In a significant development, Hyperliquid has unveiled its fee structure for outcome tokens, a crucial step towards the mainnet launch. This move is expected to intensify competition in the prediction market space, which has seen a staggering 300% surge in trading volume in 2025, reaching $63.5 billion. By establishing itself as a major player, Hyperliquid aims to rival existing platforms like Kalshi and Polymarket. A key feature of the fee structure is the absence of costs for opening positions, with fees only applicable when trades are closed or settled.
The structure outlines six distinct scenarios, including minting, trading, burning, and settlement. Furthermore, traders utilizing Hyperliquid's aligned quote tokens will benefit from reduced taker fees, which are 20% lower, and increased maker rebates, which are 50% higher than standard rates. The full fee formula is now 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 development is seen as a strategic move to compete with platforms like Polymarket, which has announced plans to introduce perpetual trading soon. Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has already accounted for over 35% of the platform's total trading volume since its launch in October 2025.
Currently, outcome tokens are only available on the testnet, with no confirmed mainnet launch date.