MAINNEAT

How to read HIP-4 outcome trades

Understand outcome sides, trade direction and market identifiers in HIP4 Tape.

By Mainneat / Reviewed / Independent documentation

What does HIP4 Tape display?

Public executions for the outcome markets returned by Hyperliquid metadata. The terminal labels the outcome side separately from the execution direction and keeps the market deployer in its own column. Read the individual market rules before interpreting a contract.

Does a BUY always mean buying Yes?

No. BUY is the taker action for the token being traded. The token itself identifies the outcome side. Buying one side and selling the other can express related views, but they are different executions.

What is a coin beginning with #?

The outcome API uses a # prefix for the coin representation. Metadata connects this identifier to an outcome and its binary side. It is distinct from a spot pair identifier and from a perpetual market name.

Can I treat the displayed price as a guaranteed probability?

No. A traded price reflects the available market and its contract terms. Liquidity, fees, settlement rules and participant demand affect interpretation. The tape does not validate a prediction or guarantee a payout.

Why are HIP-4 markets separate from perpetuals?

Their token and market identity differs from perpetual contracts. Separating the tapes prevents outcome-side labels, quote denominations and perpetual position assumptions from being mixed together.

Sources and methodology

Protocol details refer to the official sources below. Terminal behavior describes this site's implementation and its stated coverage limits. Examples are illustrative.

Open the related terminal view

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