Hyperliquid takes a swing at Polymarket with macro outcome bets

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Hyperliquid takes a swing at Polymarket with macro outcome bets The decentralized exchange’s new HIP-4 product lets traders bet on offchain events like inflation and interest-rate decisions, using validators rather than UMA-style external dispute resolution. What to know: - Hyperliquid has expanded its HIP-4 outcome market to let users trade prediction-style contracts on offchain events like U.S. inflation data and Federal Reserve decisions alongside crypto derivatives. - Unlike rival Polymarket, which relies on UMA’s external oracle, Hyperliquid resolves these markets through its own validator set, which ingests news, decides which markets to list and votes on settlement outcomes. - The fully collateralized Yes/No contracts, which settle at either 1 USDC or zero, position Hyperliquid as a potential multi-asset venue where traders can combine crypto perps with macro and event-driven bets without shifting collateral across platforms. Decentralized platform Hyperliquid is now competing with established betting platforms such as Polymarket, but with a differentiated mechanism for resolving bets. The leading decentralized exchange has expanded its HIP-4 outcome contracts beyond crypto price milestones into real-world events. This native prediction-market infrastructure allows users to trade macro contracts, such as inflation data and interest-rate decisions, directly alongside their standard crypto perpetuals out of a single account. Outcome markets mark a notable expansion for the decentralized derivatives venue, which built its business around crypto perpetual futures and initially tested the product using price‑outcome contracts settled against its own market data. Hyperliquid first tested the product on exchange‑native outcomes, such as whether bitcoin would trade above a specific level by a fixed time using Hyperliquid’s own reference prices. The latest rollout expands that model into real‑world macro events, or offchain outcomes, like U.S. inflation and Federal Reserve decisions, directly competing with prediction market platforms like Polymarket. Native resolution What sets it apart is that HIP‑4 brings dispute resolution and settlement in‑house, rather than depending on an external oracle network like Polymarket. Here’s why it matters. Offchain events introduce a new problem: determining truth. Polymarket handles this through UMA, an external oracle protocol that uses an optimistic dispute system. A proposed settlement stands unless challenged, at which point UMA tokenholders vote on the final result. That model has faced criticism following controversial resolutions, prompting accusations that large tokenholders could influence outcomes. Hyperliquid uses a more vertically integrated model. Validators themselves ingest external information through automated newsfeed software, determine whether markets should launch, and vote on settlement outcomes. Multi-purpose platform The launch also fits into Hyperliquid’s broader effort to evolve into a multi‑asset trading venue. FalconX said in a recent report that the exchange’s expanding product stack could position it as a challenger not just to crypto‑native rivals but also to traditional exchanges. “For example, you could pair a HIP‑3 perps position on NVDA with outcome markets that NVDA will miss or beat earnings,” CoinDesk previously reported. Hyperliquid’s outcome markets are structured as fully collateralized contracts rather than leveraged bets, thereby limiting losses to the amount paid upfront. Traders buy “Yes” or “No” positions tied to a defined event, with contracts settling at either 1 USDC or zero USDC depending on the result. If a trader buys a “Yes” contract at 0.65 USDC, their maximum loss is limited to that upfront amount, unlike perpetual futures, where leverage can trigger liquidations. That makes the product sit somewhere between a prediction market and a simplified binary options contract. If Hyperliquid’s outcome markets gain traction, traders could eventually use the same venue to express directional crypto views, hedge macro risks, and speculate on event outcomes without moving collateral between platforms. More For You The amount of dollars and other fiat currencies held by users outside traditional banking channels now exceeds the official FX reserves of 95 nations. What to know: - The total market value of stablecoins has reached a record $322 billion, surpassing the foreign exchange reserves of 95 countries, including developed economies like the United Kingdom and Canada. - The data underscores how quickly capital is shifting to digital rails. - While stablecoins are increasingly used for trading, DeFi and cross-border...

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