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Some markets on Outcome are deployed automatically by the protocol on a fixed cadence. When one instance settles, the next instance is already live for trading. This is the structure behind the daily BTC binary and any similar markets that follow a regular pattern.

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How a recurring market works

A recurring market is defined by a specification that includes:
  • The underlying asset (for example, BTC).
  • The target that determines how the outcome is decided (for example, a specific price).
  • The expiry time when the current instance settles.
  • The period (the cadence at which new instances are deployed, like 1 day).
The protocol uses this specification to auto-deploy new instances on a regular schedule. There’s no manual market creation; the contract terms are encoded directly in the protocol.

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The redeploy cycle

When a recurring market reaches its expiry time:
  1. The current instance settles based on the target and the underlying value at expiry.
  2. Token holders receive their settlement payouts.
  3. The next instance is deployed with a new expiry and (typically) a new target.
  4. Trading opens immediately on the new instance.
The cycle continues for as long as the recurring market is enabled at the protocol level.

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Positions don’t carry over

Each instance of a recurring market is its own separate market with its own tokens. When today’s BTC daily binary settles, that day’s YES and NO tokens redeem at 1 or 0 USDC and the position is closed out. If you want exposure to tomorrow’s instance, you have to buy into tomorrow’s tokens. The protocol doesn’t auto-extend positions across instances. Each instance is a complete, self-contained market.

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Uniqueness

Hyperliquid guarantees there is at most one recurring series for each combination of series type, underlying asset, and period. So only one daily BTC binary can exist at a time; there can’t be two competing daily BTC binaries running in parallel.

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Finding the current spec

The current instance’s spec (target, expiry, period, underlying) is shown on the market page. Because the values change with each redeployment, the market page is the canonical source for what’s live right now. For more on what happens when a recurring instance reaches its expiry, see Resolution and settlement.