Mainnet · Live since May 2, 2026

HIP-4 is live on mainnet. Mainnet

On May 2, 2026 Hyperliquid shipped HIP-4 — Polymarket-style outcome books on the same L1 as the perps. Fully collateralized, zero opening fees, settled by the protocol in a single block. One market live so far: a daily BTC binary, validating the primitive before the surface widens.

How it works See the live market ↓
How HIP-4 Works

Three phases. All on L1. No off-chain matching.

HIP-4 outcome books share HyperCore's CLOB, matching engine, and account system with spot and perps. Pair minting keeps YES + NO priced to exactly 1.00 — so the YES price reads directly as the implied probability.
1 Create

A YES/NO pair is minted on L1.

The operator registers a new outcome on HyperCore. Two #-prefixed spot tokens are minted — one per side. New markets open with a 15-minute call auction so price discovery isn't gamed by the first trade.

YES = #(id × 10) · NO = #(id × 10 + 1)
2 Trade

Either leg trades on the standard CLOB.

Pair minting mirrors the books — a buy on YES at 0.40 reflects an ask on NO at 0.60. Collateral locks until settlement. No leverage, no liquidation, no funding to pay. And zero fees on the way in — fees only get charged at settlement.

YES + NO = 1.00 USDH
3 Settle

One block. No claim. No dispute.

At expiry the protocol settles the outcome to 0 or 1 in a single L1 block. The launch market uses Hyperliquid's own BTC mark price — the same feed already settling billions in perps — so there's no external oracle to wait on.

Protocol-driven settlement
The YES price is the implied probability. Pair minting forces YES + NO to 1.00, so the YES price reads directly as the book's belief — no oracle, no inference. A YES at 0.43 means the market is pricing a 43% chance.

The mainnet release is intentionally narrow: one recurring binary, settling daily to BTC mark, no external oracle dependency. Range outcomes, bounded options-style instruments, and event-based contracts are in the spec but rolling out in stages.
Live Mainnet Market

The first HIP-4 contract, in detail.

One market is live on mainnet — a recurring binary on Hyperliquid's BTC mark price, settling daily at 06:00 UTC. The numbers below are pulled straight from the public mainnet API and refresh every sixty seconds.
Recurring · Daily BTC binary · Outcome #—

Loading market…

Fetching outcomeMeta from api.hyperliquid.xyz…

live
YES #— —
NO #— —

Mid prices off the YES + NO order books. YES + NO sums to ~1.00 USDH by construction, so the YES mid is the market's implied probability.

Strike
—
YES pays 1 if BTC ≥ strike at expiry
BTC mark
—
vs strike: —
Resolves
—
—
24h volume
—
YES + NO notional, USDH
YES + NO mid
—
distance from $1.00 fair
Settlement
Mark feed
Hyperliquid BTC perp mark · 06:00 UTC
Why one market? Hyperliquid is shipping HIP-4 the same way it shipped HIP-3 — ship narrow, prove it under real volume, then widen. Range outcomes, bounded options-style instruments, and event-based markets are in the spec; this is the validation phase.
Trade on Hyperliquid ↗
How It Stacks Up

HIP-4 vs Polymarket vs Kalshi.

Three different bets on what a prediction-market venue should look like. HIP-4 is the only one that puts matching, settlement, and collateral on the same L1 as a major perp book.
Feature HIP-4 (Hyperliquid) Polymarket Kalshi
Type Native L1 CLOB Hybrid (off-chain match, on-chain settle) Centralized
Settlement Protocol-driven, single L1 block UMA optimistic oracle, dispute window Platform confirms
Chain HyperCore L1 (~0.07s blocks) Polygon (ERC1155 CTF) Off-chain
Pair minting Native in matching engine Conditional Token Framework (smart contract) Internal ledger
Oracle On-chain price feed (system wallets) UMA Optimistic Oracle Internal
Dispute None for price-linked; trust-based for subjective UMA bond + vote Platform decision
Composability Same engine as perps + spot, unified margin Isolated on Polygon None
Trading fees Zero on opening, charged at settlement Up to 2% taken from winners Platform fees on volume
Regulation Unregulated Unregulated (non-US) CFTC-regulated
What this opens up

Same engine, different shape.

Compost is an early project around HIP-3. HIP-4 runs on the same engine, producing a different shape — and the interesting part isn't the LP mechanics alone. It's what composability across primitives makes possible now that both are on mainnet.
Symmetric inventory

Equal YES + NO holds zero outcome exposure.

A maker holding balanced YES and NO of a fairly-priced outcome doesn't care which way it resolves — every pair pays 1.00 USDH at settlement. They keep the spread, inventory is bounded by definition, no funding to pay, no liquidation to dodge. Zero opening fees mean rebalancing isn't a tax.

e.g. delta-neutral two-sided quoting
Recurring premium

Systematic short-vol, on-chain.

The first mainnet market is exactly this shape — a daily BTC binary, auto-respawned. Mechanically it's a stream of cash-secured short options on BTC mark. Premium strategies from CME or Deribit translate directly, with L1 settlement instead of a clearinghouse and zero fees on entry.

e.g. systematic BTC binary underwriting
Unified margin

Hedges that span perps and outcome books.

HyperCore is one account system. Outcome positions and perp positions share collateral pools — a perp vault can carry tail-risk insurance directly in outcome books, and an outcome-LP strategy can hedge directional drift in spot. Prime-brokerage capital efficiency, no separate venues to stitch together.

e.g. cross-primitive hedge construction
Not shipped on Compost. Compost is an early HIP-3 project; there's no live HIP-4 vault here. We're writing it up because the primitive that makes HIP-3 interesting makes HIP-4 interesting too, and the unified-margin angle only works if capital is there as Hyperliquid widens the surface beyond the launch market.
Sources

Where the numbers and mechanics come from.

HIP-4 launched on mainnet on May 2, 2026. The mechanics on this page come from Hyperliquid's official docs and the public mainnet API. Credit to the researchers who covered the testnet in the months before launch.
Official spec

Hyperliquid · HIP-4 docs

Contract specifications, recurring outcome rules, and the asset ID encoding ( 10 × outcome + side ) used to derive the # trade coins. Official HIP-4 docs ↗

Live data

Hyperliquid mainnet API

POST api.hyperliquid.xyz/info with outcomeMeta, per-coin l2Book, and candleSnapshot.

Context

HIP-3 live board

The perp side of the same engine — every builder market, real volume, no narrative. /hip3.html →