In a significant development, Hyperliquid has released its fee structure for 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 space has witnessed explosive growth, with trading volumes skyrocketing over 300% in 2025 to reach $63.5 billion. Hyperliquid is building a robust 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 more favorable rates, with taker fees reduced by 20% and maker rebates increased by 50% compared to 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.
This move is seen as a strategic attempt to compete with platforms like Polymarket, which has announced plans to introduce perpetual trading soon. Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has seen significant adoption, 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.