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 in 2025, reaching $63.5 billion, Hyperliquid is developing infrastructure to support prediction market-style trading. The newly announced fee structure features zero costs for opening positions, with fees only applicable when closing or settling trades.
Six scenarios are outlined, covering token minting, trading, burning, and settlement. Users of Hyperliquid's aligned quote tokens will benefit from reduced taker fees and increased maker rebates. 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 direct challenge to platforms like Polymarket, which has announced plans to introduce perpetual trading. The previous HIP-3 upgrade, which introduced permissionless perpetuals, has already accounted 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.