加密货币正在引领构建终极赌博超级应用程序的竞赛

Kalshi is reportedly preparing to offer US crypto perpetual futures, while Polymarket announced today that perpetual contracts are coming to its platform and opened early access sign-ups. Hyperliquid's docs support outcome token trading alongside its mainnet-deployed perpetuals via the Hyperliquid Improvement Proposal 4 (HIP-4). Pump.fun has evolved over the past few years into a social trading environment where users can browse coins, follow creators, watch livestreams, and swap tokens without leaving the app. The common denominator across all four platforms is a logic of keeping users in a continuous speculative loop, capturing every stage of their risk appetite, and making the exit cost high enough that they never need to go elsewhere. The economics driving the convergence Hyperliquid currently posts roughly $191 billion in 30-day perp volume, $61 million in 30-day fees, and about $7.35 billion in open interest, equivalent to an implied gross fee rate of around 3.1 basis points. For event markets, Clear Street estimates 2026 volumes of $96 billion for Kalshi and $84 billion for Polymarket , with take rates of approximately 2% and 0.5% , respectively. At those rates, Kalshi-style event flow generates roughly 64 times as much revenue per notional dollar as Hyperliquid's perp flow, and Polymarket-style flow comes in at about 16 times richer. Kalshi and Polymarket event flow earns 200 and 50 basis points per notional dollar respectively, against 3.1 basis points for Hyperliquid perpetuals. A perp exchange adding event contracts seeks to attract higher-margin flow from the same users it already has, while a prediction market platform moving into perpetuals adds a continuous-revenue layer to a business that otherwise earns only when discrete events resolve. The Financial Times reported in March that 5-minute and 15-minute crypto bets on Polymarket and Kalshi were generating roughly $70 million in daily trading volume and accounted for more than half of total trading on