Hyperliquid Expands Trading Into Pre-IPO Contracts and Prediction Markets
Crypto platform Hyperliquid is adding pre-IPO equity trading, outcome contracts, and tokenized assets. FalconX reported the moves place the venue in direct competition with traditional exchanges.
CoinDeskCrypto derivatives platform Hyperliquid is expanding its offerings to include pre-IPO equity contracts, prediction-style outcome markets, and tokenized real-world assets, according to a May 25 report from FalconX. Senior crypto market strategist David Lawant wrote that Hyperliquid’s HIP-3 markets now allow 24-hour trading in equities, commodities, forex, and pre-IPO shares.
Traders have already used the contracts to speculate on companies including Cerebras, Anthropic, and SpaceX ahead of potential public listings. The same report noted that Hyperliquid has begun rolling out HIP-4 outcome markets that let users bet on binary results tied to politics, economics, and crypto events.
FalconX stated that combining these contracts with existing perpetual futures positions on one venue could become a competitive advantage.
Spot exchange-traded funds tracking Hyperliquid’s native HYPE token from 21Shares and Bitwise have drawn a combined $53 million in inflows since launch, Bloomberg data cited in the report showed. FalconX added that the percentage of market capitalization these inflows represent exceeds early inflows into spot bitcoin, ether, and solana ETFs at comparable stages.
Hyperliquid also entered a partnership with Coinbase and Circle to use USDC as the platform’s aligned quote asset. FalconX estimated the arrangement could generate up to $160 million in annualized revenue from reserve yields on USDC balances.
FalconX observed that proposed SEC innovation exemptions for tokenized stocks could support further growth of such products on decentralized venues. The report also recorded that CME Group and Intercontinental Exchange have raised manipulation concerns with regulators regarding Hyperliquid’s markets.
Hyperliquid continues to lead decentralized perpetual futures trading by volume, revenue, and total value locked, the report stated.
Key Facts
Story Timeline
3 events- May 25, 2026
FalconX published report on Hyperliquid’s expansion into pre-IPO and prediction markets.
1 sourceCoinDesk - Recent weeks
Spot HYPE ETFs from 21Shares and Bitwise attracted $53 million in combined inflows.
1 sourceCoinDesk - Recent weeks
Hyperliquid partnered with Coinbase and Circle to integrate USDC as quote asset.
1 sourceCoinDesk
Potential Impact
- 01
Hyperliquid could gain additional trading volume from users seeking 24-hour equity and prediction contracts.
- 02
Coinbase and Circle may record higher USDC reserve revenue if platform balances increase.
- 03
CME Group and ICE may continue to press regulators for oversight of decentralized venues.
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