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Topic cluster / Hyperliquid HIP-4 marketsHyperliquid HIP-4 markets are outcome-style contracts on HyperCore. In Hyperliquid's developer docs they appear as binary-side assets with explicit market metadata, which makes them closer to dated outcome instruments than to another open-ended perp pair.
What to remember
In Hyperliquid's official API docs, outcomes are exposed through `outcomeMeta`. Each market carries an `outcome` id, a descriptive contract string, and `sideSpecs` such as `Yes` and `No`.
That means a HIP-4 market is not just another symbol with a price series. It is a defined market question with explicit terms, and each side trades as its own asset.
The current docs example includes fields inside the market description such as `class:priceBinary`, `underlying`, `expiry`, `targetPrice`, and `period`. Even without a long marketing explainer, that tells you the venue is treating these as structured outcome contracts with a time boundary.
The matching rail is still HyperCore. Hyperliquid describes HyperCore as the onchain matching and margin engine with one consistent order of transactions under HyperBFT consensus, so HIP-4 changes the contract type more than the venue rail.
Because the contract definition carries so much meaning, your data model has to keep the outcome metadata attached to every series. If you lose the expiry or target-price context, you are no longer looking at the same instrument in a researchable way.