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.(Delphi Digital)