In a significant development, Hyperliquid has released the fee structure for its outcome tokens, which are the foundation of the platform's prediction market-style trading. This move indicates that the mainnet launch is nearing.
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 building the necessary 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 applicable when closing or settling a trade. The document outlines six possible 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 through the HIP-4 upgrade will enable users to trade binary contracts on real-world events, in addition to the 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 plans to introduce perpetual trading. Hyperliquid's previous upgrade, HIP-3, which allowed for permissionless perpetuals, has seen significant growth, now 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.