Hedgehog Markets

Hedgehog Markets is a prediction market on Solana, launched in 2021. It is not the Hedgehog real-world-asset investing platform, and not any of the "hedgehog" memecoins. Its main product today is Versus. In Versus, you post a Yes or No bet on an event at odds and a size you choose. Anyone who likes the price can take the other side. The money sits in an on-chain escrow program until the market settles.

Hedgehog also built share-trading markets on Solana, and pooled and parlay markets on Eclipse. As of October 2026 the site still works, but activity is thin. Its X account has not posted in a year. The newest markets on its "classic" site closed in mid-2025. Treat it as a mostly dormant project rather than a busy venue.

How Hedgehog Markets works

Hedgehog has used three ways of matching bettors. Its docs describe each one:

• Peer-to-peer (Versus). One user is the house. They set the odds and the most they will bet. Another user takes the bet. Nobody trades in and out: money deposited into a Versus market stays locked in escrow until the market resolves.
• AMM shares (Classic, Solana only). An automated market maker (AMM) is a pool of money that quotes prices on its own. Here it sells Yes and No shares, and the share prices act as the market's odds. You can sell before the market ends. Liquidity providers fund the pool and earn the trading fees.
• Parimutuel pools (Eclipse only). Everyone puts money on a side, and the winners split the losing side's deposits in proportion to their stake. It is the same system racetracks use for the tote.

Every action is a wallet transaction, so you need a Solana wallet and a little SOL for fees and account rent. You get the rent back when you close a position.

Hedgehog Versus: peer-to-peer bets at your own odds

On the Versus page, Hedgehog pitches it as "be the house with uncapped markets where you set the odds." Click Yes or No on an event card to see its live bets. You can take a listed bet straight away. Or you can post your own, with the odds and the most you will stake. You can cancel your bet at any time until someone takes it.

Versus markets also work as Solana blinks. A blink is a link that opens as a bet card on X, if your wallet supports it. So you can post a market and someone can take it without leaving X. You can also write your own question at hedgehog.markets/create.

In October 2026 the main site lists bets on crypto prices, US politics and court cases. The featured market asks whether ETH hits $1,000 or $3,000 first. It had $503 in bets. Most cards had no live bets at all.

Hedgehog Classic prediction markets and fees

The Classic AMM markets were Hedgehog's take on the Polymarket model. Traders buy and sell Yes and No shares, and anyone can add money to the pool. The docs set the fee at 1% on each buy and each sell, and it goes to the pool. The FAQ says fees can vary, so check a market's "Contract Details" tab.

The docs also flag two weak spots. People who fund the pool tend to lose when well-informed traders pile in near the end. And if they pull their money out, traders can be stuck holding shares until the market settles.

The classic site still loads. Its newest markets all closed in 2025. They asked about SIMD-0228, a US Bitcoin reserve and a Fed rate cut. It also hosted pooled markets on Pump.Science's lab-mouse experiments in early 2025.

Hedgehog Markets on Eclipse: pooled predictions and parlays

Hedgehog added an Eclipse front end for two formats. Pooled Predictions are parimutuel markets where, per the docs, fees come only out of the losing side. Picking the right side never costs you money. Parlay Pools group several questions together, such as every game in an NFL week. Everyone pays the same entry fee, and whoever gets the most answers right takes the pot, minus fees. The Eclipse site still shows Versus as "coming soon".

No-loss competitions and Hedgehog Polls

Hedgehog launched on Solana mainnet in September 2021 with No-Loss Competitions. Users staked USDC to get game tokens, then made picks on NFL, Premier League and crypto markets. Everyone got their stake back at the end. The top of the leaderboard shared the prizes, worth over $100,000 at launch.

Those competitions have all ended. If you still have funds staked, you can withdraw them at noloss.hedgehog.markets. Hedgehog replaced them with Hedgehog Polls. It is a free mobile app where you answer polls to earn points.

Is there a Hedgehog Markets token or airdrop?

No. The FAQ says Hedgehog "may or may not release a token in the future." It adds that there is no set timeline. We found no governance token, token sale or airdrop. Solana tokens called "hedgehog", or using the ticker HHDG, are not Hedgehog's. They are unrelated memecoins.

One wrinkle: the docs say Hedgehog Polls points could be swapped for a token used in Hedgehog's own shop. That is an in-app reward, not a governance token. We could not find its address.

Is Hedgehog Markets right for you?

Hedgehog suits one kind of user. You want a fixed-odds bet on a niche question, settled on-chain. And you can bring your own opponent, say by sending the market link to a friend who disagrees. The two of you pick the size, and Solana fees cost a fraction of a cent.

It is a poor fit if you need someone to take your bet. Most markets have no live bets. Once a Versus bet is taken, your money stays locked until the market settles. If you want to trade odds on popular markets, the venues below are far busier.

Is Hedgehog Markets safe? Risks to know

• People resolve the markets. The risk disclosure says all markets are "created and resolved manually by humans". AMM markets get a 24-hour window to fix a wrong result, and after that the outcome is final. The optimistic oracle the docs describe as in progress has not shipped.
• One wallet can upgrade the program. On Solscan, the Versus escrow program (Yb4spZYFpgad4pDvV1mdU7pFU9vQWNeDS4degy7eR1u) is upgradeable. Its upgrade authority, 3FBBbWAKYZTnvWYydYpVpGHGGKnB3M6eNcvKS4W6kJXW, is an ordinary wallet rather than a multisig or DAO. Whoever holds that key could replace the code that holds escrowed funds. The program also has no verified build and no security.txt.
• No published audit. The docs' Security page is empty, and we found no audit report for any Hedgehog program.
• Signs of neglect. The X account has not posted in the twelve months to October 2026. The old docs domain, docs.hedgehog.markets, no longer serves a site, and the GitBook was last updated about a year ago. The newest update to any of its public GitHub repositories was in January 2025. Solscan showed no transactions on the Versus program in the 30 days to 24 October 2026. A dormant team may be slow to resolve markets or answer support requests.
• A lapsed linked domain. The Eclipse site's footer links "Staking", "Solana" and "Tools" to hedgehoghub.xyz, which is now listed for sale. Don't connect a wallet to anything served from that domain.
• Other dependencies. The docs list the Solana network, USDC and Lulo as protocols users are also exposed to. They also say anyone can create markets and that the interface simply displays them, so check a market's rules before you take a bet.

Hedgehog Markets alternatives on Solana

If you want to trade predictions actively on Solana, look at busier venues. Jupiter's Forecast launched in June 2026. It sends each order to several market makers and takes the best price. Drift runs its own BET markets. You can also reach Polymarket and Kalshi from Solana, as our prediction markets guide explains.

The trade-off is simple. Hedgehog lets you write any question at any odds. The bigger venues pick their markets, but people are on both sides of them. On an empty Versus board, Hedgehog's freedom doesn't buy you much.

Hedgehog Markets team, funding and history

George Yu founded Hedgehog. He used to be an engineer at Google, and he built it with a venture studio called e^{i} Ventures.

In July 2021 Hedgehog raised a $3.5 million seed round. Reciprocal Ventures, Republic Labs and Alameda Research were among the backers. It also got a grant from the Solana Foundation. CoinDesk said the beta had over 6,000 users, and that it would be the first prediction market live on Solana.

By 2024 Kyle DiPeppe was CEO. He talked about user-created markets on the Unlayered podcast that August. Later that month he joined BetHog's Nigel on Lightspeed.

The products came in this order: no-loss competitions, then the Classic AMM, then Versus bets. Versus was shared as blinks from mid-2024. Pooled and parlay markets on Eclipse came last. Public code updates stop in January 2025.