The fee structure for outcome tokens, which are the core of Hyperliquid’s prediction market trading platform, has been released, indicating a nearing mainnet launch. This development comes as prediction markets surge in popularity within the crypto space, seeing a 300% increase in trading volume to $63.5 billion in 2025. Hyperliquid is setting up its infrastructure to challenge established players like Kalshi and Polymarket.
A pivotal aspect of Hyperliquid’s fee model is that opening positions incurs no cost; fees are only charged during the closing or settlement of trades. The published document details six different scenarios involving minting, trading, burning, and settling.
Users who engage with Hyperliquid’s ‘aligned quote tokens’ enjoy enhanced rates, benefiting from taker fees reduced by 20% and maker rebates boosted by 50%, compared to standard offerings. Developers now have access to the full fee formula.
The broader impact of HIP-4, an upgrade set to introduce outcome tokens, is significant as it will enable users to trade binary contracts on real-world events alongside Hyperliquid’s existing perpetuals and spot positions within a single account. This move aims to rival platforms such as Polymarket, which announced plans for introducing perpetual trading shortly.
Hyperliquid’s preceding update, HIP-3, has expanded the access of permissionless perpetuals to developers and now represents over 35% of all platform trading volume since its October 2025 launch.
As of now, outcome tokens are available on testnet only, with no confirmed mainnet date.