HIP-4 Outcomes

Introduction

HIP-4 is Hyperliquid’s new primitive for outcome markets, extending HyperCore beyond spot and perpetuals into dated, fully collateralized contracts that settle to a bounded value at expiry. Instead of relying on leverage, funding, liquidations, or a continuously updated mark price, each market is collateralized upfront and trades as a claim on a defined settlement event. At expiry, an authorized broadcaster posts the final settlement value, and the contract resolves against the pre-funded collateral base.

Hyperliquid is starting with curated, USDH-denominated canonical markets tied to objective settlement sources, with broader deployer participation expected over time. While much of the market discussion has focused on HIP-4’s prediction-market angle, the broader significance is that HyperCore can now support bounded, event-contingent payoff design directly inside its existing execution and collateral system.

HIP-4 continues HyperCore’s progression into a broader financial execution layer: HIP-1 introduced native assets and spot order books, HIP-3 expanded the venue into builder-deployed perpetuals, and HIP-4 adds outcome contracts. HIP-3 gave deployers control over market creation; HIP-4 extends that design space to payoff construction. Instead of only deciding which asset trades, deployers can define how claims resolve across various structures. This broadens HyperCore’s product surface beyond spot and perpetual style contracts into structured payoffs around prices, rates, spreads, volatility, and protocol risk.

Methodology Note

Hyperliquid has not yet published a complete HIP-4 deployer specification or detailed HIP-4 documentation. Where official documentation exists, we cite it directly. For implementation-level mechanics, we rely on independent hl-node binary analysis, live transaction traces, reverse-engineered interpretations of transaction payloads and state transitions, and indexed data from Liquid Terminal. 

We acknowledge Yaugourt and androolloyd for their work in advancing public understanding of HIP-4's implementation details. These details should be treated as best-effort research intended to contextualize HIP-4 ahead of complete official documentation. We will update our coverage as more information becomes available.