Overview
- Hyperliquid activated HIP-4 on May 2, adding native outcome contracts that run on its L1 and settle at either 1 USDC or 0 with no leverage or forced liquidations.
- The protocol expanded HIP-4 on May 25 so validators can run automated newsfeeds and vote to publish and settle canonical outcome markets, reducing reliance on external oracles.
- Hyperliquid used its existing central limit order book and market‑maker network to bootstrap liquidity, with day-one BTC binaries showing about 6.05 million contracts and roughly 3,000–4,000 unique traders and volumes that matched Polymarket within weeks.
- The first US macro market — a May CPI year‑over‑year outcome that settles to Bureau of Labor Statistics data on June 10 — is live but has only modest early liquidity, with reports citing traded volumes ranging from roughly $3,000 to about $11,000 and open interest near $5,000.
- Institutional signals such as spot HYPE ETF inflows and Coinbase/Circle ties are increasing capital into the ecosystem, while legacy exchanges CME and ICE have raised manipulation and settlement concerns that are likely to attract regulatory attention.