Hyperliquid launches zero-fee HIP-4 outcome markets targeting Polymarket and Kalshi volumes

Hyperliquid launched its HIP-4 Outcome Markets on mainnet on May 2, 2026, introducing fully collateralized, onchain binary and multi-outcome event contracts. These markets allow traders to buy YES or NO tokens with zero fees on opening positions, aiming to attract volume from competitors Polymarket and Kalshi. The markets settle based on authorized oracles and use Hyperliquid’s stablecoin USDH for collateral, eliminating liquidation risk. Future plans include permissionless market deployment by builders staking HYPE tokens and expanding event categories beyond Bitcoin price thresholds to politics, sports, and more.