Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom fund, believes that Hyperliquid's entry into prediction markets is not just about reducing trading costs, but about capturing the upside. Hyperliquid's zero-fee-to-open model for event trading under HIP-4 is expected to revolutionize the industry. Hayes argues that the real differentiator is Hyperliquid's exchange token, HYPE, which allows users to profit from platform activity, unlike Polymarket and Kalshi.
With a large user base, lower trading fees, and robust tech infrastructure, Hayes predicts that HIP-4 will dominate the prediction market, and users who own HYPE tokens can directly benefit from their usage. In contrast, Polymarket's upcoming token and Kalshi's compliance-focused model may not offer the same value-accrual opportunities, making Hyperliquid's approach a game-changer in the prediction market space.