trade.xyz has launched Events, a prediction market feature integrated directly into its Hyperliquid trading platform. The launch enables traders to access price, interest rate, and score contracts within the same platform where they trade perpetuals, eliminating the need to switch between venues.
As Hyperliquid's top developer by trading volume, trade.xyz brings an established user base to Events. According to Coin Metrics data from August, trade.xyz accounted for approximately 55% of Hyperliquid perpetual-market volume, with the platform facilitating more than $460 billion in volume since January and generating about $5 million in fees over the preceding month.
How Events Works
Events operates on Hyperliquid Improvement Proposal 4 (HIP-4), which enables fully collateralized outcome contracts on HyperCore. Markets are launched under the venue name txyz, with each market using validator-approved templates. Deployers choose permitted parameters and publish outcome resolution methodology.
The outcome contracts are fully collateralized, meaning they require no leverage, funding payments, or liquidation mechanisms. In binary markets, trading Yes and No positions uses the same economic order book, so buying Yes at price p equals selling No at 1-p.
Settlement and Data Sources
Resolution occurs in two steps. First, the published methodology determines the result based on a declared data source. Next, the result is uploaded to HyperCore by the txyz deployer or designated settlement address. The Daily Up/Down markets utilize a five-minute average from Hyperliquid candle data, while initial sports markets use ESPN data unless otherwise specified. trade.xyz notes that corrections, delays, or uncertain outcomes may cause delayed settlements.
During the launch phase, deployer fees are set to zero, with only standard Hyperliquid outcome-trading fees applied.
Market Context
The prediction market sector has grown significantly. Combined lifetime volume across tracked venues has reached approximately $402.76 billion. In August, Kalshi generated $40.03 billion in notional volume, while Polymarket generated approximately $8.50 billion across its international and U.S. activity. Kalshi maintains regulated U.S. exchange access, while Polymarket holds strong in consumer discovery.
By integrating prediction markets as a routine feature alongside perpetuals in a single account, Hyperliquid positions event contracts as part of standard onchain derivatives trading rather than a niche product.
