In a significant development, Hyperliquid has unveiled the fee structure for its outcome tokens, a crucial component of the platform's prediction market-style trading. This move indicates that the mainnet launch is imminent. The prediction market sector has witnessed tremendous growth, with trading volumes soaring over 300% in 2025 to $63.5 billion.
Hyperliquid is strategically positioning itself to compete with established players like Kalshi and Polymarket by building a robust infrastructure. A key aspect of the fee structure is that initiating 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. Furthermore, traders utilizing Hyperliquid's aligned quote tokens can benefit from reduced taker fees, which are 20% lower, and increased maker rebates, which are 50% higher than the 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 the existing perpetuals and spot positions, all within a single account. This move is seen as a direct challenge to platforms like Polymarket, which has announced plans to introduce perpetual trading soon.
Hyperliquid's previous upgrade, HIP-3, which allowed permissionless perpetuals for developers, has shown 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 release date.