In a move signaling the impending mainnet launch, Hyperliquid has unveiled the fee structure for its outcome tokens, which facilitate prediction market-style trading on the platform. The prediction market space has witnessed a remarkable surge, with trading volume increasing by over 300% in 2025 to reach $63.5 billion. Hyperliquid is developing infrastructure to rival established players like Kalshi and Polymarket. Notably, the fee structure reveals that opening a position is free, with fees only applicable when closing or settling trades.
Six scenarios, including minting, trading, burning, and settlement, are outlined in the document. Traders utilizing Hyperliquid's aligned quote tokens benefit from enhanced rates, with taker fees reduced by 20% and maker rebates increased by 50% compared to standard rates.
The comprehensive fee formula is available for developers. The introduction of outcome tokens through the HIP-4 upgrade will enable users to trade binary contracts on real-world events, in addition to existing perpetuals and spot positions, all within a single account. This development positions Hyperliquid to compete with platforms like Polymarket, which has announced plans to introduce perpetual trading soon. Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, now accounts for over 35% of the platform's total trading volume since its launch in October 2025.
Currently, outcome tokens are available only on testnet, with no confirmed mainnet launch date.