Hyperliquid Expands Beyond Perpetuals With Outcome Markets – HYPE Challenges XRP In Futures Open Interest

HYPE futures open interest has climbed to nearly match Ripple’s XRP, with a monthly perpetual volume of $266 billion in June, up over 34% from the month before.

• Hyperliquid is launching an outcome-market product for permissionless deployment.
• The deployment will follow a builder-centric approach, similar to that of its successful perpetual futures business.
•  Each deployer will begin with 100 outcomes or 200 outcome tokens, with an auction mechanism planned for increased allocations.
• AQAv2 quote tokens are eligible for use, needing settlement in a stablecoin from Hyperliquid’s vetted program.

Hyperliquid (HYPE) is looking to roll out its outcome-market product for permissionless deployment, the platform said in a Telegram announcement on Sunday. It’s deploying the same builder-centric approach that took its perpetual futures business from validator-gated to industry-leading in less than a year.

HIP- 4 outcome markets, said the project, can be launched by any qualified deployer, not just validators. This will launch first on testnet and be released on mainnet later. 

The deployer needs to lock 500,000 HYPE for six months, similar to the framework for Hyperliquid’s HIP-3 permissionless perpetuals. Validators can slash that stake if a market is badly defined, settled incorrectly, or left unresolved for more than a week, according to the announcement.

To keep quality control at scale, validators will have to vote on standard “outcome templates” that deployers must build into, with specifications enforceable on-chain. The addressable universe of tradeable event outcomes far exceeds the number of underlying assets available for perps and spot markets, making permissionless deployment central to the product’s growth, Hyperliquid said. Validator-deployed “canonical markets” will continue, but are expected to be rare, fewer than 10 per year.

How Hyperliquid's Outcome Markets Will Work 

Each deployer will begin with an allocation of 100 outcomes, or 200 outcome tokens. As a follow-up feature, an auction mechanism to expand that allocation is planned. Deployers can set fee shares up to 50% on the markets they deploy, although fee configurability is not live yet. 

Currently, only AQAv2 quote tokens are eligible and must be settled in a stablecoin that is part of Hyperliquid’s vetted “Aligned Quote Asset” program, in which the issuer must stake 500,000 HYPE and dedicate the majority of its reserve yield to the protocol. 

In June, Coinbase (COIN) registered USDC under this framework, making it a candidate to replace USDH as Hyperliquid's main settlement currency. Coinbase became the official USDC treasury deployer.

All specifications are subject to change based on feedback, Hyperliquid warned, with an additional announcement expected once the permissionless deployment goes live on testnet.

HYPE Futures Continue To Gain Momentum 

The expansion comes at a time when the futures open interest race with Ripple’s XRP (XRP) is heating up. According to Coinglass data, HYPE’s total open interest was $2.57 billion versus XRP’s $2.60 billion as of Monday, a near-even split after the two assets traded the Open Interest lead repeatedly throughout 2026. The platform’s monthly perpetual volume climbed to a record of about $266 billion in June, a 34% increase from May. 

HYPE’s price traded around $60, down over 1% amid weakness in the crypto markets. On Stocktwits, retail sentiment around HYPE remained in the ‘bearish’ zone, while chatter dropped to ‘normal’ from ‘high’ levels over the past day.

HYPE has been up over 138% year to date. 

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