Hyperliquid to open permissionless HIP-4 outcome markets

Hyperliquid announced plans to add permissionless deployment for HIP-4 outcome markets in a future upgrade and will launch the feature on testnet before enabling it on mainnet.

The Telegram announcement said validators will vote on a set of standardized outcome templates whose specifications are stored and enforced onchain. The announcement called permissionless deployments “especially important” given the wide range of possible tradeable outcomes. Approved templates will form the basis for markets that third-party deployers can instantiate without prior permission from validators.

Deployers will be able to define and settle individual markets according to each template's criteria. The announcement noted validators may still create canonical markets directly, but those are expected to be rare and “represent fewer than 10 outcomes or questions per year.” Validators retain responsibility for approving templates and enforcing quality.

Under the proposal, each HIP-4 deployer must stake 500,000 HYPE. That stake will be locked for six months, as under HIP-3. Validators may vote to slash part or all of a deployer’s stake for poorly defined markets, incorrect settlement, or failure to settle within one week. Deployers must settle all outstanding markets before they can unstake.

Each deployer will receive an initial allocation for 100 outcomes, represented as 200 outcome tokens. Multi-outcome questions will consume multiple slots; settled outcomes will free allocation for reuse. Hyperliquid plans to introduce an auction mechanism later to allow deployers to increase their allocations. Markets launched by deployers may charge fees up to 50%.

Hyperliquid described the detailed rules as preliminary and subject to change after community feedback. The company will use the testnet rollout to gather input and validate the workflow before activating permissionless deployment on mainnet.

HIP-4 was introduced in May to add prediction-market functionality to Hyperliquid’s high-performance blockchain. The feature recorded roughly $100 million in trading volume in its first month after launch.