In a significant development, Hyperliquid has released the fee structure for its outcome tokens, which are essential for prediction market-style trading on the platform. This move indicates that the mainnet launch is imminent. The prediction market sector has witnessed remarkable growth, with trading volume increasing by over 300% in 2025 to $63.5 billion.
Hyperliquid is developing infrastructure to compete with established players like Kalshi and Polymarket. A key feature 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. Traders using Hyperliquid's aligned quote tokens can benefit from lower taker fees, which are 20% lower, and higher maker rebates, which are 50% higher than 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, all within a single account.
This move is seen as a competitive challenge to platforms like Polymarket, which has announced plans to introduce perpetual trading soon. Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has seen significant adoption, 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.