Hyperliquid has achieved a significant milestone by receiving its first reported builder-deployed HIP-4 outcome exchange after OUT completed deployment through the network's permissionless market framework. According to Hyperliquid's block explorer, a successful on-chain transaction registered the Outcome DEX under the name OUT through the HIP-4 deployment framework. The transaction confirms OUT's deployment but does not show whether its markets have opened for live trading, as no separate announcement or verifiable website detailing its markets, liquidity, or trading activity was available at the time of writing.
Hyperliquid's HIP-4 framework enables approved deployers to create outcome markets without seeking validator approval for every individual contract, provided they follow templates previously approved by validators. Each market must still follow a template that validators have approved, with templates defining the basic form of a contract, its available results, and how it settles. A YES/NO template allows traders to choose between two possible results, while multi-result templates can cover questions with several possible answers, though multi-outcome support was not included in the initial mainnet release and would arrive in stages. Hyperliquid's deployer page, updated on August 13, lists functions for activating a DEX, selecting templates, setting a deployer fee scale, and creating markets, with the documentation currently labeling HIP-4 deployer actions as testnet-only.
HIP-4 contracts are fully collateralized and operate without leverage, funding payments, or liquidations, representing a significant departure from perpetual futures. Unlike perpetual futures, an outcome position does not rely on borrowed funds or recurring payments between long and short traders, with no funding rate and fully funded positions removing the liquidation process used to close leveraged trades. For binary markets, a YES token settles at 1 if the stated event occurs and at 0 if it does not, with the NO side receiving the opposite result. Fees are not charged when an outcome position opens, though charges can apply when a trader closes, burns, or settles a position, with Hyperliquid waiving outcome-market fees during its initial testing period.
Hyperliquid's first mainnet HIP-4 product was a recurring Bitcoin binary contract that settled each day at 06:00 UTC against the BTC mark price published through HyperCore. The network later expanded with a U.S. CPI contract in May allowing traders to take positions on the annual inflation rate reported by the Bureau of Labor Statistics, offering three possible results: below 4.3%, exactly 4.3%, or above 4.3% using USDC as collateral. According to Galaxy Research, HIP-4 recorded $2.38 million in 24-hour Bitcoin outcome volume by its 25th day, representing about 20% of the combined BTC prediction-market volume between Hyperliquid and Polymarket during that period. However, activity later declined after an early increase tied to World Cup markets, with Blockworks data showing HIP-4 open interest at approximately $182,000 and cumulative notional activity at approximately $881,000 at the time.
For American traders, OUT does not carry the same regulatory status as Kalshi, which operates event contracts through a Commodity Futures Trading Commission-registered designated contract market. Hyperliquid has not announced that OUT is registered with the CFTC or available to U.S. users, with the company stating in an August filing that it was unaware of a pending CFTC approval process for the network and warning that a route into the regulated U.S. market could not be assured. Hyperliquid Policy Center and Multicoin Capital addressed the regulatory divide in a July prediction-market rules filing, asking the CFTC to publish clear federal standards for reviewing event contracts and explaining publicly why specific contracts are approved or rejected, though this submission did not give HIP-4 exchanges permission to serve U.S. traders.
