In a significant development, Hyperliquid has released its fee structure for outcome tokens, which are the foundation of prediction market-style trading on the platform. This move suggests that the mainnet launch is imminent. The prediction market sector has emerged as one of the fastest-growing areas in crypto, with trading volume skyrocketing over 300% in 2025 to reach $63.5 billion.
Hyperliquid is constructing the necessary infrastructure to compete with established players like Kalshi and Polymarket. A key aspect of the fee structure is that initiating a position is free, with fees only being applied when a trade is closed or settled. The document outlines six distinct 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 comprehensive fee formula has been made available for developers. The broader implications of this development are substantial, as the introduction of outcome tokens through the HIP-4 upgrade will enable users to trade binary contracts on real-world events, in addition to Hyperliquid's existing perpetuals and spot positions, all within a single account.
This move is seen as a direct challenge to platforms like Polymarket, which recently announced that perpetual trading is 'coming soon.' Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has already accounted 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.