Hyperliquid Launches HIP-4 Outcome Markets on Mainnet

Hyperliquid activated HIP-4 Outcome Markets on mainnet on May 2, 2026. The launch introduced fully collateralized onchain prediction contracts that reside in the same account traders use for spot and perpetual trading. The first live markets are BTC daily binary contracts denominated in USDH. Opening or minting positions carries no fee; positions settle to 0 or 1 at expiry.

Hyperliquid announced HIP-4 on Feb. 2, 2026. The contract primitive supports binary and multi-outcome events and differs from HIP-3 perpetuals. HIP-3 uses continuous oracles, funding rates and a liquidation engine suited for ongoing leveraged trading. HIP-4 uses fixed-range settlement and omits funding and liquidation mechanics, a design aimed at discrete events such as election results or economic releases. Outcome tokens trade as YES or NO, with prices that float between 0.001 and 0.999 and pay the remaining value to winning holders at settlement.

Positions are collateralized entirely in USDH, Hyperliquid’s native stablecoin, and remain in the same wallet that holds a trader’s perpetual and spot positions. Outcome positions are included in unified portfolio margin and count toward protocol-wide fee tiers. Hyperliquid charges no fee to open or mint outcome positions. Fees apply when closing, burning, or settling. Makers on outcome order books do not receive rebates and face zero entry fees; taker fees may be reduced through staking-aligned tiers by up to 20 percent.

Initial markets are curated and deployed by validators. The BTC daily binaries reset at 2 a.m. Planned categories for future markets include politics, sports, macro data releases, crypto events and entertainment. Each market starts with an approximately 15-minute single-price clearing auction during which users submit limit orders. The auction clears at the price that maximizes matched volume, and unfilled orders roll into continuous trading on the same central limit order book used by Hyperliquid’s spot and perpetual markets.

HIP-4 runs natively inside Hypercore and uses the platform’s existing matching engine, order types and throughput. The matching engine supports about 200,000 orders per second. Front-end platforms listing HIP-4 markets at launch include Outcomexyz and Stratium; data providers are expected to add HIP-4 support soon.

Hyperliquid outlined a phased rollout for permissionless builder deployment. After the canonical market phase, builders can deploy outcome markets by staking 1,000,000 HYPE per slot. Stakes are slashable and will be burned if validators determine a deployer manipulated an oracle, created invalid state transitions, or caused prolonged downtime. One staked slot supports rolling and recurring markets and can be recycled after settlement.

The HIP-4 rollout follows HIP-3, which launched on mainnet Oct. 13, 2025, and focused on builder-deployed perpetual futures for stocks, commodities, foreign exchange and tokenized real-world assets. HIP-4 expands the protocol’s product set to include event-based outcome contracts that settle discretely and do not carry liquidation risk.