HIP-4's direct fees are modest by design. The real value capture comes from keeping funds inside Hyperliquid.

Onchain vault managers traditionally had spot and perps, but expressing an event view required a separate venue with its own collateral.

With HIP-4, a manager can now run a strategy across all three from one book instead of fragmenting capital across platforms.

Binaries cover the bounded, event-driven views that spot and perps cannot reach. That fills out the toolkit and makes vault curation interesting again.

Allocators now have more ways to express a view onchain.

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