（来源：吴说） Hyperliquid 表示，HyperCore 将支持 Outcome 合约交易（HIP-4）。Outcome 为全额抵押、在固定区间 内结算的合约原语，适用于预测市场及类期权的有界衍生品等场景，不涉及杠杆或强平，具备非线性与 到期合约特征。该原语可与组合保证金及 HyperEVM 组合，提升 HyperCore 的表达能力。目前 Outcome 仍处于测试网阶段，完成开发后将上线基于客观结算源的标准化市场，并以 USDH 计价，后 续拟根据用户反馈推进无许可部署。 ...

Core Viewpoint - Global hedge funds are opposing the Bank of England's proposal to impose a "minimum haircut" on gilt repurchase agreements, arguing that such regulations will harm liquidity and the attractiveness of the UK bond market on a global scale [1][2]. Group 1: Hedge Fund Opposition - The Alternative Investment Management Association and the Managed Funds Association, representing hedge funds, expressed their disapproval of the proposed minimum haircut for gilt repurchase agreements, stating it would limit the cash assets that investors can borrow against gilt collateral, thereby restricting hedge funds' leverage capabilities [1][2]. - Hedge funds are increasingly active in the gilt market, with net borrowing based on repos rising to £77 billion (approximately $102 billion) as of early June, the highest level since records began in 2016 [3]. Group 2: Regulatory Concerns - The Bank of England's proposals aim to prevent market collapses similar to the significant sell-off of UK government bonds following former Prime Minister Liz Truss's mini-budget in 2022, which was exacerbated by leveraged pension fund strategies [2]. - Concerns have been raised that implementing a minimum haircut could lead to perceptions of increased risk associated with UK government debt, potentially reducing the attractiveness of gilt bonds and increasing borrowing costs for the UK government [2][4]. Group 3: Market Dynamics - The repo market has become a focal point for global regulatory agendas, with officials eager to control risks associated with non-bank financial institutions (NBFIs) increasing leverage [3]. - Over half of the gilt repo transactions that did not go through central clearing were conducted at zero or near-zero haircuts, allowing non-bank financial institutions to build significant leverage at minimal cost [4]. Group 4: Calls for Comprehensive Approach - Market participants, including hedge fund industry organizations, argue that merely observing haircut data is insufficient, advocating for a more holistic approach to risk management that considers overall trading exposure rather than just individual repo transactions [5]. - The Bank of England has proposed increasing the central clearing ratio for gilt repo transactions, with hedge funds urging regulators to provide incentives rather than enforce mandatory measures, suggesting that the current market size is not yet adequate for such mandates [5].