HIP-4 explainer

What Is HIP-4? Hyperliquid Outcome Markets Explained

HIP-4 brings outcome-market primitives to Hyperliquid. Searchers often compare it with Polymarket, but the key idea is a bounded payoff contract that settles based on a defined outcome.

Last updated: 2026-06-02Last reviewed: 2026-08-20
Product boundary
Outcome markets can look like options or prediction markets, but the exact payoff, collateral, settlement source, and market rules decide the real risk.

Direct answer

HIP-4 is Hyperliquid's outcome-market framework. Instead of a perpetual contract with funding and liquidation mechanics, an outcome market is built around a defined event or condition and a bounded payoff. It can resemble a prediction market in search results, but the contract rules, settlement source, collateral, and venue access decide the actual risk.

What makes outcomes different

  • The payoff is bounded by the contract terms.
  • There is usually a defined expiry or settlement event.
  • The market price can be read as an implied probability only after considering fees, spreads, and settlement risk.
  • There is no simple one-to-one mapping between outcome markets and vanilla options.

Live HIP-4 contract board

Public Hyperliquid contract metadata and raw Yes/No side mids. A side mid is a market price, not a verified probability or forecast.

Active contracts
199
Standalone
113
Grouped questions
18
Quote
USDC

Resolution rules require a separate check

The public response currently provides class, target or thresholds, expiry, side labels, and mids for 199 contracts, but not the full oracle and comparison rule. HypeBasis shows those raw fields while withholding verified-probability labels and contract-specific EV links.

Standalone binary contracts

Each row uses the target, expiry, side labels, and mids returned for the current contract id.

template:priceTouch
#1209 · USDC · Not supplied
template:Yes mid
0.5811
template:No mid
0.4189
Contract definition
Settlement question incomplete

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
-0.6 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. template:Yes mid moved from 0.5870 to 0.5811 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

template:binaryPrice
#1210 · USDC · Not supplied
template:Yes mid
0.0108
template:No mid
0.9892
Contract definition
Settlement question incomplete

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. template:Yes mid moved from 0.0108 to 0.0108 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

template:priceTouch
#1211 · USDC · Not supplied
template:Yes mid
0.0217
template:No mid
0.9783
Contract definition
Settlement question incomplete

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. template:Yes mid moved from 0.0217 to 0.0217 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

template:priceTouch
#1212 · USDC · Not supplied
template:Yes mid
0.0432
template:No mid
0.9568
Contract definition
Settlement question incomplete

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
-0.1 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. template:Yes mid moved from 0.0439 to 0.0432 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

template:priceTouch
#1213 · USDC · Not supplied
template:Yes mid
0.1603
template:No mid
0.8397
Contract definition
Settlement question incomplete

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
+0.2 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. template:Yes mid moved from 0.1580 to 0.1602 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

template:priceTouch
#1214 · USDC · Not supplied
template:Yes mid
0.5023
template:No mid
0.4977
Contract definition
Settlement question incomplete

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
+0.1 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. template:Yes mid moved from 0.5018 to 0.5023 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

template:priceTouch
#1215 · USDC · Not supplied
template:Yes mid
0.0549
template:No mid
0.9451
Contract definition
Settlement question incomplete

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. template:Yes mid moved from 0.0546 to 0.0549 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

template:priceTouch
#1216 · USDC · Not supplied
template:Yes mid
0.0149
template:No mid
0.9851
Contract definition
Settlement question incomplete

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. template:Yes mid moved from 0.0149 to 0.0149 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

template:priceTouch
#1217 · USDC · Not supplied
template:Yes mid
0.00378
template:No mid
0.9962
Contract definition
Settlement question incomplete

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. template:Yes mid moved from 0.0038 to 0.0038 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

template:binaryPrice
#1230 · USDC · Not supplied
template:Yes mid
0.9399
template:No mid
0.0600
Contract definition
Settlement question incomplete

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
-0.2 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. template:Yes mid moved from 0.9415 to 0.9399 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Grouped question #198

template:sportsTournamentWinner

7 linked contracts
0 settled named outcomes
Expiry
Not supplied
Thresholds
Not supplied
Class
Not supplied

Threshold order and linked contract ids come from the public question record. Range labels and the fallback resolution rule are not inferred.

Named outcome 1
#1473 · USDC · Not supplied
Yes mid
0.4620
No mid
0.5380
Contract definition
template:sportsTournamentWinner, named outcome 1

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.4620 to 0.4620 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Named outcome 2
#1474 · USDC · Not supplied
Yes mid
0.3900
No mid
0.6100
Contract definition
template:sportsTournamentWinner, named outcome 2

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
-0.5 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.3951 to 0.3900 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Named outcome 3
#1475 · USDC · Not supplied
Yes mid
0.0505
No mid
0.9495
Contract definition
template:sportsTournamentWinner, named outcome 3

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.0505 to 0.0505 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Named outcome 4
#1476 · USDC · Not supplied
Yes mid
0.0271
No mid
0.9729
Contract definition
template:sportsTournamentWinner, named outcome 4

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.0271 to 0.0271 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Named outcome 5
#1477 · USDC · Not supplied
Yes mid
0.0277
No mid
0.9723
Contract definition
template:sportsTournamentWinner, named outcome 5

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
+1.3 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.0151 to 0.0277 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Named outcome 6
#1478 · USDC · Not supplied
Yes mid
0.00500
No mid
0.9950
Contract definition
template:sportsTournamentWinner, named outcome 6

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.0050 to 0.0050 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Fallback outcome
#1472 · USDC · Not supplied
Yes mid
0.5000
No mid
0.5000
Contract definition
template:sportsTournamentWinner, fallback outcome

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.5000 to 0.5000 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Grouped question #199

template:sportsTournamentWinner

7 linked contracts
0 settled named outcomes
Expiry
Not supplied
Thresholds
Not supplied
Class
Not supplied

Threshold order and linked contract ids come from the public question record. Range labels and the fallback resolution rule are not inferred.

Named outcome 1
#1480 · USDC · Not supplied
Yes mid
0.2200
No mid
0.7800
Contract definition
template:sportsTournamentWinner, named outcome 1

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
+1.1 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.2089 to 0.2200 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Named outcome 2
#1481 · USDC · Not supplied
Yes mid
0.1300
No mid
0.8700
Contract definition
template:sportsTournamentWinner, named outcome 2

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.1300 to 0.1300 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Named outcome 3
#1482 · USDC · Not supplied
Yes mid
0.1430
No mid
0.8570
Contract definition
template:sportsTournamentWinner, named outcome 3

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.1430 to 0.1430 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Named outcome 4
#1483 · USDC · Not supplied
Yes mid
0.1279
No mid
0.8721
Contract definition
template:sportsTournamentWinner, named outcome 4

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.1279 to 0.1279 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Named outcome 5
#1484 · USDC · Not supplied
Yes mid
0.0893
No mid
0.9107
Contract definition
template:sportsTournamentWinner, named outcome 5

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.0893 to 0.0893 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Named outcome 6
#1485 · USDC · Not supplied
Yes mid
0.1287
No mid
0.8713
Contract definition
template:sportsTournamentWinner, named outcome 6

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.1286 to 0.1287 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

Fallback outcome
#1479 · USDC · Not supplied
Yes mid
0.5000
No mid
0.5000
Contract definition
template:sportsTournamentWinner, fallback outcome

The public metadata does not provide a complete underlying, target, expiry, resolution rule. HypeBasis withholds probability tools until the contract can be explained without guessing.

Target
Not supplied
Expiry
Not supplied
Pair sum
100.0%
Side-price change
0.0 pts since earlier price

Yes and No mids sum to 100.0%, so the displayed side prices are internally close. Yes mid moved from 0.5000 to 0.5000 since 2026-09-21T06:17:10.692Z.

Live liquidity check

Inspect both outcome-token books and a 1,000 quote-token mid-notional visible-fill check before relying on the displayed mids.

Requested only when you click. No wallet connection or order is created.

The concise board starts with 10 of 113 standalone contracts and 2 of 18 grouped questions. Expand only when you need the full contract inventory.

Live data - updated 0s ago
Risk notice
Outcome markets are high-risk event contracts. A market price is not a verified probability, the full cost can be lost, and resolution, settlement, liquidity, fees, and eligibility rules may alter the real risk.

Related tools

Outcome markets

Binary EV calculator

Options basics

Odds converter

Sources

3 references · Expand