In a significant development, Hyperliquid has unveiled its fee structure for outcome tokens, a crucial step towards the mainnet launch. The prediction market sector has witnessed unprecedented growth, with trading volumes skyrocketing over 300% in 2025 to reach $63.5 billion.
Hyperliquid is strategically positioning itself to compete with established players like Kalshi and Polymarket by building a robust infrastructure. A key highlight of the fee structure is that initiating a position incurs no costs, with fees applicable only when closing or settling a trade.
The structure encompasses six scenarios, including minting, trading, burning, and settlement. Moreover, traders utilizing 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, 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 recently announced plans to introduce perpetual trading.
Hyperliquid's previous upgrade, HIP-3, which opened permissionless perpetuals to developers, has already gained significant traction, accounting for over 35% of the platform's total trading volume since its introduction in October 2025. Currently, outcome tokens are available only on the testnet, with no confirmed mainnet launch date.