HIP-4 documentation
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.
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.