Hyperliquid has unveiled a new improvement proposal that would bring on-chain markets for major economic data releases directly into its derivatives ecosystem. HIP-4, as the proposal is called, aims to let traders take positions on outcomes like CPI prints and FOMC decisions using stablecoin collateral, all settled via transparent oracles. If adopted, the system would offer a non-custodial alternative to platforms like Polymarket or Kalshi, keeping macro hedging inside DeFi.
How the markets would work
Under HIP-4, each market would follow a defined lifecycle: specification, listing, trading, a lockout period, oracle resolution, and post-settlement dispute handling. Contracts would be cash-settled — no one needs to deliver or custody a complex instrument. Stablecoins pegged to the U.S. dollar serve as collateral. Leverage and position limits would be tailored to one-off event risks, meaning the exchange's risk engine would cap exposure in ways that are unusual for traditional binary markets.
Crypto markets have a habit of freezing up ahead of big economic data. Spreads widen, liquidity thins, and traders who want to hedge macro risk often have to bounce between centralized prediction markets or regulated exchanges. That fragmentation forces them to split capital across siloed platforms. HIP-4 tries to pull those trades into Hyperliquid's existing order book, margining, and liquidation systems — the same infrastructure used for perpetual swaps.
What's different about HIP-4
The proposal isn't just another prediction market. Existing venues like Polymarket and Kalshi operate with different custody models and often limited leverage. HIP-4 would offer non-custodial access and DeFi composability, meaning these outcome contracts could be stacked with other on-chain primitives. The risk engine also lets the exchange apply leverage constraints specific to event-driven contracts — a middle ground between no leverage and the wild west.
The draft is open for community discussion. A timeline for a vote hasn't been set.
