In a significant development, Hyperliquid has released its fee structure for outcome tokens, a key component of its prediction market-style trading platform, indicating a mainnet launch is imminent. The prediction market sector has witnessed explosive growth, with trading volumes increasing by over 300% in 2025 to $63.5 billion, and Hyperliquid is developing infrastructure to rival established players like Kalshi and Polymarket.
A notable 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 is 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, as Hyperliquid aims to compete with platforms like Polymarket. The previous HIP-3 upgrade, which introduced permissionless perpetuals for developers, has accounted for over 35% of the platform's total trading volume since its launch in October 2025. Currently, outcome tokens are only available on the testnet, with no confirmed mainnet release date.