HIP-4 outcome markets are fully posted, bounded contracts on HyperCore. They settle inside a fixed range. You post the full quote up front, so there is no borrowed size and no liquidation. The first live market is a recurring BTC binary that settles daily at 06:00 UTC to HyperCore's BTC mark.
HIP-3 is a different product. It is the levered builder perp: a qualifying deployer stakes 500,000 HYPE, expected to decrease, and that stake is not trader insurance. On HIP-4 you hold Yes or No tokens, you post the full quote, and the contract ends at a dated settlement. The HIP-3 walk sits in HIP-3 builder-deployed perps. The side-by-side cut sits in HIP-3 vs HIP-4.
A live daily BTC binary is a protocol-run series. Permissionless HIP-4 deployer actions stay labeled testnet-only.
What HIP-4 outcome markets are
Each HIP-4 market has two sides, usually labeled Yes and No, and each side is its own token. You buy a dated claim that settles to a share of the quote, or to nothing, when the protocol converts those tokens.
Independent coverage states the same split in plain words. Purrdict calls HIP-4 Hyperliquid's outcome-trading primitive, and says it supports fully collateralized contracts that expire into fixed payouts (source: Purrdict, HIP-4). The official conversion rule is simpler than a payoff essay: Yes becomes a settle fraction of the quote, and No becomes the rest.
A bounded options primer still helps if a fixed range is new, and options payoff basics is that literacy. It will not tell you how HyperCore labels the two sides. HIP-4 lives on the book half of what Hyperliquid is, not on a second chain and not on HyperEVM gas.
Suppose you buy Yes and the event goes the other way. The Yes token still settles. It just settles to zero quote. That is a lost posted claim. The protocol still waits for dated conversion. Size stays the Yes or No you hold even if the mark moved overnight. The dated conversion is the only close the protocol writes on that token.
| HIP-4 outcome | Perp (including HIP-3) | |
|---|---|---|
| Collateral | The full quote, posted up front. | Margin against borrowed size. |
| What you hold | A Yes or No token. | A levered position. |
| Liquidation | None. Loss stops at the posted quote. | A maintenance close on the book. |
| End of the contract | A dated conversion. | Open-ended mark and funding. |
| 500,000 HYPE stake | Not HIP-4's listing figure. | HIP-3's current deployer stake. |
Why HIP-4 positions have no liquidation
HIP-4 asks you to post the whole claim up front. There is no borrowed size sitting on a maintenance check, so an overnight dump cannot close you out the way a perp can. Your worst case is the quote you already sent.
Suppose you want a daily view on whether HyperCore's BTC mark finishes at or above the protocol-set target at 06:00 UTC. You buy Yes and post 100 USDC. If BTC sells off at 02:00 UTC, a levered perp can hit maintenance and become a book-first close. Your Yes stays open. You still hold the same 100 USDC claim until settlement converts it. The generic picture of a dated future versus an open-ended perp is in perpetuals versus futures. The HIP-4 fact is narrower: the loss is capped because the collateral was already there.
Scheduled catalysts still move the mark that the binary reads. Event risk in crypto is the generic literacy for CPI, listings, and scheduled news. Knowing when conversion runs tells you the settlement time. The next mark reading can still go against you.
You can be wrong on Yes and lose the 100 USDC you posted. You cannot be liquidated on the way there. The overnight dump can still move the mark that later decides Yes or No. That is a wrong call on the event, not a hole that grew past the coins you posted. You still sit in the same posted claim until the protocol converts it.
The daily BTC binary at 06:00 UTC
The official first market is a protocol-run daily BTC binary, not a menu of sports books. It settles at 06:00 UTC to HyperCore's BTC mark. The docs do not hand you a forever strike you can bake into a model.
The first market is a recurring binary outcome that settles daily at 06:00 UTC to the BTC mark price on HyperCore mark prices, and fees are currently zero for outcome markets for initial testing (source: HIP-4: Outcome markets). Settlement converts Yes to a settleFraction of the quote and No to the remainder. Multi-outcome questions are named on that spec and are still outside the initial mainnet release. Do not treat a later changelog as a rewrite of that line.
The settlement time is the load-bearing fact. Leave the target to the live outcomeMeta description. Contract specs say the current instance lives there, and they show a format example. Recurring outcomes are automatically deployed and settled by the protocol on a fixed cadence. "The target price is computed using a linear interpolation between the mark price updates immediately before and immediately after the settlement timestamp" (source: Hyperliquid Docs, contract specifications). Yes wins if that interpolated mark is at or above the target. No wins if the interpolated mark sits below the target. The sample targetPrice in that spec is a format example.
You do not pick the target. You read the live description, then decide whether Yes at the book's price is a claim you wanted. A page that fills in a blank dollar strike is guessing.
How HIP-4 books work on HyperCore
HIP-4 is an extra primitive on the same HyperCore book that already runs spot and perps. Matching stays onchain on that existing book. Yes and No for one event share liquidity by merging those two books.
An order to buy Yes at price p is treated as an order to sell No at 1 minus p. That merge is why the two sides stay tied without you running both books by hand. Advanced users can also split and merge balances, which is an API fact, not a beginner click path. How a HyperCore rest is matched, including cancel-before-GTC inside a batch, sits in how the Hyperliquid book works. The HIP-4-only point is the merge of one Yes book with its No twin.
CoinGecko Learn describes HIP-4 as fully posted, expiry-based contracts that function like prediction markets, and it frames that as a network upgrade next to HIP-3 (source: CoinGecko, HIP-3 and HIP-4). That page also disagrees with itself on dates, so treat it as a product-type summary, not as a launch date. Official first-market language stays on the HIP-4 spec.
Most operations hide that dual book from you. A few history views can still show the primary and dual orders apart if one send both matches and rests. That is an ergonomics note in the spec, not a reason to trade both sides by hand. Matching here is HyperCore state, with a dated conversion instead of a perpetual mark.
HIP-4 deployer actions on testnet
A live recurring binary leaves permissionless listing on the testnet API. The docs index still marks deployer actions as testnet-only. Read those two facts together. A fill on the daily BTC series is a trade. Listing rights sit on the deployer API.
The index line is short. HIP-4 deployer actions are labeled Testnet-only (source: Hyperliquid Docs, llms.txt). A frontend that shows the daily BTC market is a trading surface. Validators vote on templates before a testnet deployer can instantiate one, and that walk is a deployer job.
The testnet deployer page also names a staking requirement. The HIP-4 page leaves the 500,000 HYPE figure on HIP-3. Requirements add to the deployer's other staking requirements. For example, "stake that counts towards HIP-3 deployment does not double-count towards outcome deployment." At most N active outcomes per deployer, and N=10 on testnet (source: Hyperliquid Docs, HIP-4 deployer actions). HIP-3's official mainnet stake stays 500,000 HYPE, expected to decrease. That number belongs to builder perps. Stake to deploy on Hyperliquid is the holder view of that stake. Do not slide it onto an outcome market.
The two requirements can sit on one deployer and still stay separate coins. If you came to list a market, you wanted a testnet API and a template vote. If you came to trade the daily BTC binary, you wanted the protocol-run series.
HIP-4 fees during testing
HIP-4's own spec says outcome fees are currently zero for initial testing. The trading-fees page still describes a model that charges when you close or settle, not when you open. Those two lines sit together: a testing waiver, and a standing close-or-settle rule.
Outcome trading only charges fees when closing or settling, and opening an outcome position is free of that charge. Outcome trading has no rebate (source: Hyperliquid Docs, fees). Builder codes can still take a cut on sell orders that name a builder, the same way they do on spot. That is a fee-on-flow add-on on the same market. A zero testing rate can lift. The close-or-settle model is the standing rule.
Minting a complete Yes-and-No set is one of the fee-page special cases: nobody pays, and no volume is counted. Settlement volume uses the settle fraction times size. Those cases matter when the testing waiver ends. Opening a Yes stays free of that charge on that page, even after the waiver lifts.
Suppose you buy 100 Yes while the testing line still reads zero. If you sell those 100 Yes before conversion, that sell is a close. If you hold through conversion, the later charge (when it is on) uses the settle fraction times size, not a perp taker card. Both paths can still show zero today. Read the live fee line on the day you trade. A launch post that copies a perp fee table onto a Yes token is reading the wrong page.
HIP-4 vs BloFin HYPE listings
Decide which claim you actually wanted: a posted Yes or No on a dated HyperCore settlement, a levered builder perp, or HYPE on an exchange book. Those three do not convert into each other.
If you wanted borrowed size and a maintenance check, you wanted the builder-perp product. The 500,000 HYPE figure that keeps showing up is that product's deployer stake, not this market's listing requirement. If you wanted to list a new outcome yourself, you wanted the testnet deployer actions page and a validator vote, not a fill on the protocol-run series. If you wanted a posted daily claim, stay with the live Yes and No book and ignore listing-rights talk. A multi-outcome collection is a named later primitive, not the token in front of you today.
BloFin HYPEUSDT is live at 75x, listed December 19, 2024 11:30 UTC (source: BloFin instruments API, SWAP). HYPE/USDT is also live, listed May 30, 2025 13:30 UTC (source: BloFin spot instruments API). In the public instruments JSON the swap key is HYPE-USDT. Those identifiers are venue instrument keys for HYPE. HIP-4 Yes and No tokens stay on HyperCore, and HYPERUSDT on BloFin is still Hyperlane. BloFin's live HYPE books skip HIP-4 outcomes. A HYPE listing is a CEX HYPE instrument.
You do not need to memorize settle fractions, template keywords, or testnet caps. Weigh the claim in front of you: a bounded Yes or No, a builder perp, or HYPE on an exchange book.
Frequently asked questions
If a HIP-4 deployer deactivates, can they turn that venue back on?
No. Deactivation on the HIP-4 deployer page needs 183 days with no active outcomes. After that, deactivation is permanent: the account cannot activate again, and the venue name stays reserved. That is a one-way shutdown of the deployer. You cannot reverse it next week. The HIP-3 183-day maintain floor is a different rule. Holders of a live Yes skip that switch.
If I buy Yes at 0.40, what do I receive at settlement?
You receive 1 quote unit per Yes if the binary settles Yes, and 0 if it settles No. A 0.40 purchase is the book price of that claim. Binary Yes uses settleFraction 1 and binary No uses 0, so the conversion is all-or-nothing on that token. The 0.60 you did not pay is the room you gave up for being right. Size is still the Yes tokens you hold.
Is there a daily cap on how many new HIP-4 outcomes one deployer can create?
Yes. The deployer page sets M=50 new outcomes per day on testnet. That is a rate limit on new listings. Holder Yes size has no such daily cap. Hitting it stops new listings until the next day. A Yes already sitting on the protocol-run series stays put. Holders skip this quota when they buy or sell.
If my wallet earns perp maker rebates, what does a HIP-4 maker fill pay me?
Zero, not a credit. Official fees text says users who would receive rebates for spot and perp trading pay zero fees on maker orders. Only fee-paying volume is counted for outcome trading, so a fill that nobody paid on skips the outcome volume line. That zero is the rebate gap. It is a skipped fee, and it leaves settleFraction alone.
Can I deposit a HyperCore HIP-4 Yes into BloFin as HYPEUSDT?
No. A HIP-4 Yes stays a HyperCore outcome token until the protocol converts it. BloFin's HYPEUSDT books are a different venue and a different instrument. There is no deposit, wrap, or swap that turns one into the other. If you already hold Yes on HyperCore, settlement still happens there. If you only hold HYPEUSDT at BloFin, you still hold HYPE. A withdrawal of HYPE from BloFin leaves Yes and No unminted.
What is a HIP-4 question versus the daily BTC binary?
A question is a collection of outcomes where exactly one settles Yes and the others settle No. The daily BTC binary is a single recurring pair. Official HIP-4 still puts multi-outcome markets outside the initial mainnet release, so a question is a named primitive. The first live product is the daily BTC pair. Holders of No on different outcomes of the same question can redeem quote before those outcomes settle, through negate and merge. That redeem path is a question-level merge. The 06:00 UTC BTC conversion is separate.
Does a HIP-4 Yes inherit a HyperCore perp's isolated-margin bucket?
No. Isolated margin is a perp-rest control. Outcome tokens skip isolated and cross add-ons. You cannot top up a Yes to survive a mark move, because there is no extra bucket attached to that token. Adding USDC to a perp isolated slot stays on that perp. The daily conversion writes a settlement of Yes or No. If you wanted a margin bucket, you wanted a perp rest.
Researched and written by the BloFin Academy editorial team with AI-assisted drafting. Updated August 2026. Primary sources include the Hyperliquid HIP-4 spec, contract specifications, fees, deployer actions, and docs index, plus Purrdict's HIP-4 guide, CoinGecko Learn, and BloFin's public instrument API. Protocol and listing facts independently verified against cited sources current as of August 2026.
This article is educational and general in nature, not financial or investment advice. Cryptocurrencies like HYPE carry real risks, including price volatility, venue risk, dated settlement risk on outcome markets, and the chance of losing the collateral you post. Nothing here is a recommendation to buy, sell, hold, deploy, or trade any HIP-4 market. Do your own research, and consider speaking with a licensed professional before making financial decisions. BloFin does not provide investment advice.