In a significant development, Hyperliquid has released the fee structure for its outcome tokens, which are set to underpin the platform's prediction market-style trading. This move suggests that the mainnet launch is imminent. The prediction market space has witnessed explosive growth, with trading volumes soaring over 300% in 2025 to reach $63.5 billion. Hyperliquid is strategically positioning itself to compete with established players like Kalshi and Polymarket by building a robust infrastructure.
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 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 has been made available for developers. The introduction of outcome tokens, facilitated by 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 recently announced plans to introduce perpetual trading.
Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has already accounted for over 35% of the platform's total trading volume since its launch in October 2025. Currently, outcome tokens are only available on the testnet, with no confirmed mainnet launch date.