HIP-4 explainer

What Is HIP-4?

HIP-4 brings outcome-market primitives to Hyperliquid. The key idea is a bounded payoff contract that settles based on a defined outcome.

Last updated: 2026-05-04Last reviewed: 2026-05-04
Important distinction
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.

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 outcome metadata

This reads Hyperliquid's public `outcomeMeta` info endpoint. It shows market metadata, not prices or a trade recommendation.

Outcome #2

Recurring

YesNo
class
priceBinary
underlying
BTC
expiry
20260505-0600
targetPrice
79980
period
1d
Live API snapshot - updated 0s ago
Risk notice
Crypto perpetuals and leveraged trading are high risk. You can lose money through liquidation, funding, slippage, oracle issues, protocol failures, and market volatility.

Related tools

Outcome markets

See binary payoff examples and the current live metadata.

Binary EV calculator

Convert price and probability into expected value.

Options basics

Learn why options and outcomes are related but not identical.

Odds converter

Translate odds and probabilities into decimal outcome prices.

Sources