PANews reported on May 25th that, according to a CoinDesk report, a report released by FalconX shows that the crypto derivatives platform Hyperliquid is expanding from perpetual contracts to pre-IPO trading, prediction contracts, and tokenized real-world assets, beginning to compete with traditional exchanges and prediction market operators. The report points out that Hyperliquid's HIP-3 market allows users to trade stocks, commodities, forex, and pre-IPO contracts 24/7, and traders have already used this market to speculate on pre-IPO companies such as Cerebras, Anthropic, and SpaceX. The HIP-4 outcome market allows traders to make binary outcome bets on political, economic, and crypto events.

In terms of fund inflows, the HYPE spot ETFs launched by 21Shares and Bitwise attracted a combined $53 million in inflows over several trading days. Hyperliquid's USDC partnership with Coinbase and Circle is expected to generate up to $160 million in protocol revenue annually. FalconX has warned that CME and ICE have expressed concerns to regulators about potential market manipulation risks on Hyperliquid. Despite this, Hyperliquid continues to lead the decentralized perpetual contract market in terms of trading volume, revenue, and total value locked.