In a significant development, Hyperliquid has released the fee structure for its outcome tokens, which are essential for prediction market-style trading on the platform, indicating a mainnet launch may be imminent. The prediction market space has emerged as one of the fastest-growing areas in crypto, with trading volume skyrocketing over 300% in 2025 to reach $63.5 billion. Hyperliquid is 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 improved 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 through the HIP-4 upgrade will enable users to trade binary contracts on real-world events, alongside existing perpetuals and spot positions, all within a single account, as Hyperliquid aims to compete with platforms like Polymarket. The previous HIP-3 upgrade, which introduced permissionless perpetuals for developers, has seen significant growth, accounting for over 35% of the platform's trading volume since its launch in October 2025.
Currently, outcome tokens are only available on the testnet, with no confirmed mainnet launch date.