Hyperliquid has unveiled its fee structure for outcome tokens, a key indicator that the mainnet launch is imminent. The prediction market sector has witnessed a significant surge in trading volume, exceeding 300% in 2025 to reach $63.5 billion, and Hyperliquid is developing infrastructure to rival established players like Kalshi and Polymarket. A notable aspect of the fee structure is that initiating a position is free, with fees only applicable when closing or settling a trade.
The structure outlines six scenarios, including minting, trading, burning, and settlement. Users of 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 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 perpetuals and spot positions, using a single account, as the platform aims to compete with the likes of Polymarket. Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has accounted for over 35% of the platform's trading volume since its launch in October 2025. Currently, outcome tokens are only available on the testnet, with no confirmed mainnet launch date.