Hyperliquid launches HIP-4 permissionless testnet as HYPE token slides below $55

Decentralized exchange Hyperliquid has activated permissionless HIP-4 deployments on its testnet, allowing developers to create their own prediction‑market contracts. The rollout follows earlier HIP‑4 announcements and is expected to precede a main‑net launch. Blockworks data show HIP‑4 markets hold about $182,000 in open interest and $881,000 in notional trading volume, with sports contracts accounting for most of the activity. Open interest has been declining since the end of the 2026 FIFA World Cup.

At the same time, Hyperliquid’s native HYPE token fell below the psychological $55 level, trading around $54.70 after a roughly 2% drop in 24 hours. Whale activity contributed to the decline, with large holders unstaking HYPE and moving it to FalconX and Coinbase Prime for potential sale. The price pressure coincided with broader crypto market weakness and a dip in Bitcoin below $64,000 amid geopolitical discussions between the United States, Israel and Iran.