In a significant development, Hyperliquid has released the fee structure for its outcome tokens, which are the foundation of prediction market-style trading on the platform, indicating an impending mainnet launch. The prediction market sector has emerged as one of the fastest-growing areas in crypto, with a staggering 300% surge in trading volume in 2025, reaching $63.5 billion.
Hyperliquid is building the necessary 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 expect better 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 Hyperliquid's existing perpetuals and spot positions, all within a single account, as the platform aims to compete with the likes of Polymarket, which recently announced the upcoming launch of perpetual trading.
Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has seen significant growth, 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.