In a significant development, Hyperliquid has released the fee structure for its outcome tokens, which are central to the platform's prediction market-style trading. This move suggests that the mainnet launch is imminent.
The prediction market space has seen a substantial surge in trading volume, exceeding 300% in 2025 to reach $63.5 billion, and Hyperliquid is constructing the necessary infrastructure to compete with established players like Kalshi and Polymarket. A key aspect of the fee structure is that initiating a position is free, with fees only applicable when closing or settling a trade.
The published document outlines six distinct 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 the existing perpetuals and spot positions, all within a single account. This positions Hyperliquid to compete with platforms like Polymarket, which has announced plans to introduce perpetual trading soon. Hyperliquid's previous upgrade, HIP-3, which allowed developers to access permissionless perpetuals, has accounted for over 35% of the platform's total trading volume since its introduction in October 2025.
Currently, outcome tokens are only available on the testnet, with no confirmed mainnet launch date.