Hyperliquid Outcomes vs Phantom
Same lines, side by side: fee at 50¢, custody, KYC, excluded countries, resolution and volume, from official pages and DefiLlama.
See the 19 differences
| Line | Hyperliquid Outcomes | Phantom |
|---|---|---|
| Type | VenueLists, matches and settles its own markets | Wallet or appWorld, Kalshi |
| Taker fee | Not publishedHyperliquid's fee page says outcome trades pay only when a position is closed or settled, never when it opens, but gives no rate, and its HIP-4 page still says outcome fees are zero during testing. DefiLlama counted $75.5K of outcome fees over 30 days, front-end builder fees included, on $56.4M of volume. Makers pay nothing. | 4–5% at 50¢Outside the US, each trade pays 0.1 × p × (1 − p) per contract: 100 contracts at 50¢ cost $2.50. In the US, Kalshi markets cost $0.02 a contract, $0.01 to Phantom and $0.01 to Kalshi: $2.00 for 100 contracts at any price. Funding from the Cash account is gasless; other tokens need SOL for network fees. |
| 30-day volume | Edge$56.4M | Not tracked |
| New-user perk | 4% off fees on your first $25M of volume | 10% of your own trading fees back for three months, when you sign up on mobile with a code |
| Custody | Self-custody, same account as perps and spot | Self-custody outside the US; funds at Kalshi in the US |
| Identity check (KYC) | No KYCNo identity check: you connect a wallet. | Not documentedIn the US, Kalshi verifies your identity before any trade. Phantom's help page for World markets describes no identity check. |
| Excluded countries | 1Hyperliquid's terms exclude the US, Ontario and sanctioned territories. Outcome markets add their own list of “Excluded Persons”, which Hyperliquid does not publish. | 2Phantom's help center excludes the UK and Germany, plus jurisdictions sanctioned by the US, from World prediction markets, which are not offered in the US either. In the US, Kalshi markets have been rolling out since 23 October 2026, and the same page lists them as available except in Michigan, Nevada and Washington. |
| Resolution | Validator voteValidators publish the canonical markets and vote their outcomes on-chain against predefined rules, with a dispute window. No UMA or Chainlink oracle is involved. | Settled by the source venueOutside the US, World settles each market from the oracle named in its rules, Chainlink in Phantom's disclosures, with a challenge period. In the US, Kalshi decides under its market rules. Phantom says it does not decide results. |
| Settles on | HyperCore (L1 Hyperliquid) | Solana (World) · Kalshi Klear (US) |
| Collateral | USDC | CASH |
| Operator | Hyperliquid Corp. | Phantom Technologies, Inc. |
| Token | HYPEHyperliquid L1 | No token |
| Where it runs | Web, Android | iOS, Android |
| Chains | HyperliquidHyperliquid | SolanaSolana |
| Documented features | Edge4 of 10 | 1 of 10 |
| Order book | Yes | No |
| Anyone can create a market | No | No |
| Combos / parlays | Not documented | Not documented |
| Maker rebates | No | Not documented |
| Yield on collateral | Not documented | Not documented |
| Trading API | Yes | No |
| Mobile app | Yes | Yes |
| Telegram bot | Not documented | Not documented |
| Own token | Yes | Not documented |
| Points program | No | Not documented |
Which one should you pick?
Pick Hyperliquid Outcomes if
You already trade on Hyperliquid and want event contracts next to your perps, without KYC.
Prediction markets inside Hyperliquid: since May 2026, outcome contracts trade on HyperCore's order books from the same account as your perps and spot, settled in USDC and resolved by validator vote. The open question is the fee: positions pay on close or settlement, at a rate Hyperliquid has not published.
Read the Hyperliquid Outcomes reviewapp.hyperliquid.xyz
Pick Phantom if
You already use Phantom on your phone and want to trade events without leaving the wallet.
A predictions tab inside the Phantom app rather than a venue: outside the US it trades World markets on Solana, settled in Phantom's CASH stablecoin, and since 23 October 2026 US users outside Michigan, Nevada and Washington get Kalshi markets after an identity check. The fee is steep: 5% at 50¢ outside the US, more than most venues charge directly.
Read the Phantom reviewphantom.com
