Hyperliquid Sets Permissionless HIP-4 Rollout With 500,000 HYPE Stake

Hyperliquid will open HIP-4 outcome markets to permissionless deployment through a future network upgrade, launching the system on testnet before extending it to mainnet.

The permissionless deployment plan follows a validator-run phase used to test market creation, trading and settlement before independent builders receive access. Hyperliquid took a similar staged approach with permissionless spot and perpetual markets.

HIP-4 brings fully collateralized outcome contracts into HyperCore, allowing traders to take positions on defined events rather than only spot assets or perpetual futures. The product initially moved Hyperliquid toward prediction markets through curated deployments, while subsequent fee changes introduced zero-cost position opening with fees charged when outcome positions close or settle.

Validators Will Approve Outcome Templates

Permissionless deployers will create markets from templates approved by Hyperliquid validators. Each template’s specifications will be stored and enforced onchain, limiting deployments to event structures considered sufficiently liquid, clearly defined and unambiguous.

Builders will be able to instantiate any approved template and will be responsible for defining and settling each market under its stated criteria. Multiple deployers may launch markets using the same template and event parameters, allowing separate operators to compete for liquidity around identical outcomes.

Validators may continue deploying canonical markets directly, although Hyperliquid expects those listings to be rare. The preliminary framework targets fewer than 10 validator-deployed outcomes or questions per year, leaving broader market creation to permissionless operators.

Deployers Face Slashing And Six-Month Lockup

Each HIP-4 deployer will need to stake 500,000 HYPE. Validators may slash the stake when a market is poorly defined, settled against its template criteria or left incorrectly unsettled for more than one week.

Deployer stakes will remain locked for six months. Operators must also settle every outstanding market before unstaking, creating additional exposure for builders that launch contracts tied to long-dated events.

Each deployer will initially receive capacity for 100 outcomes, represented by 200 outcome tokens. Multi-outcome questions may consume several slots, while completed settlements will release capacity for reuse. A later auction mechanism will allow deployers to expand their allocations.

HIP-4 operators will eventually be able to set a fee share of up to 50% on deployed markets. Configurable fee sharing and allocation auctions will arrive as follow-up features, while only AQAv2 quote tokens will qualify for deployment.