Hyperliquid Plans Permissionless HIP-4 Outcome Markets in Future Network Upgrade

Hyperliquid said on July 20 that HIP-4, or Outcome Markets, will support permissionless deployment in a future network upgrade, beginning with a testnet rollout before expanding to mainnet. According to BlockBeats On-chain Detection, the team said the related technology must be thoroughly tested in validator deployment environments before permissionless access is opened, in order to maintain system stability. The company said outcome markets involve a much larger universe of tradable events than spot and perpetual futures markets, making permissionless deployment important for ecosystem development. To keep market definitions clear and rules consistent, validators will vote on approved outcome market templates, which will be stored and enforced on-chain. Deployers may create markets based on any template and must define and settle them according to the template rules, while the protocol allows multiple deployers to launch markets using the same template. Under the proposal, HIP-4 deployers must stake 500,000 HYPE. If a market is not clearly defined, is not settled correctly under the template, or remains unsettled one week after the outcome is determined, validators can vote to slash the stake. The staking period is six months, and all market settlements must be completed before unstaking. In the initial phase, each deployer may create 100 outcomes, equivalent to 200 Outcome Tokens, and an auction mechanism will later be introduced to expand the quota. The proposal also says future HIP-4 deployers may set a fee share of up to 50% for the markets they launch, with related rate-setting features to be added in a later version. Official standard markets may still be deployed directly by validators, but the annual number is expected to remain below 10. Hyperliquid said the design is still preliminary and may change based on community feedback, with more details to be released after permissionless deployment opens on testnet and the official documentation is updated.