Kalshi, Polymarket, Hyperliquid, and Pump.fun are racing to create a comprehensive gambling super-app by integrating perpetual futures and prediction markets. Kalshi is reportedly preparing to offer US crypto perpetual futures, while Polymarket has announced the introduction of perpetual contracts, opening early access sign-ups. Hyperliquid is enhancing its platform with outcome token trading alongside its mainnet-deployed perpetuals, as outlined in its Hyperliquid Improvement Proposal 4 (HIP-4). Pump.fun has evolved into a social trading environment, allowing users to engage in various activities without leaving the app. The platforms aim to keep users engaged in continuous speculative activities, capturing every stage of their risk appetite. Hyperliquid currently posts approximately $191 billion in 30-day perpetual volume, with $61 million in fees and $7.35 billion in open interest. Kalshi and Polymarket are projected to generate significant revenue from event markets, with estimated 2026 volumes of $96 billion and $84 billion, respectively. The regulatory landscape remains complex, with ongoing legal challenges and potential state-level enforcement actions that could impact the development of these platforms.