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According to a FalconX report, the cryptocurrency trading platform Hyperliquid is competing with traditional trading platforms and prediction markets, and its business has expanded to pre IPO markets, prediction contracts, and tokenized real-world assets (RWAs). Its native token HYPE has reached a historic high amidst market weakness. Hyperliquid's HIP-3 market supports trading in stocks, commodities, forex, and pre IPO contracts, while the HIP-4 outcome market allows betting on binary events. The spot HYPE ETF launched by 21Shares and Bitwise attracted $530 million in capital inflows, accounting for a higher proportion of HYPE market value than ETFs such as Bitcoin. The platform collaborates with Coinbase and Circle to integrate USDC, with an expected annual revenue of $160 million. CME and ICE have raised concerns about market manipulation risks and may face regulatory scrutiny.