Hyperliquid HIP-4

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Available Tables

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Key concepts

• Market = one binary contract. market_id is Hyperliquid’s outcome index. Every market has two outcome tokens, yes_outcome_id and no_outcome_id, in Hyperliquid’s coin notation #N. outcome_index 0 is Yes and 1 is No. A Yes token pays 1 in the quote stablecoin if the market settles yes; a No token pays 1 if it settles no.
• Events group mutually exclusive markets. Where the venue groups markets into a question (for example, “Winner of English Premier League 2026/2027”), each member market carries the same event_id and market_type = 'question_outcome'. Standalone markets have a null event_id. An event can include a fallback outcome (is_fallback) that settles yes when none of the named outcomes happens.
• Both sides have their own book. The Yes and No tokens trade separately, and the book can also match a Yes buyer with a No buyer at prices that sum to 1. Prices are always the price of the token on that row, not the Yes price. On a No row, take 1 - price for the implied Yes probability.
• Quote stablecoin. Markets are collateralised in USDC. The earliest markets used USDH. *_usd columns are denominated in the market’s quote stablecoin.

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Notes

• market_trades has both legs of every match. Filter is_taker AND fill_type = 'trade' to count each trade once. Summing amount_usd over all rows double-counts volume.
• For volume at hourly or coarser grain, use open_interest_hourly (per market) or ohlcv_hourly (per outcome token). They already count each trade once and match the taker-filtered trades exactly, but scan far fewer rows.
• ohlcv_hourly has one candle per outcome token, so each market has two price series. To get the Yes series, filter outcome_index = 0.
• open_interest_hourly and positions_daily are built from the full token ledger (splits, merges, negations and settlements, not only trades). They exclude the venue’s settlement counterparty (is_system_account).
• About a fifth of markets were listed before the venue published a market registry. Those markets have a null template and title. They are real markets, not an ingestion gap.
• HIP-4 is not yet part of the cross-venue prediction_markets tables.

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Example query

-- Top HIP-4 markets by traded volume, last 7 days
SELECT
  m.market_id,
  m.title,
  m.event_title,
  m.category,
  SUM(o.volume_usd) AS volume_usd,
  SUM(o.trade_count) AS num_trades
FROM hip4_hyperliquid.open_interest_hourly o
JOIN hip4_hyperliquid.market_details m
  ON m.market_id = o.market_id
WHERE o.block_month >= DATE_TRUNC('month', CURRENT_DATE - INTERVAL '7' DAY)
  AND o.hour >= NOW() - INTERVAL '7' DAY
GROUP BY 1, 2, 3, 4
ORDER BY volume_usd DESC
LIMIT 20