Hyperliquid has released its fee structure for outcome tokens, a crucial step towards the mainnet launch, as the platform prepares to compete with established players like Kalshi and Polymarket in the burgeoning prediction market space. With a surge of over 300% in trading volume to $63.5 billion in 2025, Hyperliquid is developing infrastructure to support prediction market-style trading. The newly announced fee structure reveals that opening a position is free, with fees only applicable when closing or settling a trade.
Six scenarios covering minting, trading, burning, and settlement have been outlined. Additionally, traders utilizing Hyperliquid's aligned quote tokens can expect more favorable 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 alongside perpetuals and spot positions from a single account, posing a challenge to platforms like Polymarket.
Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has seen significant growth, 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.