In a significant development, Hyperliquid has released the fee structure for its outcome tokens, which are the foundation of its prediction market-style trading platform. This move suggests that the mainnet launch is imminent. The prediction market sector has witnessed exponential growth, with trading volumes soaring over 300% in 2025 to reach $63.5 billion. Hyperliquid is developing 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 reduced taker fees, which are 20% lower, and increased maker rebates, which are 50% higher than 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 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, which opened permissionless perpetuals to developers, has contributed to 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.