In a significant development, Hyperliquid has released the fee structure for its outcome tokens, which are central to the platform's prediction market-style trading. This move indicates that the mainnet launch is nearing. The prediction market space has witnessed explosive growth, with trading volume soaring over 300% in 2025 to reach $63.5 billion.
Hyperliquid is strategically building infrastructure to compete with established players like Kalshi and Polymarket. A key feature of the fee structure is that initiating a position is free, with fees only applicable when closing or settling a trade. The document outlines six distinct scenarios, including minting, trading, burning, and settlement. Traders utilizing Hyperliquid's 'aligned quote tokens' are offered preferential 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 the existing perpetuals and spot positions, all within a single account.
This move is seen as a direct challenge to platforms like Polymarket, which has recently announced plans to introduce perpetual trading. Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has seen significant adoption, accounting for over 35% of the platform's total trading volume since its introduction in October 2025. Currently, outcome tokens are available only on the testnet, with no confirmed mainnet launch date.