In a significant development, Hyperliquid has unveiled the fee structure for its outcome tokens, which facilitate prediction market-style trading on the platform, hinting at an imminent mainnet launch. The prediction market sector has seen a staggering 300% surge in trading volume in 2025, reaching $63.5 billion, and Hyperliquid is developing infrastructure to rival established players like Kalshi and Polymarket. A key feature 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 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, as Hyperliquid aims to compete with platforms like Polymarket. Notably, Hyperliquid's previous upgrade, HIP-3, 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 testnet, with no confirmed mainnet launch date.