Hyperliquid’s HIP-4 prediction markets hit $317M cumulative volume, trailing Kalshi by 1,400x

The headline gap is less telling than the structural one: a 500,000 HYPE listing stake has produced only three external venues, so HIP-4's volume is effectively captive to Hyperliquid's own user base rather than a broad market-making cohort. That also explains the fee line — roughly $1,300 a day is negligible against the parent protocol, meaning prediction markets are currently a feature, not a business. The open question is whether the staking barrier is lowered or subsidised to attract venues, or whether HIP-4 stays a niche adjunct to perps trading.