Nansen becomes first front end to support Outcome.xyz HIP-4 markets

Nansen has integrated Outcome.xyz’s HIP-4 markets into its trading platform, becoming the first front end to support the venue as Hyperliquid opens its outcome-market infrastructure to outside builders.

According to a press release shared with crypto.news, the integration is live and initially gives Nansen users access to supported stock and crypto markets from Outcome.xyz alongside the platform’s existing onchain trading tools. Politics and sports markets are expected to be added as the offering develops.

Nansen said the arrangement is part of its plan to let users research and trade different types of markets through the same interface. Eligible traders using qualifying Outcome.xyz markets through Nansen can participate in a $1 million rewards pool, subject to the campaign’s terms.

The rollout comes shortly after Hyperliquid opened HIP-4 deployments to outside venues, creating a permissionless route for builders to launch outcome markets using the network’s infrastructure.

Nansen brings Outcome.xyz HIP-4 markets into its trading platform

Nansen has historically focused on onchain analytics, wallet activity and market intelligence, but the company has been adding execution features to connect its research tools with trading.

Under the Outcome.xyz integration, traders can examine market activity and take positions without moving to a separate front end. Nansen said users can assess who is taking positions on particular outcomes and where conviction is concentrated before executing through Nansen Trading.

“Prediction markets are having a real moment for a reason. People enjoy forming a view and putting it to the test,” Nansen co-founder and CEO Alex Svanevik said.

Svanevik said Outcome.xyz gives traders exposure to outcomes involving stocks, crypto, politics and sports, while Nansen connects that activity with its intelligence tools.

“What we’ve done at Nansen is make that decision a better-informed one, while closing the loop between intelligence and execution,” he added. “Traders can look at who is taking positions on an outcome, which outcomes have the strongest conviction behind them, and trade on that information directly in Nansen.”

Outcome.xyz co-founder Ahmed said distribution is important for a new market category and described Nansen as a natural partner because traders already use it for onchain research.

“For a new market category, distribution matters as much as market design,” Ahmed said. “Outcome, like Hyperliquid, is focused on meeting traders where they already are.”

The integration arrives as Outcome.xyz has quickly taken a leading share of activity among third-party HIP-4 venues.

On Sept. 3, crypto.news previously reported that HIP-4 daily volume nearly tripled within three days of Hyperliquid opening the infrastructure to outside venues on Aug. 29. Daily outcome volume increased from an August average of $545,000 to $1.97 million on Aug. 31, according to research cited in the report.

Outcome accounted for approximately 85% of the reported HIP-4 volume at the time, while another third-party venue, Skew, generated roughly 1%. The early activity came as Outcome ran its $1 million rebate campaign, which paid eligible users approximately one cent for every dollar traded.

HIP-4 has opened outcome market deployment to outside builders

HIP-4 was designed to support contracts tied to outcomes with fixed settlement conditions instead of the continuously priced instruments used for conventional perpetual futures.

The framework supports fully collateralized contracts without leverage, funding payments or liquidations. Contracts settle according to predetermined outcomes, allowing the infrastructure to be used for event-driven markets covering areas such as economic data, crypto, equities, politics and sports where supported.

Hyperliquid began moving toward permissionless HIP-4 deployment earlier this year. In July, the protocol outlined plans for outside deployers to create outcome markets after staking 500,000 HYPE, initially through testnet before the framework progressed toward open deployment.

Deployers can be penalized through slashing if they incorrectly settle a market or fail to settle it within the required period. The framework relies on templates approved by Hyperliquid validators, which limits deployments to predefined types of markets and settlement structures.

The permissionless system began producing outside venues by late August. Hyperliquid received its first reported builder-deployed outcome DEX after OUT registered through the HIP-4 framework, with onchain transactions showing the exchange deployed under the name OUT.

Two outside venues had each posted the required 500,000 HYPE bond by early September, according to research cited by crypto.news. Seven validator-approved templates were available for deployers at the time.

Outcome.xyz is among the earliest builders operating through the framework. Nansen’s support now gives the venue another front end through which traders can access its markets instead of requiring users to interact only through Outcome.xyz itself.

Hyperliquid has expanded from perps into event-based markets

Hyperliquid introduced HIP-4 after building much of its trading activity around spot markets and perpetual futures.

The protocol’s first U.S. macro event market under HIP-4 used the May 2026 CPI reading as its settlement event. Traders could use USDC to take positions on the year-over-year inflation print, with settlement based on official U.S. Bureau of Labor Statistics data.

That market demonstrated how HIP-4 could handle events with a defined expiry and outcome instead of relying on the perpetual structure used for continuously traded assets. The contracts were fully collateralized, meaning traders did not face the liquidation mechanics associated with leveraged perpetual futures.

Hyperliquid subsequently allowed validators to settle markets tied to offchain events, with the network’s validator system handling deployment and final settlement against specified data sources.

The structure differs from HIP-3, Hyperliquid’s framework for permissionless perpetual markets. HIP-3 has been used to create contracts tracking crypto assets as well as equities, commodities, foreign exchange and other traditional-market instruments.

Activity in that segment has already moved heavily into non-crypto products. TradeXYZ, the dominant HIP-3 deployer, recorded $202 billion in trading volume during the second quarter, according to an external research report published in early September. Its equity perpetual volume climbed 377% quarter over quarter to $58.9 billion across 55 markets.

TradeXYZ’s estimated share of Hyperliquid HIP-3 trading rose from 84.5% to 95.1% during the quarter, while open interest reached $2.96 billion at the end of June. The research estimated quarterly revenue at $7.59 million.

HIP-4 now gives builders a separate framework for markets whose value depends on a defined event or result. Outcome.xyz plans to expand from its initial stock and crypto offering into categories including politics and sports, while Nansen said support for the venue’s HIP-4 markets is already live through Nansen Trading.