> For the complete documentation index, see [llms.txt](https://docs.stratium.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.stratium.xyz/hip-4-binary-options/hip-4-how-to-trade.md).

# HIP-4: How to Trade

### Getting Started

1. Go to [markets.stratium.xyz](http://markets.stratium.xyz)
2. Connect your wallet
3. You're ready to trade. Your existing Hyperliquid balance works. No additional deposits.

### Placing a Trade

**Browse markets.** The markets page shows all available HIP-4 outcome contracts. Each market states the question, settlement time, and current YES/NO prices.

**Choose your side.** If you believe BTC will be above the strike at settlement, buy YES. If you believe it won't, buy NO. YES + NO always sum to $1 USDC.

**Order types.** Market orders execute immediately at the best available price. Limit orders sit on the orderbook until filled or cancelled.

**Position sizing.** Each YES or NO token costs between $0 and $1 USDC. Your maximum loss is what you pay for the token. Your maximum gain is $1 minus what you paid. No leverage. No liquidation. No margin calls.

### Managing Positions

The Portfolio page at [markets.stratium.xyz/portfolio](http://markets.stratium.xyz/portfolio) shows all open positions, unrealized P\&L, and settlement status.

You can close positions before settlement by selling your YES or NO tokens back on the orderbook at the current market price.

### Settlement

At the settlement time, the resolution source determines the outcome. If BTC is above the strike price, YES tokens pay $1 USDC each. NO tokens pay $0. If BTC is below, the reverse.

Settlement is automatic. USDC is credited to your Hyperliquid account.

### Fees

HIP-4 charges zero fees to open or mint positions. Fees apply only on close or settlement, following Hyperliquid's standard schedule.

### Leaderboard

The leaderboard at [markets.stratium.xyz/leaderboard](http://markets.stratium.xyz/leaderboard) tracks trader performance across HIP-4 markets.

### Tips

* The YES price reflects the market's implied probability. A YES at $0.75 means the market prices a 75% chance of the condition being met.
* You can trade both sides. Buy YES and later sell it if the price moves in your favor before settlement.
* Positions are denominated and settled in USDC. Ensure you have USDC in your Hyperliquid account.