Hyperliquid HIP-4 outcome markets explained
HIP-4 adds outcome markets to HyperCore: contracts that settle within a fixed range and can be used for prediction markets and bounded, options-like instruments. This overview covers only what the official Hyperliquid documentation states. Features and markets are being rolled out in stages, so check the linked documentation for the current specification.
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What an outcome is
Outcomes are fully collateralized contracts that settle within a fixed range. Unlike perpetuals, they are dated contracts and do not involve leverage or liquidations. Each outcome market has two sides, each with its own token, often labeled Yes and No. At settlement, Yes converts to a settlement fraction of the quote token and No to one minus that fraction, so a binary Yes result pays 1 quote token per Yes token and nothing per No token.
Merged order books and questions
The Yes and No books of the same outcome are merged to share liquidity: buying Yes at price p is equivalent to selling No at 1 − p. A question groups several outcomes where exactly one settles to Yes and the rest to No, and each outcome trades on its own book. The documentation describes the first mainnet market as a recurring binary outcome that settles daily at 06:00 UTC to the BTC mark price.
Fees and builder codes
At the time of writing, the Hyperliquid documentation states that fees for outcome markets are zero during initial testing, and that builder codes work as in spot trading, with builders earning builder fees on sell orders that include their code. These terms can change, so confirm the current fees in the official documentation and in your order confirmation before trading.
Frequently asked questions
Can a HIP-4 outcome position be liquidated?
According to the Hyperliquid documentation, outcomes are fully collateralized and do not involve leverage or liquidations. You can still lose the amount you paid for a position.
What does the price of a Yes token represent?
A Yes token settles to between 0 and 1 quote token, so its market price is often read as the market's implied chance of the event. It is set by the order book and is not a verified probability.
Where can I find the current HIP-4 specification?
Use the official Hyperliquid HIP-4 documentation linked on this page. Markets, fees and features are being rolled out in stages.