In a significant development, Hyperliquid has unveiled its fee structure for 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 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 applying when a trade is closed or settled. The document outlines six scenarios, including minting, trading, burning, and settlement. Traders utilizing Hyperliquid's aligned quote tokens can enjoy 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.
This move is seen as a direct challenge to platforms like Polymarket, which recently announced that perpetual trading is 'coming soon.' Hyperliquid's previous upgrade, HIP-3, which introduced permissionless perpetuals for developers, has already accounted for over 35% of the platform's total trading volume since its launch in October 2025. Currently, outcome tokens are only available on the testnet, with no confirmed mainnet launch date.