> ## Documentation Index
> Fetch the complete documentation index at: https://docs.openfinance.tech/llms.txt
> Use this file to discover all available pages before exploring further.

# Trade Hyperliquid Outcome Markets

> Hyperliquid's Yes or No markets are easy to misread, because many share a name. Learn to check what each one really asks before you put any money on it.

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](https://docs.openfinance.tech/markets/hyperliquid-outcomes.md).

## What you need

* USDC in your Hyperliquid account. No second token is needed. See [Fund each venue](https://docs.openfinance.tech/guides/fund-each-venue.md).

## Steps

**1. List the markets in two groups**

```text theme={"system"}
List the outcome markets on Hyperliquid. Show standalone Yes or No markets and grouped questions in separate sections, with the current price of each side.
```

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:

```text theme={"system"}
For that market, tell me in one sentence what Yes means: the underlying, the target price or range, and the exact expiry time in UTC.
```

For a price question, ask which range each named outcome covers before you pick one.

**3. Look at the book**

```text theme={"system"}
Show the order book for the Yes side of that market and the spread.
```

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

**4. Preview the order in whole shares**

```text theme={"system"}
Buy 20 Yes shares at no more than 0.42. Show me the order and the total cost in USDC first.
```

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**

```text theme={"system"}
What outcome shares do I hold, and what are they worth at the current price?
```

**7. Sell early or hold to expiry (moves money)**

```text theme={"system"}
Sell my 20 Yes shares at 0.60 or better.
```

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.

```text theme={"system"}
Split 50 USDC into Yes and No shares on that outcome. Show me what I will hold first.
```

## 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](https://docs.openfinance.tech/mcp/tools-hyperliquid.md) page.

## Next guides

> [card] [Polymarket from research to redeem](https://docs.openfinance.tech/guides/polymarket-research-to-redeem.md)
>
> The other prediction venue.

> [card] [Perp with take-profit and stop-loss](https://docs.openfinance.tech/guides/hyperliquid-perp-with-tp-sl.md)
>
> Hedge a view with a perp.


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