Key facts
- Hyperliquid's HIP-4 permissionless deployment feature is now live on its testnet.
- This feature enables developers to launch prediction and outcome markets on the platform.
- The HYPE token has seen its price fall below the $55 mark.
- A significant whale has unstaked and deposited HYPE tokens to exchanges for likely sale.
Decentralized exchange Hyperliquid has launched its HIP-4 permissionless deployment feature on the testnet, a move that will allow developers to create and deploy their own prediction markets on the platform. This initiative aims to rival existing prediction market platforms like Polymarket and Kalshi.
The feature, which was initially announced last week, is expected to transition to the mainnet soon after its testnet rollout. Hyperliquid plans to introduce additional functionalities, including configurable fees and more testnet templates, to enhance the developer experience.
Data from Blockworks indicates that sports prediction markets have historically driven most of the open interest on Hyperliquid's HIP-4 market. However, this open interest has seen a decline since the conclusion of the 2026 FIFA World Cup earlier this month. Currently, the HIP-4 market's open interest stands at $182,000, with a notional trading volume of $881,000.
Concurrently, the price of Hyperliquid's native token, HYPE, has fallen below the $55 mark. The token is trading around $54.700, representing a nearly 2% decrease in the last 24 hours. This price movement aligns with a broader market downturn, including Bitcoin's drop below $64,000, influenced by geopolitical discussions concerning Iran. Furthermore, HYPE is experiencing selling pressure from 'whales,' with one notable instance of a whale unstaking and depositing a significant amount of HYPE tokens, acquired 17 months ago at an average price of $18, to FalconX and Coinbase Prime, likely for liquidation.