Decentralized trading platform Hyperliquid is quickly expanding beyond crypto perpetual futures and beginning to compete with traditional exchanges and prediction market operators, according to a new report from FalconX.
The report said Hyperliquid is gaining attention through new products that let users trade pre-IPO contracts, tokenized real-world assets, stocks, commodities, foreign exchange, and prediction-style outcome markets.
FalconX noted growing interest in Hyperliquid’s HIP-3 markets, where traders have already speculated on companies such as SpaceX and Anthropic before potential public listings.
The platform has also launched HIP-4 outcome markets that work like prediction markets, allowing users to trade on political, economic, and crypto-related outcomes.
Hyperliquid’s native token HYPE has risen about 94% over the last three months. Meanwhile, new HYPE ETFs from 21Shares and Bitwise have reportedly attracted over $53 million in investment in just a few trading days.
FalconX believes Hyperliquid’s ability to combine crypto, prediction markets, and tokenized assets on one platform could make it a major challenger to traditional exchanges in the coming years.
— FalconX (@FalconXGlobal) May 21, 2026
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