In a significant development, Hyperliquid has unveiled its fee structure for outcome tokens, a crucial step towards the mainnet launch. The prediction market space has witnessed phenomenal growth, with trading volumes skyrocketing over 300% in 2025 to $63.5 billion. Hyperliquid is strategically building its infrastructure to rival 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 are offered preferential rates, with taker fees reduced by 20% and maker rebates increased by 50% compared to standard rates. The comprehensive 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 perpetuals and spot positions, all within a single account, posing a challenge to platforms like Polymarket, which has announced plans to introduce perpetual trading soon. Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has seen significant growth, accounting for over 35% of the platform's total trading volume since its launch in October 2025.
Currently, outcome tokens are only available on the testnet, with no confirmed mainnet launch date.