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. 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 $63.5 billion.
Hyperliquid is building 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 using Hyperliquid's aligned quote tokens can expect better rates, with taker fees 20% lower and maker rebates 50% higher than standard. The full fee formula is now available for developers. The introduction of outcome tokens through the HIP-4 upgrade will enable users to trade binary contracts on real-world events, alongside perpetuals and spot positions, in a single account, as Hyperliquid aims to compete with platforms like Polymarket.
Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has seen significant growth, now accounting for over 35% of the platform's trading volume since its introduction in October 2025. Currently, outcome tokens are only available on testnet, with no confirmed mainnet launch date.