Ask an investor about prediction markets and they will likely mention Polymarket, or Kalshi. Ask how to get exposure to the trade itself, and most will draw a blank, since neither platform has issued a public share and neither is likely to soon.
The numbers explain the interest. Combined volume on Kalshi and Polymarket has gone from $4.5 billion a month to $43.7 billion in less than a year, with the FIFA World Cup adding fuel in June.1 Pew Research Center’s independent tally of the same trade puts April 2026 volume at roughly $24 billion, a useful sanity check on the scale of the move.2 Kalshi has raised money twice this year, most recently at a $22 billion valuation, with reports of a $40 billion round in progress, while Intercontinental Exchange has put $2 billion into Polymarket, largely to license its data rather than to bet on its growth.3
What is investable is the infrastructure underneath. Hyperliquid and Solana, two blockchains, are becoming the plumbing this boom increasingly runs through, and their tokens, HYPE and SOL, are where that exposure actually sits.
Hyperliquid built its own venue
Hyperliquid runs its own prediction market (or outcome market), HIP-4, directly inside its exchange, rather than relying on a third party to list it. Launched on 2 May 2026, it has processed $331 million in notional volume in nine weeks, growing from under $3 million in its first week to a $75 million weekly peak in late June.4 Revenue so far is negligible, $5,906 against HYPE’s $15.4 billion market capitalisation, but it flows into Hyperliquid’s Assistance Fund, which buys back HYPE using protocol fees and a cut of revenue from stablecoin issuer Circle.5 Every dollar HIP-4 earns adds to that buyback, however marginally today.
Solana plays distribution, not the venue
Solana plays a different role: distribution rather than the venue itself. Phantom, its dominant wallet with about 20 million users, first offered Kalshi’s markets in December 2025.6 Phantom swapped that arrangement for World, a Chainlink-settled, non-custodial venue, on 1 June 2026.7 Jupiter, Solana’s largest trading app, launched a third option, Forecast, in June, pitting competing market makers against each other on short-dated crypto contracts rather than relying on a shared pool of liquidity.8 None of that trading shows up as Solana revenue directly, it shows up as general network activity. Solana’s own take, the roughly half of transaction fees the protocol retains, has averaged about $1.4 million a month this quarter against a $47 billion market capitalisation.9
Both figures are the honest caveat here. Five and six figure revenue against multi-billion dollar valuations means this is a call on positioning and future optionality, not a near-term earnings driver. Solana’s venue of choice has already changed once in seven months, a reminder that in this sector today’s dominant rail is not guaranteed to be tomorrow’s.
For investors who want that exposure without touching either protocol directly, CoinShares offers the CoinShares Hyperliquid Staking ETP and the CoinShares Solana Staking ETP, both listed on SIX, as a regulated way to hold HYPE and SOL.10
Sources
1 Token Terminal, Kalshi and Polymarket monthly notional trading volume, as of 7 July 2026.
2 Pew Research Center, “Trading volume on prediction markets has soared in recent months,” analysis of data from The Block, 27 May 2026.
3 Bloomberg / TechCrunch, “Kalshi doubles valuation in 5 months, hitting $22 billion,” 7 May 2026; Coindesk, “Kalshi targets a massive $40 billion valuation, widening lead over rival Polymarket,” 24 June 2026; Intercontinental Exchange investor relations, 7 March 2026.
4 Token Terminal, Hyperliquid Outcome Markets (HIP-4) weekly and cumulative notional volume and revenue data. Token Terminal, HYPE price and market capitalisation.
5 Hyperliquid protocol data via Token Terminal, Assistance Fund and Circle, revenue-sharing terms.
6 Coindesk, “Phantom adds Kalshi to wallet, lets users trade prediction markets with Solana tokens,” 12 December 2025.
7 Coindesk, “Mysterious Solana project World unveiled as fully onchain prediction market,” 1 July 2026; TechTimes, “Prediction market World launches in Phantom: Chainlink oracles auto-settle Solana trades,” 2 July 2026.
8 Cryptopolitan, “Jupiter launches Forecast, Solana’s first native prediction market,” June 2026.
9 Token Terminal, Solana network fees and revenue, April-July 2026; Token Terminal, SOL price and market capitalisation, as of 7 July 2026.
10 CoinShares product pages