Hyperliquid has introduced HIP-4, a new market framework designed to unify event-based trading by turning outcomes into tradable assets. Launched on the Hyperliquid testnet on February 2, HIP-4 allows traders to engage in markets such as "Will BTC reach a certain price within 15 minutes?" using standardized assets. This system employs a two-layer architecture, with trades occurring on HyperCore and fund management on HyperEVM, facilitating high-frequency matching and complex contract logic. HIP-4 aims to address the fragmentation in trading by integrating prediction markets, futures, and options into a single platform. This innovation targets traditional finance's weaknesses by offering products like weekend gap options and funding rate hedges, enhancing market depth and liquidity. A study revealed that top traders active on both Hyperliquid and Polymarket generated significant trading volumes, highlighting the potential for increased trading capacity through HIP-4's composability.