This event has a direct and significant price impact on the native token HYPE. HIP-4 marks the protocol's expansion from a pure perpetuals exchange into the prediction market sector, directly raising its Total Addressable Market (TAM). The announcement already triggered a 10-15% price surge; a timely mainnet launch would be a critical bullish confirmation, while a delay could lead to a price retracement.

April 9, 2026 - April 11, 2026, the 'September 30, 2026' option suddenly dropped from 96c to 78.5c, then quickly rebounded to 99.5c. The reason is likely a liquidity shock or a fat-finger trade on the order book. Since the probability of a September launch logically cannot be lower than a June launch (which remained stable at 98c), arbitrageurs quickly absorbed the anomaly. March 10, 2026 - March 13, 2026, the 'March 31, 2026' option crashed from 30.5c to 15c, and 'June 30, 2026' dropped from 87c to 71.5c. The reason is the approaching Q1 deadline combined with over a month of silence since the Testnet launch, which shattered expectations of 'fast shipping' and triggered panic selling. February 3, 2026, external HYPE token prices surged due to the initial HIP-4 Testnet announcement, establishing the original bullish sentiment.