HIP-4 Research
Four thousand markets. Where does the money actually go?
Every settled HIP-4 market, ranked by what was traded on it. The head of the list is a handful of finals; the tail is markets nobody ever traded. This page measures both ends, and asks which deployers list the empty ones.
Top 10 markets
19.4%
of all settled volume
Top 100 markets
63.8%
of all settled volume, in 2.3% of the markets
Median market
$567.13
half of all settled markets traded less
Never traded
753
17.3% of 4,342 settled markets, at exactly $0
The ten biggest settled marketsTraded volume, buys plus sells from the fills ledger — the settlement payout is not in it.
#MarketTradedShare
- 12026 World Cup Champion: Argentina$14.84M4.5%
- 22026 World Cup Champion: Spain$12.72M3.9%
- 32026 World Cup Champion: France$8.64M2.6%
- 4World Cup Semifinal: France vs Spain$4.80M1.5%
- 5BTC above $80,657 on May 11, 06:00 UTC?$4.20M1.3%
- 62026 World Cup Champion: Portugal$4.14M1.3%
- 7BTC above $63,927 on Jun 5, 06:00 UTC?$3.81M1.2%
- 8BTC above $76,885 on May 19, 06:00 UTC?$3.59M1.1%
- 9July Fed funds decision: No change$3.53M1.1%
- 10BTC above $78,213 on May 3, 06:00 UTC?$3.31M1.0%
A market with a few dollars of volume is not "dead" here — only one with none at all. The under-$100 count is in the method notes below.
Markets that never traded, by deployerSettled markets with no trade at all, as a share of each deployer's settled markets.
DeployerSettledNever tradedShare
Method, and what it does not say
- Volume is the traded figure: buys plus sells from the fills ledger, once per trade. The settlement payout, which every market pays out regardless of interest, is excluded — it would make an untraded market look traded.
- Shares are of settled markets only. A live market's volume is still moving and would rank it against finished ones.
- 1,340 settled markets traded under $100, 856 under $10. "Never traded" is the strict count at $0; the others are listed for a reader who wants a different line.
- A deployer's share is computed over its own settled markets, so a deployer that lists many hourly price markets is judged against its own habit, not against the protocol's.