Kalshi and Polymarket simultaneously announced the launch of perpetual contract trading, either to defend against Hyperliquid's prediction market business

BlockBeats News reported that the prediction market platforms Kalshi and Polymarket announced on the same day their foray into perpetual contract (perp) trading, with assets including gold, US tech stocks, and Bitcoin, pushing the boundaries of the prediction market business.

Some analysts pointed out that the two prediction markets' launch of perp trading was to compete with cryptocurrency exchanges. However, some believe that perp contracts are no longer exclusive to cryptocurrency trading but a new trading type accepted by players in both traditional finance and the Gen Z era. The two prediction markets see Hyperliquid as their main competitor, especially as HIP-4 is about to launch, expanding Hyperliquid into the prediction market. Given Hyperliquid's current size and influence, Polymarket and Kalshi may be preparing for future competition.