News linked to both this project and an event.
Odaily reports: An analysis published by a16z crypto on September 23 shows that the total trading volume of real-world asset perpetual contracts in August 2026 reached $117.3 billion, of which on-chain platforms accounted for approximately $101 billion, or 86%; centralized exchanges accounted for approximately $16 billion, a 44x increase compared to the same period last year. A year ago, on-chain platforms accounted for only one-third or less of trading volume.As of the end of August, open interest stood at $4.8 billion, roughly 30 times larger than the $161 million recorded in July 2025. By trading volume, equities accounted for 48%, commodities 28%, and indices 18%, marking a shift from the previous structure dominated by commodities. a16z stated that Hyperliquid's HIP-3 protocol, launched in October 2025, simplified the creation of new perpetual markets and enhanced liquidity sharing.
A commit titled “Binary options support” recently appeared in the codebase for the decentralized order book exchange platform Lighter, indicating that its ZK Circuits may have begun supporting binary outcome markets (prediction markets). Based on the code, each market features a settlement cap, with share prices trading between 0 and the cap; upon settlement, shares ultimately resolve to zero or reach the cap. Contracts are fully collateralized with USDC, meaning they involve no leverage or liquidation. Analysis suggests that Lighter may introduce a "market operator" model, which would allow whitelisted operators to create, manage, and handle market settlement, similar to the HIP-3 deployment model.
According to an announcement on Payward's official website, Payward, the parent company of Kraken, has announced plans to deploy on-chain perpetual futures products to U.S. customers via the Hyperliquid HIP-3 market, becoming the first registered exchange or clearing agency to launch a market on the protocol for U.S. clients. Payward's CFTC-regulated entity Bitnomial will serve as the HIP-3 deployer, responsible for creating, managing, and clearing and settling contracts. NinjaTrader Clearing will take charge of client accounts, restricting participation exclusively to users who have completed the NinjaTrader account opening process and passed the whitelist review.
Odaily News: According to HyperliquidNews monitoring, HIP-3 market deployer Entropy spent 500 HYPE (approximately $38,950) to win the code DRAM, and is expected to launch io:DRAM perpetual contract trading.
HyperliquidNews stated on X that in the next network upgrade, HIP-3 deployers will be able to configure funding rate caps.
trade.xyz posted on X that it has launched Events, aiming to develop Hyperliquid into a unified trading system for trading financial assets and real-world outcomes. Users can deposit spot BTC into their unified trade.xyz account, borrow USDC through portfolio margin, open pre-IPO perpetual contract positions on SpaceX, use event markets to hedge against the upcoming SK Hynix earnings event, and pick the US Open champion. Events will cover sports, politics, economics, and financial markets; the initial Up/Down markets cover stocks, commodities, and pre-IPO assets, with liquidity provided by trade.xyz perpetual contracts on HIP-3, whose continuous price discovery mechanism serves as the source for contract settlement.
Odaily News, HyperliquidNews posted on X platform, stating that HIP-4 @Outcomexyz will launch a 15-minute cycle Bitcoin native "Up/Down" market.
Odaily news, HyperliquidNews posted on X stating that TXYZ (@tradexyz HIP-4) has launched 8 outcome markets, covering stock prices, American football, and the US Open Women's Singles champion.
According to on-chain analyst Mlm onchain, TradeXYZ has completed the HIP-4 DEX deployment on Hyperliquid. On-chain transaction records show that the deployment was completed at 21:15 Beijing Time on September 5.
Odaily News: According to HyperliquidNews monitoring, the HIP-3 market has generated cumulative fees of $66.06 million, of which $33.03 million has been allocated to HIP-3 deployers, and $33.03 million has been used for Hyperliquid native buybacks and burns.
Odaily News: HyperliquidNews posted on platform X that in future network upgrades, HIP-3 will support deployer configurations for permissioned markets. For example, U.S. investors could access specific markets, or access needs could be met for institutional investors operating under strict regulatory rules.
Odaily Odaily News: After Hyperliquid opened third-party permissionless deployment of the HIP-4 prediction market layer on August 29, platform trading volume grew rapidly. In the first 28 days of August, HIP-4 had an average daily trading volume of approximately $545,000. After the permissionless deployment, daily trading volume rose to $1.97 million on August 31, with trading volume over the past 24 hours reaching $2.75 million. The number of active traders increased from 1,256 to 1,841. Prediction market project Outcome currently accounts for nearly 85% of HIP-4's trading volume, and its $1 million trading incentive program has further driven liquidity growth. Hyperliquid's unified account system allows prediction markets to share the same account environment as perpetual contracts and HIP-3 assets, enabling users to hedge perpetual positions using prediction market contracts. Sports prediction markets could become the primary growth space for HIP-4. Previously, during the World Cup, HIP-4-related markets accumulated a total trading volume of $189.5 million, accounting for approximately 3% of global World Cup prediction market trading volume. The main constraint HIP-4 currently faces is regulatory access, rather than on-chain deployment. The U.S. market falls under regulatory frameworks such as the CFTC and SEC, and sports-related prediction markets in particular may trigger gambling-related regulatory scrutiny.
Odaily News: HyperliquidNews posted on X platform, stating that HIP-4, launched by @SkewTrade, is now live and has introduced 7 markets.
Odaily News: According to HyperliquidNews monitoring, as of the start of the day, trading volume for outcomeXYZ's first HIP-4 has exceeded that of Hyperliquid's listed markets, totaling $130,900 and $125,100, respectively.
HyperliquidNews stated on the X platform that the relevant information source is the HIP-3 page on Loris Tools.
Odaily News: HyperliquidNews stated on the X platform that HIP-4 permissionless deployment will be enabled in the next network upgrade.
Odaily News – HyperliquidNews posted on X platform that Kinetiq has published an article introducing Elysium. Elysium will use HYPE as its network gas token and will connect with Hyperliquid's HyperEVM and HyperCore. Kinetiq stated that Elysium will enhance transaction processing performance and throughput, supporting Hyperliquid spot trading, PropAMM deployments, and native oracle functionalities based on Hyperliquid data. The article states that Elysium will provide a high-performance EVM environment, supporting token launches from long-tail AMMs, integration with PropAMM, creation of HyperCore spot order books, and perpetual contract deployments via HIP-3. Elysium's sequencer fee allocation plan is as follows: 25% allocated to developer incentives, 25% to the Kinetiq treasury, and 50% used for programmatic KNTQ purchases on the open market, with the purchased KNTQ sent to the Hyperliquid Assistance Fund for burning. Kinetiq stated that Elysium will launch soon, with technical specifications for developers and traders to be released in the near future. At launch, its throughput and performance will exceed that of HyperEVM.
Odaily News, Ansem commented on X platform regarding "Kraken might become the first compliant CEX to deploy HIP-3," stating that if Hyperliquid aims to conduct compliant business in the US, it may need to find a partner that is both familiar with its product architecture and possesses complete regulatory qualifications. Kraken could be one of the potential choices.He pointed out that after Kraken's recent acquisitions of NinjaTrader and Bitnomial, its parent company Payward now holds FCM, DCM, and DCO licenses under the CFTC regulatory framework. Meanwhile, Hyperliquid has already established the corresponding infrastructure through HIP-3, meaning Kraken could theoretically serve as a new access point, offering related products in a manner similar to TradeXYZ. Arjun Sethi has consistently emphasized publicly that Kraken aims to play a "positive-sum game." Among existing US centralized exchanges, Kraken's potential may be severely underestimated. If this partnership actually materializes, it would be a major strategic move for Kraken to expand its market influence and add a significant business line.
Odaily News, Blockworks analyst Shaunda Devens stated on the X platform that Kraken may be testing Hyperliquid's HIP-3 (Builder-Deployed Perpetuals) new compliant deployment feature, potentially becoming one of the first centralized exchanges to explore this mechanism. BlockworksData shows that a deployer named "Kraken HIP-3 test DEX" has enabled permission management functionality (Star gating) on the Hyperliquid testnet and went live for testing on August 19. Currently, this test DEX has completed whitelist settings for 10 wallets, tested 3 of the 5 compliance control features, and registered a "Kraken Exchange Validator."Shaunda Devens noted that Hyperliquid has been continuously adding testnet features to support regulatory-compliant HIP-3 deployments, including whitelist management, canceling user orders, closing positions via reduce-only orders, and moving collateral. These capabilities are similar to the risk control mechanisms required by traditional financial institutions' compliant trading platforms.Although this is still in the testing phase, and any user could deploy a test DEX with a similar name, making it impossible to confirm it definitively belongs to Kraken, combined with Hyperliquid's recent expansion of xStocks functionality and Kraken's parent company Payward's involvement in related business initiatives, analysts believe Kraken may be testing HyperCore's new infrastructure targeting institutional and compliant markets.HIP-3 is a third-party deployed perpetual contract market framework introduced by Hyperliquid, allowing eligible developers to create independent perpetual trading markets on HyperCore's order book infrastructure. It is considered a key upgrade direction for Hyperliquid to expand into traditional assets and institutional trading scenarios. If large compliant exchanges like Kraken enter the HIP-3 ecosystem, it could further drive the integration of on-chain derivatives markets with traditional financial trading systems.
Odaily Planet Daily reported that Lorenzo Valente, Head of Digital Asset Research at investment firm ARK Invest, stated that Hyperliquid is in discussions with the CFTC and SEC to facilitate the offering of perpetual futures on its public chain by U.S.-regulated companies. He suggested that Hyperliquid acquire Gemini to position it as a U.S.-regulated HIP-3/4 deployer. He noted that Gemini's current market value is approximately $450 million, representing a decline of over 85% from its $3.3 billion valuation at the time of its 2025 IPO. Hyperliquid could obtain Gemini's entire U.S. regulatory infrastructure—including the NYDFS Trust Charter, DCM, DCO, FCM, MTLs, and Broker-dealer—for approximately $450 million.He further proposed that Hyperliquid could use approximately 7.9 million HYPE tokens from its community reserve, valued at around $550 million at $70 per token, to complete the acquisition at a premium of roughly 20% over Gemini's current market value. Following the transaction, Gemini would handle KYC, custody, fiat on/off ramps, brokerage, clearing, and compliance for the U.S. market, while Hyperliquid L1 would provide the underlying market infrastructure, liquidity, and on-chain settlement. He cited Polymarket's acquisition of QCEX as a similar precedent for re-entering the U.S. market, and stated that the core of this potential deal is not acquiring an exchange, but rather securing the regulatory bridge for HIP-3/4 to enter the U.S. market.