Hyperliquid opened its HIP-4 outcome-market infrastructure to outside venues on Aug. 29, and daily trading volume nearly tripled within three days, according to research published Sept. 3.
Summary
Hyperliquid opened HIP-4 deployment August 29, and reported daily outcome volume tripled within three days.
Two outside venues each posted 500,000 HYPE bonds to deploy markets using approved templates independently.
Outcome captured 85% of reported volume while offering traders a $1 million active rebate program.
Hyperliquid validators publish settlement prices every three seconds, according to the research collective’s analysis publicly.
U.S. availability would require regulatory authorization, while sports contracts could face additional federal scrutiny requirements.
Daily volume increased from an August average of approximately $545,000 to $1.97 million on Aug. 31, the Hyperliquid Research Collective reported. The trailing daily figure subsequently reached approximately $2.75 million.
Two outside venues, Outcome and Skew, posted 500,000 HYPE bonds and began deploying markets through seven templates approved by Hyperliquid validators. However, the early volume was heavily concentrated in Outcome and supported by trading incentives.
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The rollout makes market deployment permissionless at the protocol level. It does not automatically authorize HIP-4 operators to serve U.S. customers or offer every category of event contract.
Hyperliquid HIP-4 opens deployment to outside venues
HIP-4 supports fully collateralized outcome contracts that settle within a fixed range, usually zero or one. Prices can represent the market’s assessment of whether a specified event will occur.
Unlike perpetual futures, these contracts do not use leverage, funding payments or liquidations. Traders must provide the full collateral required for their positions.
The Aug. 29 upgrade opened deployment to outside builders. Each operator must bond 500,000 HYPE for at least six months. The bond can be slashed if validators determine that a deployer created an invalid market, settled it incorrectly or failed to complete settlement within the permitted period.
Permissionless deployment also remains limited by templates. Validators approve standard market formats and their permitted language. Builders can then launch markets that follow those specifications without seeking separate approval for every contract.
This design separates market creation from template governance. Outside operators gain control over individual listings, while validators retain influence over the categories and settlement structures that the protocol supports.
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Incentives drove most of the early volume
Outcome accounted for approximately 85% of reported HIP-4 volume after third-party deployment opened. Skew produced roughly 1%, leaving the remaining activity with existing validator-deployed markets.
Hyperliquid opened HIP-4 to outside venues on August 29 and daily volume tripled in three days, from a $545,000 August average to $1.97 million on August 31.
Two venues posted 500k HYPE bonds and drew from the 7 validator-approved templates. Outcome took 85% of volume behind a…
— Hyperliquid Research Collective (HRC) (@HyperliquidR) September 3, 2026
Outcome introduced a $1 million rebate campaign that paid users approximately one cent for every dollar traded, according to the research. The incentive means the initial increase should not be treated entirely as evidence of lasting demand.
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Rebate programs can encourage participants to trade more frequently or execute transactions that would be less attractive without rewards. The reported volume remains genuine trading activity, but its durability will become clearer after incentives decline or expire.
The concentration also creates an early test for HIP-4’s permissionless model. Two operators have posted bonds, yet one venue controls most of the new activity. More deployers, market templates and liquidity sources would be needed to establish a broader competitive market.
The current 500,000 HYPE requirement provides an economic penalty for misconduct. However, its dollar value also creates a high entry barrier. Only operators controlling or borrowing large HYPE positions can deploy markets directly.
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No verified market data showed that the permissionless rollout alone caused a distinct change in HYPE’s price. Wider crypto-market conditions and other activity on Hyperliquid also affect the token.
Shared settlement connects outcomes with perpetuals
HIP-4 contracts settle using prices published by Hyperliquid validators every three seconds, according to the collective. The outcome positions use the same account environment supporting Hyperliquid’s perpetual markets.
This architecture can allow a trader to hedge a binary outcome with a perpetual contract referencing the same mark price. Because both positions use the same underlying price source, the hedge avoids differences created when separate venues use different indexes or settlement times.
For example, a contract paying one dollar if Bitcoin closes above a specified level could be paired with a Bitcoin perpetual position. Both instruments would respond to a common Hyperliquid mark rather than independent external references.
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The arrangement does not remove every risk. Traders still face liquidity, execution and settlement risks. Validators also play a central role in publishing the prices used for settlement.
The collective argued that neither Kalshi nor Polymarket can offer an identical hedge because their event contracts do not share Hyperliquid’s perpetual account and mark-price system. That comparison concerns technical market structure, not liquidity quality, regulatory protection or overall platform risk.
Kalshi operates as a regulated U.S. designated contract market. Polymarket has used blockchain settlement and external resolution systems. Hyperliquid instead places matching, collateral and validator-directed settlement within its own network.
That tighter structure may reduce basis differences between instruments. It also concentrates operational dependencies within Hyperliquid’s validator and trading systems.
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U.S. access remains a separate challenge
None of the current HIP-4 templates reportedly covers sports, elections or other categories commonly associated with federal event-contract disputes. Existing listings instead focus on prices, economic figures and other objectively measurable results.
Avoiding sports does not by itself make the markets lawful for U.S. customers. A platform offering commodity derivatives to U.S. persons generally requires an appropriate regulatory framework, regardless of whether its software permits permissionless deployment.
The Commodity Exchange Act allows registered entities to submit new contracts to the Commodity Futures Trading Commission. Federal law also allows the CFTC to review event contracts involving gaming, terrorism, assassination, war, unlawful activity or similar subjects considered contrary to the public interest.
Current CFTC rules establish a review process for contracts involving those categories. The regulator can request a trading suspension during a 90-day review before approving or rejecting a contract.
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Sports would therefore add another legal question. The research collective found that sports accounted for 91% of HIP-4’s largest historical trading session. Opening third-party sports markets could increase demand, but it could also trigger scrutiny under the gaming provision.
The collective described regulatory “permission” as the remaining constraint, but no regulator has confirmed that registration alone would authorize every HIP-4 structure or market category.
The legal status could also depend on who operates the interface, controls market parameters, receives fees and makes the platform available to U.S. users. A protocol’s decentralized architecture does not settle those questions automatically.
What happens next for HIP-4
The clearest test will be whether volume remains above its August average after Outcome’s rebate campaign ends. Activity will also need to spread beyond a single operator to demonstrate that permissionless deployment has produced durable competition.
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Additional builders may enter after posting the required HYPE bonds. Hyperliquid validators could approve more templates, expanding the range of economic, crypto and financial outcomes available for deployment.
U.S. access would require a separate compliance path. Any operator seeking American users would need to determine whether its contracts require CFTC registration, submission or other authorization.
Sports markets would face an added review question because federal law specifically identifies gaming as an event-contract category that may be examined under the public-interest standard.
FAQs
What is Hyperliquid HIP-4?
HIP-4 is Hyperliquid’s framework for fully collateralized outcome contracts. The contracts commonly settle at zero or one based on a predetermined result.
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When did permissionless HIP-4 deployment begin?
Hyperliquid enabled outside HIP-4 deployment on Aug. 29, 2026. Builders must use validator-approved templates and post a 500,000 HYPE bond.
Why did HIP-4 volume triple?
Outcome generated most of the increase after launching third-party markets. Its $1 million rebate program also rewarded users according to their trading volume.
Can U.S. customers legally trade HIP-4 markets?
Permissionless protocol deployment does not establish lawful U.S. access. Operators may require CFTC registration or authorization, depending on their products and activities.
Why could sports markets face greater scrutiny?
The Commodity Exchange Act allows the CFTC to review certain event contracts involving gaming under a public-interest standard.
Jim Cramer expects a huge move in Snowflake stock after a blowout quarter. Broadcom earned a far more cautious verdict.
The CNBC host weighed in after both companies reported. Snowflake and Broadcom both cleared estimates, yet only one drew unqualified praise in the artificial intelligence (AI) trade.
Jim Cramer Snowflake Verdict Follows a Blowout Quarter
Snowflake reported product revenue of $1.49 billion for its fiscal second quarter, up 37% from a year earlier. Adjusted earnings hit $0.62 per share.
Management lifted full-year product revenue guidance to $6.07 billion. Shares jumped 23.27% to $377.00 in pre-market trading from Wednesday’s $305.84 close.
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The stock had slid 7.4% over the five sessions into the report.
Cramer flagged the valuation in the same breath as the beat. He called it the cleanest way for hesitant enterprises to buy compute on demand.
So Snowflake remains the best way for the uncertain to get compute but Broadcom tells a story of an explosion of business coming. Snowflake will have a huge move…. Broadcom? More nuanced…
Broadcom Triples AI Revenue Yet Wall Street Hesitates
Broadcom delivered $16.7 billion in AI semiconductor revenue, a 221% jump. Total revenue rose 86% to $29.6 billion, and adjusted earnings reached $3.32 per share.
Chief Executive Hock Tan guided fourth-quarter AI sales to $21.7 billion. He has secured a supply to roughly double AI revenue to about $115 billion in fiscal 2027.
Tan flagged a path toward $230 billion in fiscal 2028. Investors still balked.
Cramer welcomed the raises, then hedged.
Hock giving you some nice raises for next year and the year after. That’s what we have been looking for. Maybe i am too hopeful… Small position for the trust…
Total fourth-quarter guidance of $34.8 billion landed just under consensus. The stock slipped 2.58% to $357.76 in pre-market trading, extending a 4.5% monthly decline.
Broadcom (AVGO) one-month chart. Source: TradingView
“The memories are so vivid,” says Lomonaco, who helped start a fund for the families of his staff and who has gone on to run several successful restaurants in the city. “A generation has grown up since then, but it still seems like yesterday to me.”
A 25th anniversary marks a swath of time that can be illuminating because, to someone who is younger than 30, it feels like an eternity. Or a lifetime, which to someone who actually is 25, it is. But to someone who is over 50, as I am, it feels like a chapter. A long one, perhaps. But, still, a part of something else.
9/11 is a hinge of time that separates generations. It shouldn’t be surprising—but it always is—when I ask young folks about 9/11, and they just can’t get their hearts around it. It’s something that they learned about in class or saw on YouTube. They don’t feel it like I do. Like we do.
Those of us who are moved by this anniversary—no matter how close we were to the actual tragedy—should find some way to talk about it. “We have an obligation,” Lomonaco says. “When we talk about the people who died, we’re acknowledging the significance of their lives.”
Over the course of her long and influential life, Gloria Steinem went from being described in the pages of TIME as “one of the best dates to take to a New York party these days” and “smashing looking Gucci liberal” to being lauded as a “feminist icon.” If nothing else, the shift in the tone of her coverage in the magazine provides a window into the change in attitudes toward women that she helped engineer over the course of her 92-year life, which ended on Sept. 2.
Let’s add one more description to the list: durable dynamo. Steinem never outlived her ability to be relevant, inspiring several generations of women to organize and strive to be given the same opportunities as men. She never stopped blazing a trail for those who faced a particularly dense thicket and she never thought small. “I believe that things are a circle, not a hierarchy,” she said to TIME in 2011. “The kind of society we are striving toward is one in which things are linked not ranked. And one in which we understand that the women’s movement and the anti racist movement and the gay movement and the environmentalist movement, they’re all linked.”
Steinem was born on March 25, 1934, to a homemaker mother and a father with, she later said, only two points of pride: “He never wore a hat, and he never had a job. He was always going to make a movie, or cut a record, or start a new hotel, or come up with a new orange drink.” She didn’t spend a full year in school until she was 12, when her parents split and she ended up living with her mother, whose mental health was in a dire state, in East Toledo, Ohio. At 16, she was sent to live with an aunt in Washington. Before that, she says, “I’d never lived any place to invite anybody home to. I thought that people always ate out of refrigerators.”
After graduating from Smith College in 1956, she spent two years in India on a fellowship (and also to get out of an engagement), then came home to work in Cambridge, Mass., for a group encouraging American students to attend Communist youth festivals abroad. It was later revealed to be CIA-funded, but Steinem was unfussed, saying she “was happy to use the Establishment’s money against the Establishment.”
In 1963, she famously published a first-person account of her glamour-free month undercover as a Playboy Bunny in Show magazine. It was her big break, and it also threatened to be her curse, since at first she almost exclusively got offered assignments along the same lines. This was the period when TIME thought it important to note an appearance in which she wore “a Luis Estevez creation that consisted of five widely spaced bands of chinchilla held together by transparent black net. In between was supposed to be little more than a bare bodkin.”
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She later got hired at the fledgling New York magazine, where in 1968 her first story was about Vietnamese leader Ho Chi Minh’s stint as a New York City waiter and laundryman. As she steadily found her journalistic feet, she began to find her calling: to use her charm, wit and platform to promote equality. Steinem understood the fear that these ideas stirred up in people. “Women don’t want to exchange places with men,” she wrote in an essay for TIME in 1970, shortly after the magazine identified her as “a trim, undeniably female, blonde-streaked brunette who has been described as ‘the thinking man’s Jean Shrimpton.’ ” She went on to add: “But we do want to change the economic system to one more based on merit. In Women’s Lib Utopia, there will be free access to good jobs—and decent pay for the bad ones women have been performing all along, including housework.”
Inevitably, her activism moved beyond writing to organizing. In 1971, along with Shirley Chisholm, Bella Abzug, Betty Friedan and several others, she convened the National Women’s Political Caucus to try to get more women into government offices. Shortly after that she co-founded Ms. magazine, which she described as “a how-to magazine; not how to make jelly but how to seize control of your life.” TIME’s writers, by this time calling her “feminism’s superstar,” finally began to acknowledge her impact. A story about the 1972 Democratic convention—titled, alas, “Eve’s Operatives”—opened with: “Gazing around the convention through her blue-tinted glasses, Gloria Steinem pronounced with satisfaction: ‘We’ve changed the population here. It almost looks like the country. What she meant was that women are 52% of the nation’s population, and last week close to 40% of the convention delegates were women—a dramatic jump over their 13% representation at the 1968 Democratic Convention.”
There was a still way to go, however—both for women and for TIME. “Decorative as the women were in their bell-bottom trousers, miniskirts, jeans and hot pants,” the magazine went on to say, “they were not there to be on display but to seek power. Except for a couple of setbacks, they got enough to satisfy and even surprise them.” After the crushing loss of Democratic Presidential Candidate George McGovern to Richard Nixon, Steinem’s political campaigning took a backseat to her advocacy work. The 1977 women’s conference, which she has called “the most important event that nobody knows about,” remained one of her proudest achievements, even as it sparked a conservative backlash and perhaps the founding of the religious right.
As the decades passed, Steinem’s activism grew to encompass more than women’s equality. She campaigned on behalf of native people, was arrested while protesting apartheid, publicly opposed the first Gulf War, advocated for disarmament in Korea, spoke against child abuse, female genital mutilation and pornography, and was an early supporter of LGB rights. (It took her a little longer to endorse the transgender movement.) Her advocacy was always couched in pragmatism and compassion. She pointed out that the pedestal women were put on was “as much a prison as any small, confined space” and called her 2019 memoir The Truth Will Set You Free, But First It Will Piss You Off! Writing, her first calling, remained one of her great loves—”the only thing that, when I do it, I don’t feel I should be doing something else.” She published books throughout her career, many of which, including her first memoir, 1983’s Outrageous Acts and Everyday Rebellions, were bestsellers, and she had another one due out this fall. (She often joked that she wished her books didn’t get republished so much because it would mean they were no longer relevant.)
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By the ’90s, Steinem had scored a TIME cover, albeit one about a pushback against feminism, after her book about female self esteem—Revolution From Within—was a bestseller. “As she tours shopping malls, Steinem is being mobbed by crowds that, according to one bookstore owner, exceed those of Oliver North and Vanna White, the backlash icons of American manhood and womanhood,” Nancy Gibbs wrote. As well as writing her own books, Steinem contributed to countless others, appeared in more than 120 films, help produce several documentaries and inspired the 2019 Off Broadway play, Gloria: A Life. She cast her gaze domestically, locally, nationally and globally, founding Equality Now, which aimed to elevate and protect the rights of girls and women internationally.
Somewhere around the turn of the century, the times—and TIME— caught up with Steinem; her ideas became mainstream and her words and activities were covered with the kind of reverence reserved for icons. In 2013, President Barack Obama awarded her the Presidential Medal of Freedom. Half a century after writing her Women’s Lib Utopia essay for TIME, she annotated it, warning that women had made many advances but that the “time of greatest danger comes after a victory, and that’s where we are now.” (She also noted that she found out later that she had been paid less than the men who wrote for the same issue.)
Through it all she kept one of her less acknowledged gifts intact: her sense of humor. She did not come up with the classic feminist saying that women need men like a fish needs a bicycle, but she popularized it. She was always threatening to get a back tattoo for her 70th birthday. So frequently was she asked about her beauty secret that she came up with the perfect reply: “Revolution,” she would say. “It keeps you young.”
In 2011, TIME asked what she would do if she only had two years to live. “It seems to me one of the uses of age is to help you know what you want to do and keep from wasting time,” she said. “And I have this unfortunate notion that I’m immortal, which doesn’t cause you to plan very well. I think it would be mainly about writing and seeing friends, my chosen family. And writing what I believe. And maybe living with elephants. I do still want to live with elephants.”
Ethereum price is trading around $2,390, but the chart is starting to look tired. ETH has shed 3%-6% over the past week, and the bounce that carried it above $2,400 last week is losing steam fast. What’s not showing up in the number? A quieter shift in derivatives positioning that suggests traders are hedging, not accumulating.
Spot Ethereum ETFs logged inflows for a 12th consecutive session before turning red yesterday, even as Bitcoin ETFs bled outflows, a gap that would normally read bullish for ETH. Institutional buyers keep showing up, yet the spot price refuses to follow.
Ethereum ETF Flows, Coinglass
A Bybit market note flagged ETH as “consolidating at high levels” while facing “increased downward pressure” from liquidity spillover and leverage unwinds, a dynamic that often precedes a liquidation cascade rather than a clean breakout.
Macro conditions aren’t helping. Rate-cut odds have been getting repriced hard this week, and that kind of shift tends to hit risk assets like ETH before it hits anything else.
ETH’s $2,400 zone is the line in the sand right now. Bybit’s own data flags a breach below that level as a potential accelerant for further downside, and our technical mapping shows a support ladder underneath at $2,290, then $2,210, then $2,160, with $2,550 standing as the key resistance overhead.
Bull case: ETH reclaims $2,438.85 (the 0.618 Fibonacci retracement) and pushes toward $2,550, opening a path to $2,800 if momentum returns.
Bitcoin Hyper Targets Early Mover Upside as Ethereum Tests Key Levels
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Selling pressure like this is exactly why long-term ETH holders start eyeing the exits, or start looking for asymmetric bets elsewhere.
When a $290 billion asset struggles to hold $2,400, the marginal upside on adding more ETH at these levels looks thin. That’s pushing capital toward earlier-stage infrastructure plays with room to actually multiply.
Bitcoin Hyper ($HYPER) is building the first Bitcoin Layer 2 with full SVM integration, aiming to process transactions faster than Solana while settling back to Bitcoin’s base layer for security.
The presale has raised $33 million at a current token price of $0.0136856, with staking rewards live at a high 60% APY for early participants. Its Decentralized Canonical Bridge lets BTC move into the L2 without a custodial middleman, a real fix for Bitcoin’s programmability gap.
Gloria Steinem, the feminist activist who inspired a generation of women and fought for gender equality, has died at age 92.
Her foundation announced the news in a social media post Thursday morning, sharing that Steinem had “passed away peacefully” at her home in New York City the day before, surrounded by her loved ones.
“Gloria’s greatest gift was her ability to listen to others, to make others feel seen and heard. Her words, actions, and example gave people permission to be their truest selves. Gloria lived true to her independent spirit, always with curiosity and a great sense of humor,” the statement read.
“Gloria loved the tradition of lighting signal fires on hills to light the way to the other side of the mountain. Lighting your own candle for Gloria makes you part of this global and celestial community circle.”
Bitcoin is back above $77,500 with every major green on the day, though the week still reads red. Global investors are carrying their lowest currency protection on U.S. assets in a decade.
Brazilian mills have switched cane away from sugar and into ethanol. Brent crude near $94 a barrel makes fuel the better payer, and the Hormuz closure keeps energy costs high. Mills entered the season less than half-hedged, so they moved quickly. Center-South sugar output fell 26.3% year over year in June, according to UNICA.
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India has meanwhile turned buyer. New Delhi banned exports in May, then allowed 1 million tonnes of duty-free raw imports through Oct. 31. That is its first sizeable purchase since the 2017-18 season. Domestic prices hit a 16-year high, and the government capped bulk buyers at 15 days of stock.
Forecasters have also flipped the global balance. Green Pool projects a 3.2 million tonne deficit for 2026/27, while StoneX sees 1.7 million tonnes. Covrig Analytics and Czarnikow both expected surpluses in June.
Czarnikow now forecasts a second shortfall in 2027/28. A strong El Niño adds risk to Indian and Thai cane, a threat Goldman flagged in June.
Three drivers behind the sugar price rally / Source: BeInCrypto
Sugar Price Technical Analysis Eyes 19.48 Cents
The weekly chart tracks a retracement of the slide from 23.38 cents. Sugar broke above the 0.236 Fibonacci level at 15.58 cents in August, turning that band into potential support.
Price now sits at the 0.5 retracement at 18.28 cents. Thursday’s candle tagged 18.58 cents before easing back, so resistance has held on the first attempt.
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A weekly close above 18.28 cents would expose the 0.618 retracement at 19.48 cents. That level coincides with the declining 200-week moving average, which reinforces it as resistance. The 0.786 level at 21.20 cents sits above.
Sugar weekly chart / Source: Tradingview
On the downside, the 0.382 retracement at 17.08 cents offers first support. A deeper correction would retest 15.58 cents.
Volume has risen sharply over the past three weeks, which suggests conviction behind the breakout. The weekly RSI also sits at its highest reading since April 2023. Momentum, therefore, favors the commodities bulls for now.
Managed money held 207,100 net long contracts in late August, a two-year high, after sitting net short in May. However, crowded positioning could sharpen any reversal.
State fairs might also be the last best venue we have where people compete for the love of their passions. At the Creative Arts building this year, I walked by display cases with hundreds of cookies, scones, and bars from kitchens across the state. Tiny flags glued to toothpicks poked out from atop the winners.
Next, I stopped by the horticulture building to see our neighbor’s prize-winning floral arrangements; she grows flowers all summer to show them at the fair. And over at the livestock barns, I watched farmers carefully parade their perfectly groomed sheep in a circle around a judge who was picking winners. I asked one of the contestants what they would get if they won.
“A trophy, a ribbon, and about 28 bucks,” she said, adding with a smile, “If you’re getting into sheep for the money, it’s not worth it.”
In a time when almost every level of competition is heavily commercialized, from youth sports to the NIL era to the professionalization of everything, it’s refreshing to see people competing solely for the pride of putting their work on display. And thankfully, there’s nothing controversial about a flower, a cookie, or a beautiful animal—they’re things everyone can enjoy.
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