In a significant development, Hyperliquid has unveiled its fee structure for outcome tokens, which are central to the platform's prediction market-style trading. This move suggests that the mainnet launch is imminent. The prediction market space has witnessed a remarkable surge in trading volume, exceeding $63.5 billion in 2025, with Hyperliquid aiming to establish itself as a major player alongside existing competitors like Kalshi and Polymarket.
A key aspect of the fee structure is that initiating a position is free, with fees only applicable when closing or settling a trade. The detailed structure encompasses six scenarios, including minting, trading, burning, and settlement. Traders utilizing Hyperliquid's aligned quote tokens are offered preferential rates, with reduced taker fees and increased maker rebates.
The comprehensive fee formula is now 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 perpetuals and spot positions, all within a single account. This positions Hyperliquid to compete with platforms like Polymarket, which has announced plans to introduce perpetual trading. The previous HIP-3 upgrade, which introduced permissionless perpetuals for developers, has already accounted for over 35% of the platform's trading volume since its introduction in October 2025.
Currently, outcome tokens are only available on the testnet, with no confirmed mainnet launch date.