Hyperliquid has unveiled its fee structure for outcome tokens, a key indicator that the platform's mainnet launch is imminent. The prediction market sector has witnessed unprecedented growth, with trading volumes skyrocketing over 300% in 2025 to reach $63.5 billion.
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.
Six scenarios covering minting, trading, burning, and settlement have been outlined. Traders utilizing Hyperliquid's aligned quote tokens are eligible for 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 via 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, thereby positioning Hyperliquid to compete with platforms like Polymarket. Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, 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.