> 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.


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://docs.stratium.xyz/hip-4-binary-options/hip-4-how-to-trade.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.