Hyperliquid has introduced HIP-4, a major upgrade that allows traders to use a single pool of collateral across spot, perpetuals, and a new category: outcome contracts.
This means a $50,000 collateral pool can now support over $400,000 in notional exposure across multiple markets. The platform has also eliminated opening fees, reducing friction for active traders.
The new outcome contracts are fully collateralized binary instruments that settle on a 0-to-1 range. The first market is a daily binary contract on Bitcoin's mark price at 06:00 UTC, essentially a bet on BTC's price at a specific time each day.
Hyperliquid built HIP-4 in collaboration with Kalshi, a CFTC-regulated prediction market platform. This partnership merges perpetuals, spot, and outcome contracts into a single interface, eliminating the need to switch between platforms.
However, the unified collateral model introduces significant risk. A sharp move in any single market can trigger liquidation of the entire book, as all positions draw from the same pool. Traders must weigh higher capital efficiency against this potential downside.