In a significant development, Hyperliquid has unveiled the fee structure for its outcome tokens, which are the foundation of prediction market-style trading on the platform. This move indicates that the mainnet launch is imminent.
The prediction market sector has emerged as one of the fastest-growing areas in crypto, with trading volumes skyrocketing by over 300% in 2025 to reach $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 applicable when closing or settling a trade. The document outlines six scenarios, including minting, trading, burning, and settlement.
Traders who utilize Hyperliquid's 'aligned quote tokens' can benefit from improved 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 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. This move is seen as a 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 seen 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 launch date.