HIP-4 can support prediction markets and also create contracts with clear expiration dates and defined profit/loss boundaries. Let’s start with the simplest binary market. 1 unit of Yes and 1 unit of No are fully collateralized, with a total settlement value of 1. Spend 0.35 to buy Yes—if it hits, you get 1 and earn 0.65; if it misses, you get 0 and lose 0.35. No margin calls, no liquidations. Yes and No share a complementary combined order book. Buying Yes at 0.40 is economically equivalent to selling No at 0.60. Capital can also be split and merged: 1 unit of the quoted asset can be split into 1 Yes and 1 No, and then merged back together. The boundary with perpetuals: it has an expiration date, single-unit settlement is locked between 0 and 1, there’s no leverage, and no funding fees. Perpetuals continuously track prices, while Outcome only answers whether a specific condition is met at a predetermined moment. The current official rule is no fees for opening positions, but closing or settling may incur fees depending on the fee tier and future updates. Think of HIP-4 as a new financial building block added to HyperCore.