Hyperliquid is becoming the financial supercenter of crypto.

Tradfi splits brokerage, exchange, and custody across separate institutions. Hyperliquid is collapsing all of them into one venue with HIP-4 as its latest move.

HIP-4 lets traders express views perps cannot capture. A trader long BTC into the next CPI print can be right about the number and still lose on the price reaction. A binary pays on the outcome itself.

The direct fees HIP-4 generates are small relative to what the trade flow keeps inside Hyperliquid. At expected volumes HIP-4 contributes roughly $25M against Hyperliquid's $636M run rate.

Capital that used to rotate out for event views now stays on Hyperliquid. USDC sitting in the venue generates treasury yield with 90% of it recycled into HYPE buybacks.

HIP-4 also changes what vaults can run. Onchain vaults have been limited to what two linear instruments can express. Outcome contracts add a third instrument that pays on events and nets against the directional book. Curators finally have something new to build with.

Every trade that stays in the venue powers the flywheel.

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