Four authors submitted Hyperliquid Improvement Proposal 4 (HIP-4) on Sept. 16, introducing “Event Perpetuals” to enable prediction markets on the platform’s order book infrastructure.
The proposal lists Kalshi’s head of crypto, John Wang, among its four co-authors. The text addresses limitations in Hyperliquid’s existing HIP-3 builder-deployed perpetuals for prediction market use cases.
The current infrastructure requires continuous oracle updates and limits price changes to 1% per tick, making binary event resolution impractical.
Event Perpetuals’ goal is to eliminate continuous oracle feeds and funding payments, with prices determined entirely by trading activity. The contracts settle with binary payoffs reflecting market-implied probabilities between 0 and 1, resolving instantly to either outcome upon event conclusion.
The proposal demonstrates current limitations through NFL betting scenarios, where sportsbook odds update as step functions during games.
Under HIP-3 cons
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