Many will see HIP-4 as another prediction market product. The bigger story is what the third instrument unlocks for the rest of the stack. Allocators can express more nuanced views with spot, perps, and event trades in one account. Vaults gain a new dimension to build with, and capital that used to leave for event trades now stays in Hyperliquid. The right comp for HIP-4 could be short-dated options instead of prediction markets. SPX zero-day options alone put ~$120B per month at risk, more than ten times the global prediction market pool. Even a small portion of that flow is meaningful for Hyperliquid.(Delphi Digital)