In a significant development, Hyperliquid has unveiled its fee structure for outcome tokens, which are central to the platform's prediction market-style trading. This move suggests that the mainnet launch is imminent. The prediction market sector has witnessed tremendous growth, with trading volumes 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 structure 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 through 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 competitive push against platforms like Polymarket, which has announced plans to introduce perpetual trading soon. Hyperliquid's previous upgrade, HIP-3, which allowed permissionless perpetuals for developers, has seen significant growth, accounting for 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.