In a significant development, Hyperliquid has unveiled its fee structure for outcome tokens, which facilitate prediction market-style trading on the platform, hinting at an imminent mainnet launch. The prediction market sector has emerged as one of the fastest-growing areas in crypto, with a staggering 300% surge in trading volume to $63.5 billion in 2025.
Hyperliquid is building a robust infrastructure to compete with established players like Kalshi and Polymarket. A key feature of the fee structure is that opening a position is free, with fees only applicable when closing or settling a trade. The document outlines six scenarios, including minting, trading, burning, and settlement.
Traders utilizing Hyperliquid's aligned quote tokens can enjoy better rates, with taker fees reduced by 20% and maker rebates increased by 50% compared to standard rates. The full fee formula has been made available for developers.
The introduction of outcome tokens, as part of the HIP-4 upgrade, will enable users to trade binary contracts on real-world events, in addition to Hyperliquid's existing perpetuals and spot positions, all within a single account. This move is seen as a direct challenge to platforms like Polymarket, which recently announced the upcoming launch of perpetual trading.
Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has already accounted for over 35% of the platform's total trading volume since its introduction in October 2025. Currently, outcome tokens are only available on testnet, with no confirmed mainnet launch date.