In a significant development, Hyperliquid has released the fee structure for its outcome tokens, paving the way for a potential mainnet launch. The prediction market sector has witnessed unprecedented growth, with trading volumes soaring over 300% in 2025 to reach $63.5 billion.
Hyperliquid is developing infrastructure to rival established players like Kalshi and Polymarket. 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 is available for developers. 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 soon.
Hyperliquid's previous upgrade, HIP-3, has seen significant adoption, with permissionless perpetuals accounting 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.