Expiry is part of the market itself
Hyperliquid's outcome metadata example includes an explicit `expiry` field in the contract description. That means time is not just a filter you apply later; it is built into what the market is.
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Topic cluster / Hyperliquid HIP-4 marketsWhat is different about expiry in Hyperliquid HIP-4 markets?
Expiry is part of the contract definition, not background noise. In HIP-4 markets, the clock changes interpretation, liquidity, and the kind of evidence the price is expressing.
What to remember
- Information shocks matter more because there is less time to mean-revert.
- Liquidity can cluster unevenly near the end of the contract.
- Research should bucket behavior by time-to-expiry rather than treating all observations as interchangeable.
Why this feels different from perps
Perps are designed for continuous exposure. HIP-4 outcome markets have a defined window in which the question resolves, so the market meaning tightens as that window closes.
What expiry changes in practice
As settlement approaches, the same headline price can carry different meaning than it did earlier in the lifecycle.
- Information shocks matter more because there is less time to mean-revert.
- Liquidity can cluster unevenly near the end of the contract.
- Research should bucket behavior by time-to-expiry rather than treating all observations as interchangeable.
Why researchers should care
If you ignore expiry, you flatten the contract into generic market data and lose the most important state variable in the instrument. That usually produces fake pattern confidence.