Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, believes that Hyperliquid's foray into prediction markets is not just about cheaper trading, but about capturing the upside. Hyperliquid's zero-fee-to-open model for event trading under HIP-4 is set to introduce event trading on the platform. Hayes argues that the real differentiator is HYPE, Hyperliquid's exchange token, which allows users to profit from platform activity.
With a large user base, lower trading fees, and robust tech infrastructure, Hayes predicts that HIP-4 will become a dominant prediction market. In contrast to Polymarket and Kalshi, Hyperliquid's HYPE token provides a unique value proposition, enabling users to directly profit from their usage of the platform. While Polymarket is expected to launch its own token, and Kalshi's model is built around compliance and licensing, Hyperliquid's token-based approach may give it a competitive edge in the prediction market space.