Kalshi alternative: on-chain event markets on Hyperliquid
Kalshi is a US-based, CFTC-regulated exchange, and its users hold an account with that exchange. If you are looking for an alternative, the first question worth answering is not which venue lists more contracts. It is whether you want an account model or a wallet model, because almost everything else follows from that choice.
Liquidiction is a non-custodial frontend for HIP-4 event markets on Hyperliquid. There is no account to open here and no balance held on your behalf. Outcome tokens are real spot assets trading on the HyperCore order book, your collateral stays in a wallet you control, and the settlement authority for every market is written into that market on chain before anyone trades it.
Account model versus wallet model
An exchange account is a relationship. A wallet is not.
On a regulated exchange you open an account, go through the venue’s onboarding, and your balance sits with the venue until you withdraw it. That is the model, and it is the model precisely because a regulated venue has to know who its customers are. Here there is no account at all. You connect a wallet you already control, and that wallet holds your collateral and your outcome tokens the whole time. Liquidiction is an interface, not a counterparty and not a place your money goes.
Nothing to close, nothing to withdraw from us
Because we never take custody, there is no withdrawal process on our side and no balance of yours for us to hold, freeze or lose. Your funds move when you sign a transaction, and only then. If this frontend disappeared, your positions would still be on Hyperliquid and reachable from any other client that speaks to the exchange. That is a materially different failure mode from a venue-held balance, in both directions: it also means a mistyped transaction or a lost key is yours to bear, with no support desk that can reverse it.
Your positions are exchange positions, not platform entries
HIP-4 outcome tokens are real spot assets on HyperCore with their own order books. They are not ledger entries inside an app. You can see the book, the fills and the settlement on-chain, and the same collateral backs perpetual futures in the same account, so an event position and a futures position are not in separate silos.
The tradeoff, stated honestly
A CFTC-regulated exchange gives you a regulator, a rulebook and a defined complaints path. A non-custodial on-chain venue gives you self-custody, public settlement data and no gatekeeper, and it does not give you those first three things. Which of those you want is a real decision, not a marketing question, and anyone telling you one side has no downside is selling something. Nothing on this page is legal or investment advice.
What actually settles a market
An exchange settles its contracts according to a rulebook it publishes and administers. An on-chain market has no rulebook in that sense; instead each market carries its own settlement authority in its on-chain description, and there are three tiers. The tier is the single most important thing to check before taking a position, so we label it on every market rather than presenting one undifferentiated promise that results will be correct.
Auto-settle
The protocol reads an on-chain price observation at the market’s expiry and settles from it. No human is in the resolution path at all, and the expiry moment is published in the market’s own on-chain description before you trade.
Validator vote
Custom event markets, the ones with a written resolution clause rather than a price feed, are resolved by the Hyperliquid validator set voting on the outcome. That is the same trust surface that secures bridge withdrawals on the network, rather than an external oracle bolted on.
Deployer-settled
Markets deployed permissionlessly from a validator-approved template are settled by the third party that deployed them. They sign the result, nobody can sign it in their place, and there is no dispute window. A deployer’s stake stays locked while any of their outcomes is unsettled. We label these markets so you can see the tier before you take a position, and you can check a deployer’s record for yourself.
Who deploys and who settles is public data, not a disclosure we choose to make. See the deployer table for per-deployer market counts and how many of their markets are past their settlement moment right now, and HIP-4 stats for settlement outcomes across the whole protocol.
What you can trade
The offering here diverges most sharply from a traditional event exchange in what the contracts reference. The deepest category by far is crypto price outcomes: single strike questions of the form “will this asset be above this level at this time”, plus multi-strike range markets that carve a price into named bands and settle whichever band the asset lands in.
Because Hyperliquid also lists perpetual futures on equities, commodities and indices, those instruments can act as the underlying an outcome market references, which is how markets on things other than token prices get built. Alongside them sit custom event markets, the ones with a written resolution clause covering sports fixtures and economic releases. Browse every market, filter in explore, or look at the perps that supply the underlyings.
Funding, without a deposit
You fund with USDC on Hyperliquid. There is no deposit into an account we hold, because there is no account: the USDC lands in your own wallet on HyperCore and stays there until you trade. If your funds are on another chain, the bridge routes them across and converts as needed. Each quote shows the full cost before you sign: the underlying bridge protocol fee, the LI.FI aggregator fee, and a 0.05% Liquidiction integrator fee. Every step executes through your own wallet, and we never take possession of the funds in transit.
Where this is available
Liquidiction is a non-custodial interface to a public exchange and is not geo-blocked. Access is handled through attestations you make about your own eligibility rather than by blocking regions. That is a deliberate posture and it puts a real obligation on you: whether event contracts and derivatives are permitted where you live is a question about your jurisdiction, and we cannot answer it for you. Nothing here is legal, tax or investment advice. Read the Terms first.
Frequently asked questions
Is there a non-custodial alternative to Kalshi?
Yes. HIP-4 event markets run natively on Hyperliquid, where outcome tokens trade on the HyperCore spot order book and settle on-chain. Liquidiction is a non-custodial frontend for them: your collateral stays in a wallet you control, your orders are signed by that wallet, and the exchange holds the book. Kalshi is a US-based, CFTC-regulated exchange on which users hold an account with the venue, which is a different model rather than a worse or better one.
Do I have to open an account to trade here?
No. There is no Liquidiction account. You connect a self-custody wallet and trade directly against Hyperliquid. That is a description of how this interface works, not a claim about what is permitted where you live: you are responsible for your own eligibility, and our Terms set out the attestations you make when you use the site.
What currency do I fund an on-chain event market with?
USDC on Hyperliquid. If your funds are on another chain, the bridge converts and routes them so they arrive as USDC on HyperCore. Every bridge quote shows the underlying bridge protocol fee, the LI.FI aggregator fee and a 0.05% Liquidiction integrator fee before you sign, and the whole flow executes through your own wallet.
Who settles an on-chain event market, and is there a dispute process?
Each market states its own settlement authority on-chain. Price markets auto-settle from an on-chain price observation at expiry. Custom event markets are resolved by the Hyperliquid validator set. Markets deployed from a validator-approved template are settled by the third party that deployed them, and on that tier there is no dispute window: the deployer signs the result and nobody else can sign it in their place. A deployer stake stays locked while any of their outcomes is unsettled.
Can I hold an event position and a futures position in the same account?
Yes. Outcome tokens and perpetual futures share one Hyperliquid account and one collateral balance, so you do not have to fund two venues to express and hedge the same view. That shared-collateral design is the main practical reason to trade event outcomes on a derivatives exchange rather than on a standalone platform.
Where can I access this?
Liquidiction is a non-custodial interface and is not geo-blocked. Eligibility is handled through attestations you make about yourself rather than by blocking regions, so the responsibility to know and follow the rules that apply where you live sits with you. Read the Terms before trading.
No account, no deposit
Connect a wallet you already control and trade on-chain.
More reading: what HIP-4 is, HIP-4 stats, Polymarket alternative, deployers, bridge to Hyperliquid, perpetual futures, and the Terms.