Nansen Expands Beyond Crypto With Stocks and Outcome Markets on Hyperliquid

By Lidia Yadlos

Nansen built its name helping crypto traders understand what was happening onchain. Now it wants those traders to use the same platform to take positions on stocks, politics, sports and other real-world outcomes.

The company has integrated Outcome.xyz's new HIP-4 markets into Nansen Trading, becoming the first third-party front end to support the markets. Stock and crypto markets are available at launch, with politics and sports expected to follow.

The integration pushes Nansen further beyond its original analytics business and toward a much broader ambition: becoming a place where traders can research and trade almost anything onchain.

Hyperliquid Opens Up a New Kind of Market

The expansion is built around HIP-4, Hyperliquid's framework for outcome-based trading. Rather than limiting onchain traders to traditional crypto spot and perpetual markets, the infrastructure creates markets whose value can depend on a defined outcome.

Outcome.xyz is among the early projects building on the framework, with markets spanning crypto and stocks initially and plans to expand into categories such as politics and sports. That opens another front in the competition between crypto platforms and traditional trading venues.

A trader who previously used one platform for crypto, another for stocks and a third for event markets could increasingly access those exposures through the same onchain interface. Nansen wants to sit at the front of that shift.

From Watching Smart Money to Trading Alongside It

Nansen's advantage is the data already sitting underneath its trading interface. The company tracks more than 500 million labeled blockchain addresses and has built its analytics products around identifying wallet behavior, capital flows and what it calls "Smart Money."

Bringing outcome markets into the same environment means traders can potentially study who is positioning around an event before deciding whether to take a position themselves.

"Prediction markets are having a real moment for a reason. People enjoy forming a view and putting it to the test," said Alex Svanevik, Co-founder and CEO of Nansen.

"Outcome.xyz allows traders to take positions on what's next for stocks, crypto, politics, sports and a lot more. What we've done at Nansen is make that decision a better-informed one, while closing the loop between intelligence and execution."

Svanevik said users can examine who is taking positions, identify outcomes attracting stronger conviction and then trade from within Nansen.

That closes a gap Nansen has increasingly been trying to eliminate: the distance between seeing something in onchain data and actually trading it.

The Race for Outcome-Market Liquidity

For Outcome.xyz, integration with established crypto interfaces could be particularly important as HIP-4 develops.

Permissionless market infrastructure only becomes useful if enough traders and liquidity arrive. That means distribution could become one of the biggest competitive advantages for the first generation of HIP-4 platforms.

"For a new market category, distribution matters as much as market design," said Ahmed Salih, Co-Founder of Outcome.xyz. "Outcome, like Hyperliquid, is focused on meeting traders where they already are."

"Nansen is where onchain research happens, making it a natural partner as we roll out outcome markets across stocks, crypto, sports and beyond."

The partnership puts Nansen at that distribution layer rather than requiring Outcome.xyz to build its audience entirely from scratch.

It also arrives as prediction and event markets are becoming a much larger part of crypto. Platforms including Polymarket and Kalshi have demonstrated significant demand for trading around real-world events, while exchanges and trading applications are increasingly experimenting with ways to bring similar products to their existing users.

HIP-4 could push that trend deeper into decentralized trading infrastructure.

Nansen Wants Traders to Trade Everything Onchain

For Nansen, the integration reflects a larger transformation of the product. The company started primarily as an analytics platform, giving traders tools to inspect wallets, token flows and blockchain activity. It has since been moving closer to execution, allowing users to act on that information without leaving Nansen.

Outcome markets expand the number of things that execution layer can eventually cover. Crypto remains at the center, but stocks and event-driven markets begin to blur the distinction between an onchain trading terminal and a broader financial platform.

To encourage early trading activity, eligible users who trade qualifying Outcome.xyz markets through Nansen can participate in a $1 million rewards pool, subject to campaign terms and eligibility requirements.

Outcome.xyz HIP-4 markets are live on Nansen now, with additional categories planned. The bigger experiment is what comes next. If stocks, crypto, politics and sports can all become tradeable through the same onchain infrastructure, the competition may shift from which platform offers the most crypto markets to which one becomes the interface traders use for everything.

Published on Nansen

Nansen Expands Beyond Crypto With Stocks and Outcome Markets on Hyperliquid