trade.xyz launches event contract to connect prediction market to Hyperliquid platform

trade.xyz launches Events on the Hyperliquid platform, forecasting market trading enters a new stage

On Thursday, trade.xyz officially integrated the forecasting market into its Hyperliquid trading platform by launching the "Events" function. The platform has previously operated one of the largest perpetual contract businesses on the chain. Today, traders can trade prices, rates or event scores directly on Hyperliquid without having to switch to other prediction market platforms.

This integration is significant because trade.xyz does not need to build a user base from scratch. Coin Metrics pointed out that trade.xyz is the number one developer on the Hyperliquid network in terms of opportunity trading and transaction volume based on the HIP-3 proposal. With the launch of Events, the service can immediately reach the huge trading community that has been established in the cryptocurrency field.

Based on the HIP-4 standard, non-independent venue running

Events is not an independent trading venue, but is built based on Hyperliquid Improvement Proposal No. 4 (HIP-4). The proposal allows the addition of fully collateralized outcome contracts to HyperCore. trade.xyz publishes these markets under the venue name "txyz". Each market uses a template approved by the validator, but the deployer is responsible for selecting the allowed parameters and publishing how the results will be settled.

This release is also consistent with trade.xyz 's grand vision of building "Hyperliquid into a universal exchange." In announcing Events, the company emphasized that this innovation allows the company to use the prediction market as part of Hyperliquid's overall trading portfolio, rather than as a separate gambling venue.

Extremely low start-up costs and trust mechanisms

During the start-up phase, costs are kept extremely low. According to the documentation at trade.xyz, the current "deployerFeeScale" is set to zero, which means that the company does not charge any additional deployer fees and only charges a standard fee for resulting transactions on Hyperliquid.

Outcome contracts under HIP-4 are considered fully collateral-backed, so no leverage, funding rates or forced liquidations are required in such transactions. In the binary market, when trading "Yes" and "No" positions, they share the same economic order book; that is, buying "Yes" at a price p is equivalent to selling "No" at a price of 1-p.

The biggest challenge here lies in the settlement process. trade.xyz breaks down the settlement process into two steps: first, the results are determined through published methodology based on the stated data source; second, the results are uploaded to HyperCore by the txyz deployer or the specified settlement address. The data source itself does not participate in the settlement process.

For example, the "Daily Up and Down" market utilizes a five-minute average of Hyperliquid K-line data, while the initial sports market uses ESPN data by default (unless otherwise specified). trade.xyz warns that corrections, delays or uncertain results may lead to delays in settlement, highlighting the importance of understanding computing design and oracle integrity to market risk.

Distributed advantages that competitors lack

Coin Metrics report shows that in August this year, trade.xyz accounted for approximately 55% of Hyperliquid perpetual contract transaction volume. As of the August 18 report, since January, the platform has facilitated more than US$460 billion in transactions, accounting for approximately 30% of Hyperliquid's total trading volume, while holding more than US$4 billion in open interest. In addition, it generated approximately US$5 million in fee income in the past month.

This size gives Events the built-in distribution advantages. Prediction contracts can be displayed directly to traders who already trade cryptocurrencies, stocks, commodities and other perpetual contracts on trade.xyz

Cryptopolitan reported on August 31 that Hyperliquid is opening its prediction market deployment rights to third parties, trade.xyz is preparing for its own release, and external results deployers need to pay a deposit of 500,000 HYPE.

Changes in the landscape faced by Polymarket and Kalshi

The current market size is far larger than earlier this year. Galaxy's analysis on June 9 pointed out that the cumulative life cycle transaction volume in the forecast market exceeded the US$150 billion mark in April. That month, Kalshi's nominal trading volume reached $14.81 billion and Polymarket's $9.01 billion.

The latest Artemis forecast market data cited in this article shows the rapid growth rate in the field. At present, the cumulative life cycle transaction volume tracked on various platforms has reached approximately US$402.76 billion. In mid-August 2026, the latest full month for the dataset, Kalshi's nominal trading volume reached US$40.03 billion, while Polymarket's trading volume in its international and U.S. operations was approximately US$8.5 billion.

Kalshi still has access to regulated U.S. exchanges, while Polymarket remains strong in terms of consumer awareness. Hyperliquid adopts a different strategy: If event contracts become regular items alongside perpetual contracts in ordinary accounts, the forecast market will no longer appear like a niche area, but more like a standardized part of on-chain derivatives trading.