In a significant development, Hyperliquid has released 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 over 300% in 2025 to $63.5 billion. Hyperliquid is building a robust infrastructure to compete with established players like Kalshi and Polymarket.
A key aspect of the fee structure is that there are no costs associated with opening a position, with fees only applying when a trade is closed or settled. The document outlines six scenarios, including minting, trading, burning, and settlement. Traders who utilize 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, as part of 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 strategic effort to compete with 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.