In a significant development, Hyperliquid has unveiled its fee structure for outcome tokens, which are essential for prediction market-style trading on the platform, hinting at an impending mainnet launch. The prediction market sector has witnessed explosive growth, with trading volumes soaring over 300% in 2025 to reach $63.5 billion. Hyperliquid is establishing infrastructure to compete with established players like Kalshi and Polymarket. A key aspect of the fee structure is that initiating a position incurs no cost, with fees only applicable when a trade is closed or settled.
The structure outlines six scenarios, including minting, trading, burning, and settlement. Traders utilizing Hyperliquid's aligned quote tokens benefit from more favorable rates, with taker fees reduced by 20% and maker rebates increased by 50% compared to standard rates. The comprehensive fee formula has been made available for developers. The introduction of outcome tokens through the HIP-4 upgrade will enable users to trade binary contracts on real-world events, in addition to existing perpetuals and spot positions, all within a single account, as Hyperliquid aims to rival platforms like Polymarket.
Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has accounted 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.