Perps、预测市场和 memecoin：加密货币推动赌博超级应用程序的内部

Crypto’s biggest venues are quietly stitching perps, prediction markets, and memecoins into gambling-style super apps designed to keep users betting around the clock. That shift is turning Bitcoin, event contracts, and meme coins into pieces of the same speculative machine, and dragging regulators into a fight over where trading ends and wagering begins. 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. Why this matters For most users, this is no longer about choosing between a perp exchange, a prediction market, or a memecoin launchpad. The same apps are now bundling all three, raising the fee take per user, blurring the line between trading and gambling, and concentrating regulatory risk on a handful of platforms that already dominate retail crypto speculation. 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 a