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 sector has emerged as one of the fastest-growing areas in crypto, with a staggering 300% surge in trading volume in 2025, reaching $63.5 billion.
Hyperliquid is developing infrastructure to compete with established players like Kalshi and Polymarket. A key aspect of the fee structure is that opening a position is free, with fees only applicable when closing or settling a trade. The document 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 now 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, all within a single account.
This positions Hyperliquid to compete with platforms like Polymarket, which recently announced plans to introduce perpetual trading. Hyperliquid's previous upgrade, HIP-3, has seen significant adoption, with permissionless perpetuals now 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.