HIP-4 documentation

Testnet · Exploratory documentation — not official Hyperliquid documentation.

Industry comparison

High-level contrast with Polymarket and Kalshi. Rows are simplified; check each platform for legal and product nuance.

CLOB trading exists on several venues; what stands out for HIP-4 under research is native L1 settlement for price-linked outcomes (observed on testnet) and tight coupling with the HyperCore engine. Subjective or off-price resolution is still an open question — see the research doc.

Read down the Feature column first; each cell is one sentence max.

Feature	HIP-4 (Hyperliquid)	Polymarket	Kalshi
Type	Native L1 CLOB	Hybrid (off-chain matching, on-chain settlement)	Centralized
Settlement	Auto, native L1 (VoteGlobalAction), instant — price-linked outcomes (observed)	UMA oracle, dispute window	Platform confirms
Chain	HyperCore (~0.07s blocks)	Polygon (ERC1155 CTF)	N/A
Trading	Continuous CLOB, enter/exit anytime	Continuous CLOB, enter/exit anytime	Continuous, enter/exit anytime
Pair minting	Native in matching engine	Conditional Token Framework (smart contract)	Internal
Oracle	On-chain price feed (system wallets)	UMA Optimistic Oracle	Internal
Dispute mechanism	None (trustless for price, trust-based for custom)	UMA dispute (bond + vote)	Platform decision
Composability	Same engine as perps/spot, unified margin (theory)	Isolated on Polygon	None
Trading fees	Testnet: spot-like (fills match userSpotCrossRate); hl-node exposes SetOutcomeFeeScale	Venue / CTF fee model	Platform fee schedule
Cost	Near zero gas	Polygon gas	Platform fees
Regulation	Unregulated	Unregulated (non-US)	CFTC-regulated

Instant L1 settlement in the HIP-4 column refers to outcomes resolved from the on-chain price feed; subjective or non-market-linked markets are not confirmed. Polymarket and Kalshi also offer continuous CLOB trading. A “dual system” (CLOB + parimutuel) on Hyperliquid remains a testnet observation, not confirmed design — see the research doc.

Source

Table adapted from the “Comparison: HIP-4 vs Polymarket vs Kalshi” section in HIP4-research-complete.md.

Liquid Terminal

Source