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Hyperliquid launches Bitcoin outcome contracts, challenging Polymarket and Kalshi

Hyperliquid processing $6 billion in daily derivatives volume says its first Bitcoin outcome market did roughly three times the volume of Polymarket and Kalshi combined.

Reported · Written up by our desk · Regulation

Hyperliquid is moving into prediction markets with the launch of its first Bitcoin outcome contracts over the weekend, stepping into direct competition with Polymarket and Kalshi, according to DL News.

The DeFi exchange, which processes $6 billion in daily derivatives volume, saw early activity strong enough to stand out, with Hyperion DeFi CEO Hyunsu Jung saying Hyperliquid’s first Bitcoin outcome market generated roughly three times the volume of equivalent markets on Polymarket and Kalshi combined.

Jung said the results show that a shared liquidity layer can convert users, describing binary markets as a next step toward building a broader financial stack on Hyperliquid, where the exchange has been positioning itself as a leading crypto perpetuals venue and emphasizing 24/7 real world asset trading.

DL News also cited a Bernstein note saying Wall Street is increasingly taking prediction markets seriously as institutional hedging tools, framing the move as part of a broader shift it is tracking alongside tokenisation and stablecoins.

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