{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The Crypto Beat","title":"Prediction markets and permissionless perps on Hyperliquid: Exploring HIP-3 and HIP-4","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/631f0595\"></iframe>","width":"100%","height":180,"duration":3453,"description":"In episode 58 of The Crypto Beat Wintermute's Head of OTC Trading Jake Ostrovskis and Kaiko Senior Researcher Adam McCarthy join Kelvin and Tim to discuss why crypto feels like a bear market — compressed basis, dead retail, and Bitcoin stuck between risk asset and digital gold narratives. The conversation pivots to Hyperliquid's HIP3 and HIP4 as rare bright spots, the challenges of pricing RWAs and prediction markets on-chain, and what the Clarity Act and regulatory momentum could mean for a 2026 recovery.\n\n\n\nOUTLINE\n\n00:00 - Introduction\n03:11 - Market Malaise\n09:38 - The 10/10 Flash Crash\n14:41 - Bodies & Leverage\n19:24 - HIP3 & RWA Perps\n29:03 - HIP4 & Prediction Markets\n36:20 - Valuing Hyperliquid\n39:17 - 2026 Crystal Ball\n44:57 - What Is Bitcoin?\n47:19 - Treasury Companies\n\n\n\nGuest links:\n\nAdam McCarthy - https://x.com/AdMcMarkets\n\nJake Ostrovskis - https://x.com/JO_wintermute\n\nTim Copeland - ⁠⁠https://x.com/timccopeland⁠⁠\n\nKelvin Sparks - https://x.com/imyoungsparks\n\n---------------------------------------------------------------------------------\n\n\n\nSubscribe to The Block's Newsletters!\n\n🚨 Breaking News\n\n👨‍🔬 Expert Analysis\n\n📈 Market Insights\n\n\n\nSubscribe now 👉⁠⁠⁠⁠⁠⁠⁠ https://www.theblock.co/newsletters⁠⁠⁠⁠⁠⁠⁠\n\n\n\n---------------------------------------------------------------------------------\n\n\n\nHiring in crypto?\n\n🧠 Find top talent fast with Campus, powered by The Block!\n\n✅ Challenge candidates with our Crypto Assessment Test\n\n⚡ Hire faster, build stronger teams\n\n\n\nStart your free trial today 👉 ⁠⁠⁠⁠⁠⁠⁠https://theblock.co/campus","thumbnail_url":"https://img.transistorcdn.com/ut441tmJ6ubvNMi_WNSHFlPPIDlhTh8frKQSZazN3K8/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9mYjE3/MTQwMDJjZjg2NWI0/ZjQxMDhlZDhkZDA3/NGMyOC5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}