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Platform review

Hedgehog Markets review

Permissionless prediction markets on Solana and Eclipse, with very thin books

CryptoAvailability unverified

Risk flags

  • HighNo licence stated. The operator’s documents name no regulator or licence, so disputes and frozen funds are settled by its own process. Every platform’s licence →
  • WatchFees not published. We could not find a fee schedule in the operator’s documents; an unstated fee is not a zero fee. Fees compared →

Flags are rules over the facts on record, the same for every platform — how they work.

Verified documents & product scope

Check country eligibility

Choose the country you want to check. This lookup does not change your site region or establish individual account approval.

What fees does Hedgehog Markets charge?

Hedgehog Markets publishes no fee rate on any page we could reach. Its homepage shows a betting interface with no fee wording; its documentation site no longer loads (certificate expired June 2025), and no terms or FAQ page exists at the usual paths (hedgehog.markets, read 2 Oct 2026).

These are document checks, not a funded-account test. Access may depend on residence, physical location, account approval and the contract category. Check the operator’s current terms before depositing.

Learn how play-money and real-money markets differ, use the fee and payout tools, or read our review methodology.

See our Platform documentation audit for the method and downloadable source register.

  • Hedgehog Markets homepage — checked

    The public interface loads and displays Versus and Classic sections, market pages and a wallet connection option. This confirms a reachable interface, not completed trading, current liquidity or country eligibility.

Pros and cons

What works

  • Trading mechanics are visible in the application itself
  • The venue states its own scope: permissionless prediction markets on Solana and Eclipse
  • Featured markets display their own liquidity figures, so the depth is visible before you connect
  • Runs on Solana and Eclipse, so settlement and balances are on a public chain rather than an operator’s ledger
  • No terms means no clause asking you to waive recourse — thin comfort, but several venues here do ask

What doesn’t

  • Nothing is published about how markets resolve: eleven likely paths 404 and six documentation subdomains do not resolve
  • Market content sits behind Connect Wallet, so per-market rules cannot be read before connecting
  • No terms, no privacy policy and no named operator
  • Featured markets showed $38 and $503 of liquidity — at that depth a position of any size is the market
  • Third-party descriptions of an oracle are uncorroborated by anything the venue publishes, so they are not used here

Public website & interface

Dated website captures for identification and interface context. Displayed prices are historical; these images do not establish account eligibility or a funded-account test.

Prices and liquidity

We do not currently publish live quotes for Hedgehog Markets. Check the platform’s order book before placing an order: the last trade can differ from the price available for your position size.

How to assess liquidity and spreads →

Nothing is published about how this venue works

This rating rests on a documented absence, established by looking rather than inferred from the venue’s size. Eleven likely paths return 404: /docs, /terms, /terms-of-service, /tos, /legal, /help, /faq, /rules, /whitepaper, /how-it-works and /resolution. Six documentation subdomains fail to resolve: docs, help, support, learn, wiki and gitbook.

The homepage’s complete set of internal links is /, /markets, /versus and /create/custom — nothing legal, nothing explanatory. And a search of the application’s own compiled JavaScript for gitbook, docs.hedgehog, “terms of service” and “resolution source” returns nothing. All of that was checked on 9 September 2026.

The venue’s own meta description states it is “building permissionless prediction markets on Solana and Eclipse”, and that is very nearly the extent of what it says about itself. There is no named operator, no terms and no privacy policy.

You cannot read a market’s rules before committing a wallet

Market content sits behind “Connect Wallet”. So the per-market criteria — the text that actually decides whether you are paid — cannot be read before connecting. With no documentation anywhere else on the site, that leaves no route at all to find out how a market settles without first attaching a wallet to the application.

That inverts the order every other venue on this site allows, including the ones with no documentation at all: read the rules, then decide. Here the decision to connect comes first. Connecting a wallet to read is not the same as depositing, but it is a step taken without the information the step is meant to inform.

Third-party descriptions are not used here

Third-party write-ups do describe an oracle and creator-set resolution sources for this venue. None of it is corroborated by anything Hedgehog publishes, so none of it is used on this page.

That is a deliberate editorial rule rather than a shortage of effort. A description of a settlement mechanism that the venue itself has never stated is not something a reader can rely on, and repeating it here would manufacture a confidence that nothing supports. If Hedgehog publishes its resolution process, this page will quote it with the date we read it.

The depth, and what it means

Individual markets showed $38 and $503 when we read them on 8 September 2026 — and those are the venue’s own figures, on its featured markets rather than its long tail. At that depth a position of any size is the market: you would be trading against your own impact rather than against a price.

Taken with the rest of this page, the position is straightforward. A venue with no published rules is unassessable rather than proven bad, which is why the resolution rating is not zero. But on a page about where to put money, unassessable is close to the same thing, and the depth figures mean there is little here to trade even if the rules were published tomorrow.

Hedgehog Markets FAQ

How do Hedgehog markets resolve?

Hedgehog does not say, and we established that by looking rather than assuming. Eleven likely paths return 404 — including /docs, /terms, /rules, /how-it-works and /resolution — six documentation subdomains fail to resolve, the homepage’s complete internal link set is /, /markets, /versus and /create/custom, and a search of the application’s own compiled JavaScript for “terms of service” and “resolution source” returns nothing.

Third-party write-ups do describe an oracle; none of it is corroborated by anything the venue publishes, so none of it is used on this page.

Can I read a market’s rules before connecting a wallet?

No. Market content sits behind “Connect Wallet”, so the criteria that decide whether you are paid cannot be read beforehand. That inverts the order every other venue on this site allows, including those with no documentation at all: normally you read the rules and then decide. Connecting a wallet is not the same as depositing, but it is a step taken without the information the step is meant to inform.

What fees does Hedgehog Markets charge?

Hedgehog Markets publishes no fee rate on any page we could reach. Its homepage shows a betting interface with no fee wording; its documentation site no longer loads (certificate expired June 2025), and no terms or FAQ page exists at the usual paths (hedgehog.markets, read 2 Oct 2026).

Is Hedgehog Markets regulated?

Publishes no terms, no privacy policy and no operating entity: on 8 September 2026 the page carried no link matching terms, privacy, legal, docs or about. Its own meta description states “building permissionless prediction markets on Solana and Eclipse”. Markets are ordinary Yes/No contracts, but the books were extremely thin when read — individual markets showed $38 and $503 — which is the figure to weigh against any headline.

Recorded for accuracy rather than as a criticism: the venue’s own interface is written in betting language throughout (“Bet. On. Anything.”, “Place a Bet”, “Wanna Bet?”), while the instrument itself is a binary contract rather than a bookmaker’s line.

UNVERIFIED, because nothing states them: the operating entity, its jurisdiction, any licence, the deposit currency, every fee, the minimum deposit, withdrawal terms, whether identity verification is required, and which countries are excluded.

What can you trade on Hedgehog Markets?

Event contracts on crypto, politics, sports and other events. Individual markets open and close, so check the live list before depositing.

Alternatives to Hedgehog Markets

Chosen by similarity — the same kind of venue, overlapping markets, and whether you can use it where you are — then by Editor Score.

Authorship

Written by Prediction Markets Best editorial