In a significant development, Hyperliquid has unveiled the fee structure for its outcome tokens, which are set to underpin prediction market-style trading on the platform, hinting at an impending mainnet launch. The prediction market space has witnessed explosive growth, with trading volumes skyrocketing over 300% in 2025 to reach $63.5 billion, and 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 closing or settling a trade. The document outlines six scenarios covering token minting, trading, burning, and settlement.
Traders utilizing Hyperliquid's aligned quote tokens are offered preferential 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, as part of the HIP-4 upgrade, will enable users to trade binary contracts on real-world events alongside perpetuals and spot positions from a single account, positioning Hyperliquid to compete with platforms like Polymarket, which recently announced plans to introduce perpetual trading.
Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has seen significant adoption, accounting 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.