In a significant development, Hyperliquid has unveiled the fee structure for its outcome tokens, which are the building blocks of prediction market-style trading on the platform, indicating that a 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 establishing 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 are eligible for preferential 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 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, as the platform seeks to rival Polymarket, which recently announced plans to introduce perpetual trading. Hyperliquid's previous upgrade, HIP-3, which opened up permissionless perpetuals to 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 testnet, with no confirmed mainnet launch date.