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Hyperliquid’s HIP-4 outcome markets more than tripled their daily trading volume after third-party deployments opened on August 29, bringing new operators into a system previously limited to validators and selected venues.
Daily volume rose from an August average of about $545,000 to $1.97 million on August 31, an increase of roughly 261%. A later trailing 24-hour reading reached about $2.75 million, while active traders increased from 1,256 to 1,841.
Outcome and Skew Post Required 500,000 HYPE Bonds
The August 29 upgrade allows outside builders to deploy HIP-4 markets without asking validators to approve each individual listing.
Each deployer must bond 500,000 HYPE for at least six months and use one of seven market templates approved by validators. The bond can be slashed if a venue creates an invalid market, settles it incorrectly or fails to complete settlement.
Outcome and Skew became the first two outside operators to meet those requirements. Outcome has since accounted for about 85% of HIP-4 trading activity, while Skew represents roughly 1%.
Outcome Accounts for About 85% of HIP-4 Trading Volume
Outcome is running a $1 million trade-to-earn program that distributes USDC rebates based on trading activity.
The program has paid roughly one cent for every dollar traded and distributed more than $26,000 across 1,104 wallets during its first four days.
HIP-4 protocol fees were separately activated on August 15. Daily fees increased from $339 on August 25 to $1,422 on August 30, with revenue divided between market deployers and the protocol.
HIP-4 Daily Fees Rise From $339 to $1,422
HIP-4 contracts are fully collateralized outcome markets that do not use leverage, funding payments or liquidations.
The markets operate within Hyperliquid’s wider account environment alongside perpetual futures and HIP-3 markets.
Following the August 29 opening to outside deployers, HIP-4’s trailing 24-hour trading volume reached roughly $2.75 million, compared with an August daily average of about $545,000.
