In a significant development, Hyperliquid has released the fee structure for its outcome tokens, which are crucial for facilitating prediction market-style trading on the platform. This move suggests that the mainnet launch is imminent. The prediction market space has witnessed tremendous growth, with trading volumes skyrocketing over 300% in 2025 to reach $63.5 billion.
Hyperliquid is strategically building 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 a trade is closed or settled. The document outlines six scenarios, including minting, trading, burning, and settlement. 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 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 move is seen as a direct challenge to platforms like Polymarket, which has announced plans to introduce perpetual trading soon.
Hyperliquid's previous upgrade, HIP-3, which allowed for permissionless perpetuals, has already gained significant traction, 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.