“hyperliquid's event contracts are an options layer, not a prediction market, with unified margin and fee capture”
Breaks down Hyperliquid's HIP-4 outcome contracts as an onchain options layer rather than just another prediction market, comparing its unified margin engine, fee structure, and token value capture to Polymarket and Kalshi. Maps the design space for credit default swaps, parametric insurance, and futarchy that the primitive unlocks.
Some technical background helpful
Platforms mentioned: Hyperliquid, Polymarket, Kalshi