In a significant development, Hyperliquid has unveiled its fee structure for outcome tokens, which are the foundation of prediction market-style trading on the platform. 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 volume skyrocketing over 300% in 2025 to $63.5 billion.
Hyperliquid is developing 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 applicable when closing or settling a trade. The document outlines six scenarios, including minting, trading, burning, and settlement.
Traders utilizing Hyperliquid's 'aligned quote tokens' can enjoy better rates, with taker fees 20% lower and maker rebates 50% higher than standard. The full fee formula is now 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 Hyperliquid's existing perpetuals and spot positions, all within a single account.
This move is seen as a direct challenge to platforms like Polymarket, which recently announced that perpetual trading is 'coming soon.' Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has seen significant growth, now accounting for over 35% of the platform's total trading volume since its introduction in October 2025. Currently, outcome tokens are only available on testnet, with no confirmed mainnet launch date.