# Hyperliquid HIP-4 outcome markets: mechanics and fees

> How HIP-4 outcome markets work on Hyperliquid: fully collateralized Yes/No tokens, merged order books, settlement, current fees and risk.

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Reviewed: 11 Aug 2026 (2026-08-11).

Bottom line: HIP-4 outcomes are bounded, fully collateralized contracts without leverage or liquidation. Yes and No claims share liquidity and settle into quote assets according to a defined settlement fraction.

## Outcomes use fully collateralized contracts

HIP-4 introduces contracts that settle inside a fixed range. The primitive can support prediction-style markets and bounded option-like payoffs without the leverage, funding or liquidation mechanics of a perpetual.

The initial rollout is staged. The official documentation describes a recurring binary market tied to the BTC mark at a specified daily settlement time. The documentation says additional outcome types and markets are expected to expand separately.

## Yes and No tokens share one economic book

Each binary outcome has two token sides, commonly Yes and No. At settlement, Yes converts to the settlement fraction in quote tokens and No converts to one minus that fraction.

Buying Yes at price p is economically equivalent to selling No at one minus p. HyperCore merges those sides for liquidity while preserving ordering rules. Advanced split, merge and negate actions expose the underlying token mechanics.

Code:

~~~~text
Yes settlement = settleFraction
No settlement = 1 − settleFraction
~~~~

## Current fees are zero during initial testing

The current HIP-4 documentation states that outcome-market fees are zero during initial testing. The zero-fee period is a dated rollout condition and can change. The general fee documentation already defines how fee-paying outcome volume can be counted.

Builder codes can still generate a builder fee on qualifying sell orders. Confirm the order preview and current fee documentation before assuming a zero-cost round trip.

## Outcome markets still have material risks

A fully collateralized outcome can still lose its full purchase price. Settlement specifications, oracle or resolution rules, liquidity, spread, contract identity and market suspension all matter.

Read the exact question and settlement source. Calculate the maximum loss before trading. Do not treat a price near 1 as certainty or a price near 0 as a free option.

## Official sources

- [Hyperliquid Docs: HIP-4 outcome markets](https://hyperliquid.gitbook.io/hyperliquid-docs/hyperliquid-improvement-proposals-hips/hip-4-outcome-markets): Official source used for the product claims on this page.
- [Hyperliquid Docs: Fees](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees): Official source used for the product claims on this page.
- [Hyperliquid Docs: Audits](https://hyperliquid.gitbook.io/hyperliquid-docs/audits): Official source used for the product claims on this page.

## Related pages

- [Hyperliquid HIP-3: builder-deployed perpetual markets](https://hyperliquidreferralcodes.com/hyperliquid-hip-3): Related guide.
- [Hyperliquid fees: maker, taker, spot and staking tiers](https://hyperliquidreferralcodes.com/hyperliquid-fees): Related guide.
- [Is Hyperliquid safe? Bridge, chain and trading risks](https://hyperliquidreferralcodes.com/risk-safety): Related guide.

## Publication details

- Publisher: Hyperliquid Field Guide.
- Status: Independent and unaffiliated with Hyperliquid Labs and the Hyperliquid Foundation.
- Reviewed: 11 Aug 2026 (2026-08-11).
- Affiliate disclosure: The site operator may earn protocol referral rewards when eligible users trade with code AWD. Hyperliquid controls eligibility, attribution and rewards.
- Contact: research@hyperliquidreferralcodes.com.
- Product terms: Check the linked official documentation and the official Hyperliquid app before you act.