In a significant development, Hyperliquid has unveiled 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 trading volumes skyrocketing over 300% in 2025 to reach $63.5 billion.
Hyperliquid is constructing the necessary 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 applying when a trade is closed or settled. The document outlines six scenarios, including minting, trading, burning, and settlement. 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 through the HIP-4 upgrade will enable users to trade binary contracts on real-world events, in addition to Hyperliquid's existing perpetuals and spot positions, all within a single account.
This move is seen as a strategic effort to compete with platforms like Polymarket, which recently announced plans to introduce perpetual trading. Hyperliquid's previous upgrade, HIP-3, which allowed developers to access permissionless perpetuals, has already 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.