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HYPE has jumped 10% in 24 hours after Hyperliquid unveiled HIP-4, a proposal that adds outcome trading to its decentralized exchange. The update introduces prediction markets and options-style derivatives to a platform built around perpetual futures. The team disclosed the details in a post on X, citing strong user demands and expanding developer interest.
Outcome contracts operate without leverage and do not trigger liquidations. They settle within fixed price ranges and require full collateral at entry. The design adds dated markets and non-linear payoffs to Hyperliquid’s existing structure.
The announcement arrives as Hyperliquid records rising activity across its derivatives suite. HYPE has gained 33% over the past month as permissionless markets reach record usage. What does outcome trading mean for a platform already processing billions in daily volume?
Hyperliquid stated that HIP-4 enables outcome trading directly on HyperCore. Outcomes serve as a general-purpose primitive for prediction markets and bounded option-like instruments. The contracts avoid margin mechanics and liquidation risk by using full collateralization.
The team explained that outcomes add non-linearity and dated contracts to the system. They also integrate with portfolio margin features and the HyperEVM environment. This structure broadens the range of derivative strategies available on the exchange.
At present, outcome trading remains in active testnet development. Canonical markets will rely on objective settlement sources once testing ends. These sectors will use USDH as the settlement denomination.
Hyperliquid plans to launch outcome trading on testnet before moving to mainnet. The initial rollout will feature a curated set of markets. Permissionless deployment may follow after gathering user feedback.
The team confirmed that HIP-4 remains a work in progress. No fixed timeline for mainnet deployment has been disclosed. Development will continue as builders explore new applications for the outcome primitive.
Meanwhile, Hyperliquid’s permissionless markets continue to expand. Users can create markets on crypto stocks and gold by staking 500,000 HYPE tokens. This model has driven rising engagement and broader asset coverage.
As options activity grows, HIP-3 open interest on Hyperliquid has reached $1 billion. The platform’s 24-hour trading volume recently climbed to $4.8 billion. Both figures mark new all-time highs for the exchange.
Blockworks researcher Shaunda Devens commented on the valuation impact. She noted that even capturing all of Polymarket volume would add about 5% to Hyperliquid revenue. The data reflects the scale of perpetual contract markets and long-tail assets under HIP-3.
Devens compared Hyperliquid’s $7 billion valuation with Polymarket’s $10 billion figure from 2025 funding data. She linked this gap to the size of perpetual derivatives rather than prediction market revenue alone. Outcomes aim to complement a broader on-chain financial framework.
Beyond crypto, regulatory clarity has fueled prediction market growth globally. In the United States, Kalshi expanded nationwide coverage through a partnership with Coinbase. Looking ahead, providers like Crypto.com could theoretically migrate onto HIP-4 infrastructure as development matures.
Also Read: Best Hyperliquid Alternative in 2026? Traders Are Increasingly Choosing HFDX
Hyperliquid detailed HIP-4 as HYPE climbed 10% with outcome trading entering testnet. The proposal adds prediction markets and non-leveraged derivatives while expanding HyperCore and HyperEVM functionality. As volumes and open interest keep rising, HIP-4 positions Hyperliquid to widen its on-chain derivatives offering.
