Hyperliquid Launches HIP-4 and Targets Polymarket With Zero-Fee Outcome Markets

Key Takeaways:

• Hyperliquid launched HIP-4 Outcome Markets connected mainnet May 2, 2026, with BTC regular binary contracts unrecorded and trading.
• HIP-4 charges zero fees to unfastened positions, straight targeting Polymarket and Kalshi for onchain prediction market volume.
• Builders tin deploy permissionless markets successful a aboriginal signifier by staking 1,000,000 HYPE, with slashable stakes burned if rules are violated.

Hyperliquid Pushes Into Prediction Market Space With HIP-4 Mainnet Launch

The caller declaration benignant is chiseled from HIP-3, which launched connected mainnet Oct. 13, 2025, and covers builder-deployed perpetual futures for stocks, commodities, overseas exchange, and real-world assets. HIP-4, announced Feb. 2, 2026, adds a abstracted primitive built for binary and multi-outcome lawsuit contracts that settee to precisely 0 oregon 1 astatine expiry.

The favoritism matters technically. HIP-3 perpetuals trust connected continuous oracles with astir 1% terms deviation limits per update, a plan suited for leveraged ongoing trading but incompatible with sharp, discrete events similar election results oregon macro information releases. HIP-4 uses fixed-range colony with nary ongoing backing rates and nary liquidation engine.

The archetypal HIP-4 result market.

Traders bargain YES oregon NO tokens representing the implied probability of an event. Prices interval betwixt 0.001 and 0.999 during continuous trading and settee to a fixed result astatine expiry based connected an authorized oracle source. A trader who buys YES astatine 0.60 USDH earns 0.40 per declaration if the lawsuit occurs and loses the 0.60 introduction outgo if it does not.

Positions are afloat collateralized successful USDH, Hyperliquid’s autochthonal stablecoin, and transportation nary liquidation risk. That collateral operation besides connects to the protocol’s interest flywheel: colony request drives USDH usage, which feeds HYPE buybacks done the existing protocol mechanics.

The interest exemplary is designed to pull volume distant from Polymarket and Kalshi. Opening oregon minting an result presumption carries nary fee. Fees use lone erstwhile closing, burning, oregon settling a position. Makers connected result orders who would usually person rebates alternatively wage zero. Staking-aligned discounts, including a imaginable 20% taker interest reduction, inactive apply.

Initial markets are curated and validator-deployed. The first unrecorded contracts screen recurring regular BTC price threshold events that reset astatine 2 a.m. Categories planned for enlargement see politics, sports, macro information releases, crypto events, and entertainment.

Builders who privation to deploy their ain result markets indispensable stake 1,000,000 HYPE per slot. That stake is slashable and burned if validators find the deployer manipulated an oracle, introduced invalid authorities transitions, oregon caused prolonged downtime. One staked slot supports rolling and recurring markets, recycling aft settlement.

Each marketplace opens with a astir 15-minute single-price clearing auction. Users taxable bounds orders during the auction period; nary execution occurs until the auction clears astatine the terms that maximizes matched volume. Unfilled orders rotation into continuous trading connected the aforesaid cardinal bounds bid publication powering Hypercore spot and perpetual markets.

The architecture runs natively wrong Hypercore, sharing the aforesaid matching engine, bid types, and astir 200,000 orders-per-second throughput arsenic each different Hyperliquid markets. Outcome positions beryllium wrong the aforesaid wallet arsenic a trader’s perps and spot holdings and origin into unified portfolio margin.

Frontends already integrating HIP-4 see Outcomexyz and Stratium, an aggregator that places result markets alongside HIP-3 perpetuals successful 1 interface. Dedicated tracking dashboards, including the loris.tools suite, are expected to adhd HIP-4 information soon.

Permissionless builder deployment, mirroring HIP-3’s phased rollout, follows erstwhile the canonical marketplace signifier stabilizes. Volume and unfastened involvement from result markets number toward protocol-wide interest tiers, meaning progressive prediction market traders tin suffice for little rates connected perpetuals done the aforesaid unified account.