# Overview

Outcome contracts are fully collateralized, event-based instruments that settle at a defined expiry. A trader takes a position on whether a condition will be met — a price level reached, a volatility threshold crossed, a macro event resolved — and the contract pays out accordingly.

Unlike perpetuals, outcome contracts have no funding rate, no liquidation, and no leverage beyond the position itself. Maximum loss equals the initial deposit. Settlement is binary or bounded: the contract resolves to a value between 0 and 1 based on the outcome.

**How They Differ from Perpetuals**

|             | Perpetuals                    | Outcome Contracts                |
| ----------- | ----------------------------- | -------------------------------- |
| Duration    | No expiry                     | Settles at defined date          |
| Collateral  | Margin-based, leveraged       | Fully collateralized             |
| Liquidation | Yes                           | No — max loss is deposit         |
| Funding     | Continuous funding rate       | None                             |
| Payoff      | Linear, unbounded             | Fixed-range or binary            |
| Use case    | Directional exposure, hedging | Event-driven, structured payoffs |

**Why Both Primitives Matter**

Perpetuals give you continuous price exposure. Outcome contracts give you dated, conditional exposure. Individually, each serves a segment of the market. Combined on the same infrastructure — same order book engine, same margin system, same account — they enable products that don't exist anywhere else onchain.

A trader can hold a leveraged perp position and simultaneously buy an outcome contract that caps their downside at a defined level. A fund can go long a commodity perp and hedge against a specific macro event using an outcome in the same margin account. These are standard constructions in traditional structured finance. They've never been possible in DeFi because the primitives haven't coexisted on a single venue.

Stratium is building the product layer across both.

**Current Status**

Hyperliquid's outcome contract infrastructure is in active development. Stratium is designing product specifications, oracle integrations, and deployment workflows in preparation for launch. Details on specific markets, timelines, and mechanics will be published as the infrastructure matures.