The Crypto Beat Prediction markets and permissionless perps on Hyperliquid: Exploring HIP-3 and HIP-4
In episode 58 of The Crypto Beat Wintermute's Head of OTC Trading Jake Ostrovskis and Kaiko Senior Researcher Adam McCarthy join Kelvin and Tim to discuss why crypto feels like a bear market — compressed basis, dead retail, and Bitcoin stuck between risk asset and digital gold narratives. The conversation pivots to Hyperliquid's HIP3 and HIP4 as rare bright spots, the challenges of pricing RWAs and prediction markets on-chain, and what the Clarity Act and regulatory momentum could mean for a 2026 recovery.
OUTLINE
00:00 - Introduction 03:11 - Market Malaise 09:38 - The 10/10 Flash Crash 14:41 - Bodies & Leverage 19:24 - HIP3 & RWA Perps 29:03 - HIP4 & Prediction Markets 36:20 - Valuing Hyperliquid 39:17 - 2026 Crystal Ball 44:57 - What Is Bitcoin? 47:19 - Treasury Companies
Guest links:
Adam McCarthy - https://x.com/AdMcMarkets
Jake Ostrovskis - https://x.com/JO_wintermute
Tim Copeland - https://x.com/timccopeland
Kelvin Sparks - https://x.com/imyoungsparks
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