Hyperliquid has launched its HIP-4 outcome market, allowing traders to bet on offchain events such as U.S. inflation data and Federal Reserve decisions, alongside traditional crypto derivatives. This marks a significant expansion from its original focus on crypto perpetual futures. Unlike Polymarket, which uses the UMA external oracle for dispute resolution, Hyperliquid employs its own validator set to determine market outcomes. This approach aims to address issues related to truth determination in offchain events, which have been criticized in other prediction markets. The HIP-4 contracts are fully collateralized, meaning traders can only lose the amount they initially invest, providing a safer alternative to leveraged trading. This innovative model positions Hyperliquid as a multi-asset trading venue, potentially allowing users to pair crypto positions with macro bets without shifting collateral across platforms. If successful, this could reshape how traders engage with both crypto and macroeconomic events.