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 indicates 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 by 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 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 benefit from 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 through 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 forthcoming.
Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has seen significant growth, accounting 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.