In a significant development, Hyperliquid has unveiled its fee structure for outcome tokens, which are the foundation of its prediction market-style trading. This move indicates that the platform's mainnet launch is imminent.
The prediction market sector has witnessed a surge in trading volume, exceeding $63.5 billion in 2025, with Hyperliquid aiming to establish itself as a major player by competing with established platforms like Kalshi and Polymarket. A key aspect of Hyperliquid's fee structure is that opening a position is free, with fees only applicable when closing or settling a trade. The platform has outlined six scenarios covering various aspects of token management, including minting, trading, burning, and settlement. Additionally, traders utilizing Hyperliquid's aligned quote tokens can benefit from lower taker fees and higher maker rebates.
The introduction of outcome tokens, as part of the HIP-4 upgrade, will enable users to trade binary contracts on real-world events, alongside perpetuals and spot positions, all within a single account. This move is seen as a strategic effort to compete with platforms like Polymarket, which has announced plans to introduce perpetual trading soon. Hyperliquid's previous upgrade, HIP-3, has already shown promising results, with permissionless perpetuals accounting 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.