Hyperliquid announced the deployment of its first builder‑deployed HIP‑4 outcome decentralized exchange, named OUT, via its permissionless market framework. The on‑chain transaction recorded the Outcome DEX under the name OUT, but the block explorer did not indicate that its markets were open for live trading. According to Hyperliquid’s developer documentation, HIP‑4 contracts are fully collateralized, operate without leverage, and settle at a fixed range at expiration, eliminating funding rates and liquidation processes used in perpetual contracts. Deployers must stake 500,000 HYPE for each HIP‑4 deployment, with separate allocations required for HIP‑3 and HIP‑4 because a single HYPE allocation cannot support both. The documentation lists deployer actions as testnet‑only, meaning the current deployment should not be described as a confirmed mainnet launch without further evidence. The first mainnet HIP‑4 product, a recurring Bitcoin binary contract, settled daily at 06:00 UTC against the BTC mark price published by HyperCore; a subsequent CPI contract allowed positions on the annual inflation rate reported by the Bureau of Labor Statistics and used USDC as collateral, with early volume of about $3,000 and open interest of $5,000. Hyperliquid reported 24‑hour Bitcoin outcome volume of $2.38 million, representing roughly 20 % of combined BTC prediction‑market volume measured with Polymarket, while later data placed HIP‑4 open interest at $182,000 and cumulative notional activity at $881,000. The Outcome DEX does not appear on Hyperliquid’s policy or website pages and has not received separate announcements about liquidity or trading activity. Regulatory considerations differ for U.S. traders: OUT is not registered with the Commodity Futures Trading Commission and is not offered to U.S. users, unlike Kalshi, which operates event contracts through a CFTC‑registered designated contract market. Hyperliquid’s Policy Center and Multicoin Capital filed a request with the CFTC in July for clearer federal standards on event contracts, noting that settlement terms should determine whether a contract falls into restricted categories such as gaming or unlawful activity. State and federal regulators have also debated the classification of sports‑related event contracts, and other platforms including Kalshi, Crypto.com and Robinhood have faced legal challenges over similar products. As of the August filing, Hyperliquid indicated it was unaware of any pending CFTC approval process for the network and cautioned that entry into a regulated U.S. market cannot be guaranteed.