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By the end of this guide you will have read a Hyperliquid outcome market correctly, bought whole shares on the side you chose, and sold or held them through expiry. These outcome markets are also called HIP-4. A share price between 0 and 1 reads like a probability. They settle in USDC from the same Hyperliquid balance you use for perps, and sizes are whole shares. See Hyperliquid outcome markets.

What you need

  • USDC in your Hyperliquid account. No second token is needed. See Fund each venue.

Steps

1

List the markets in two groups

A standalone market is one Yes or No statement. A question groups several named outcomes where only one can be true, such as a set of price ranges.
2

Read the real question, not the label

Recurring markets reuse the same display name. Ask for the meaning in words:
For a price question, ask which range each named outcome covers before you pick one.
3

Look at the book

A thin book means your price can move as you fill. Use a limit price.
4

Preview the order in whole shares

If you ask in dollars, the agent rounds to whole shares. Very small orders can be rejected for being below the venue’s minimum order value; raise the share count if that happens.
5

Place it (moves money)

Reply yes if the side, share count and price match.
6

Check the position

7

Sell early or hold to expiry (moves money)

Or hold until the market resolves. A share on the losing side goes to zero.
Every order needs your confirmation, and nothing here is financial advice.

Going further: split and merge

Besides buying and selling, Hyperliquid lets you convert between USDC and shares. Split turns USDC into equal Yes and No shares; merge turns matching Yes and No shares back into USDC. For questions, merge a question and negate work across named outcomes. Most traders only buy and sell; these matter if you hold both sides or make markets.

Check it worked

  • Your share count is a whole number and matches the order.
  • The market you hold is the one whose expiry and target you read in step 2.

Common mistakes

  • Trading the display name. Two markets called the same thing can have different targets and expiries.
  • Fractional sizes. Orders must be in whole shares.
  • Looking for USDH. Outcome markets use USDC.
  • Confusing a question with a standalone market. In a question, only one named outcome can win.
  • Building orders by hand in your own code. Outcome shares use a special asset id. Read the formula on the Hyperliquid tool page.

Next guides

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