Hyperliquid is expanding beyond perpetual futures by introducing “Outcomes,” a new outcome-based trading feature aimed at prediction markets and limited-risk options. The product will launch first on testnet as part of the platform’s in-progress HIP-4 upgrade.

The move comes as prediction markets see rapid growth, with major exchanges like Coinbase and Gemini preparing to enter the space, while Polymarket and Kalshi continue to lead. At the same time, the crypto options sector is maturing, creating demand for more structured and risk-defined products.

Outcomes contracts are designed to function like binary or digital options but without leverage, margin calls, or liquidation risk. They are fully collateralized and have clearly bounded risk and reward. Settlement will take place in Hyperliquid’s native USDH stablecoin, and trading will run on HyperCore, the platform’s high-performance execution engine.

Originally proposed in mid-2024, HIP-4 builds on HIP-3’s builder-deployed perpetuals by adding “Event Futures,” or binary outcome contracts tied to specific events. The proposal remains community-driven and under active development, with the team citing strong user demand and room for further innovation by external builders.