Hyperliquid has unveiled its fee structure for outcome tokens, a crucial step towards the mainnet launch, as the platform prepares to compete with established players like Kalshi and Polymarket in the burgeoning prediction market space. With a surge of over 300% in trading volume to $63.5 billion in 2025, Hyperliquid is developing infrastructure to support prediction market-style trading.
The newly announced fee structure reveals that initiating a position is free, with fees only applicable when closing or settling a trade. Six distinct scenarios are outlined, covering token 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 is available for developers. The introduction of outcome tokens, as part of 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.
This move is seen as a strategic effort to compete with platforms like Polymarket, which has announced plans to introduce perpetual trading. Since its introduction in October 2025, Hyperliquid's previous upgrade, HIP-3, has accounted for over 35% of the platform's total trading volume.
Currently, outcome tokens are only available on the testnet, with no confirmed mainnet launch date.