Prediction markets and permissionless perps on Hyperliquid: Exploring HIP-3 and HIP-4

Episode 58 of The Crypto Beat was recorded with Tim Copeland, Kelvin Sparks, Wintermute's Head of OTC Trading, Jake Ostrovskis, and Kaiko's Senior Researcher, Adam McCarthy.

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In episode 58 of The Crypto Beat, Wintermute's Head of OTC Trading, Jake Ostrovskis, and Kaiko's 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 onchain, 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 - ⁠x.com/AdMcMarkets⁠
Jake Ostrovskis - ⁠x.com/JO_wintermute⁠
Tim Copeland - ⁠⁠⁠x.com/timccopeland⁠⁠⁠
Kelvin Sparks -⁠ x.com/imyoungsparks

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