FalconX: Hyperliquid is emerging as a challenger to traditional exchanges and prediction markets, says FalconX

A new report shows Hyperliquid is rapidly expanding beyond crypto into pre-IPO markets, prediction contracts, and 24/7 asset trading, putting Wall Street giants on high alert.\nWhat to know : Crypto derivatives platform Hyperliquid is expanding beyond perpetual futures into pre-IPO trading, prediction contracts and tokenized real-world assets, putting it in more direct competition with traditional exchanges and prediction markets. FalconX said Hyperliquid’s HIP-3 and HIP-4 markets, along with strong inflows into new HYPE exchange-traded funds and a USDC partnership with Coinbase and Circle, could significantly boost the platform’s growth and revenue. While regulatory moves in Washington may support tokenized assets, FalconX warned that rising interest from incumbents like CME and ICE is drawing scrutiny over potential manipulation risks even as Hyperliquid leads decentralized perpetual futures in volume and value locked.