Polymarket tops Hyperliquid in daily fees as HYPE price odds collapse
Polymarket overtook Hyperliquid in 24-hour fees around May 18, generating roughly $1.2 million in daily taker fees as the prediction market platform builds what sources describe as sustainable fee revenue. Simultaneously, Polymarket traders have been aggressively repricing Hyperliquid-related contracts: odds that HYPE reaches $52 in May collapsed to 19%, while probability of the token hitting $80 this year dropped 17 percentage points in 24 hours by June 5. Conversely, Hyperliquid's own HIP-4 event contracts surpassed $92 million in trading volume during their first month of trading, with most activity concentrated in Bitcoin-linked contracts, as the crypto perpetual futures exchange — which recorded $170.29 billion in 30-day perpetual futures volume — expands into validator-driven prediction markets for off-chain events.
Polymarket's fee edge over Hyperliquid gives it leverage in the fight for institutional flow just as DRW, Wintermute and IMC open dedicated prediction-market desks. Any sustained revenue lead strengthens its position with liquidity providers who route through those prime brokers.
Polymarket's fee milestone joins a broader push by major prediction-market venues to capture institutional flow, with DRW, Wintermute and IMC already opening dedicated desks on both Polymarket and Kalshi.