Hyperliquid HIP-4 Creates a Structural LP Opportunity in USDH Pairs
· 6 min read
Hyperliquid's HIP-4 just went live, and the headline is about prediction markets competing with Polymarket and Kalshi. That framing is correct but incomplete.
The more interesting story for LPs is buried one layer deeper: every HIP-4 position is fully collateralized and settled in USDH, Hyperliquid's native stablecoin. That creates a recurring, structural source of exit flow — and if you are sitting in a USDH pair with tight liquidity, that flow routes through you.