Prediction markets and permissionless perps on Hyperliquid: Exploring HIP-3 and HIP-4
Quick Take
- Wintermute Head of OTC Trading, Jake Ostrovskis, and Kaiko Senior Research Analyst Adam McCarthy discuss bear market dynamics, Hyperliquid, and prediction markets.
We'd love your feedback.
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.
Listen below, and subscribe to The Crypto Beat on YouTube, Apple, Spotify, Twitch, or wherever you listen to podcasts. Please send feedback and revision requests to [email protected].
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
The Block Newsletters
The Block's newsletters bring you the latest news and analysis of the fast-moving crypto and DeFi markets. To subscribe, visit theblock.co/newsletters.
Are you hiring in crypto?
Use Campus to quickly find your best candidates with our challenging Crypto Assessment Test.
Faster hiring, stronger teams.
Sign up for a trial today: theblock.co/campus.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
