HyperCore. Frontends already integrating HIP-4: Outcomexyz, Stratium. First market: BTC daily binary price threshold ("BTC above 78213 on May 3?"). Phase 1 is deliberate soft launch — politics, sports, and macro categories planned for future phases.

Industry April 2026 context: Total prediction market volume hit $29.8B (record), up from $26.5B in March. Kalshi leads at $14.8B/month, Polymarket at $9B/month.

## Agent Notes
**Why this matters:** This corrects a major data error from Session 34 (May 2) where I recorded HIP-4 Day 1 volume as $59,500. The actual figure is $6M — 100x higher. This changes the ownership alignment calibration signal significantly. $6M Day 1 is a strong debut, not a quiet launch.
**What surprised me:** The $6M Day 1 figure was not what I had from the tweet data in Session 34. The discrepancy is not explainable by unit differences — these are both dollar-denominated volume figures. The Session 34 data was simply wrong. Multiple independent sources today confirm $6M.
**What I expected but didn't find:** No Day 2 or Day 3 volume data from the article (Day 1 only). HIP-4's 0.7% market share is still tiny relative to Kalshi's 85% and Polymarket's 30%, but Day 1 of a soft launch is different from steady-state. Need 30-day window.
**KB connections:** [[Community ownership accelerates growth through aligned evangelism not passive holding]] — the ownership alignment mechanism that HIP-4 is testing; [[Ownership alignment turns network effects from extractive to generative]] — the core Belief #4 claim.
**Extraction hints:** (1) Fact claim: "Hyperliquid HIP-4 launched May 2, 2026 with $6M Day 1 notional volume capturing 0.7% of prediction market volume against Kalshi's 546M and Polymarket's 190M contract Day 1 baselines" — for calibration baseline purposes; (2) Update the HYPE FDV vs POLY FDV premium ($38B vs $14B = 2.7x) as the cleaner ownership alignment signal than Day 1 per-user metrics.
**Context:** HIP-4 is Hyperliquid's prediction market layer, co-developed with Kalshi (per Session 35 data — John Wang, Kalshi head of crypto, formally co-authored HIP-4). This makes HIP-4 unique: a major regulated DCM co-developed an offshore zero-fee competitor. The three-way category split has porous boundaries.

## Curator Notes (structured handoff for extractor)
PRIMARY CONNECTION: [[Ownership alignment turns network effects from extractive to generative]]
WHY ARCHIVED: Corrects a significant data error from Session 34 ($59.5K → $6M); establishes the correct Day 1 baseline for the 30-day HIP-4 calibration window; also provides April 2026 industry volume context ($29.8B record month)
EXTRACTION HINT: Focus on two extractables: (1) the corrected volume fact for the calibration baseline; (2) the 0.7% Day 1 market share as evidence for the "early stage ownership-aligned platform vs. incumbent" comparison. The ownership alignment thesis needs 30 days of resolution data, not just volume.
