HIP-4 open interest hits all-time high of $25M as World Cup fever grips Hyperliquid

Hyperliquid’s prediction market upgrade, HIP-4, just crossed a milestone that even its most optimistic backers probably didn’t expect this fast. Open interest on the platform reached an all-time high of approximately $24.77M, driven almost entirely by traders betting on who will lift the 2026 FIFA World Cup trophy.

The numbers behind the World Cup frenzy

Weekly trading volume on HIP-4 hit $16.32M as of June 11, 2026. Of that, $9.63M, roughly 60%, came from World Cup price prediction markets alone. That represents a 20% increase week-over-week.

Sports-related markets now account for approximately 99% of all live open interest on HIP-4. Total HIP-4 open interest has since grown to around $51M, with sports OI contributing $49.52M of that figure. The champion market, where traders wager on the outright World Cup winner, is the dominant contract by a wide margin.

France, Argentina, and Spain are attracting the heaviest action. Every position is fully collateralized and settled in stablecoins within the Hyperliquid ecosystem.

What makes HIP-4 different

HIP-4 introduced fully collateralized binary outcome markets, meaning every contract resolves to either zero or one. The upgrade launched on Hyperliquid’s mainnet around May 2026, starting with recurring BTC binaries before expanding to the World Cup champion market.

One structural advantage that separates HIP-4 from competitors like Polymarket: it charges zero fees to open positions. Fees only apply when a position is closed or settled.