What to know : Hyperliquid published a fee structure for outcome tokens, signaling progress toward offering prediction market-style trading on its platform. The model charges no fees to open positions, instead applying costs on closing or settlement, with additional incentives for traders using aligned quote tokens. The rollout is tied to HIP-4, which introduces outcome tokens and could enable trading on real-world events alongside crypto assets in a single account.
Hyperliquid has published the fee structure for its outcome tokens, the assets that underpin prediction market-style trading on the platform, in a sign that a mainnet launch is getting closer.
Prediction markets have become one of crypto's fastest-growing areas, with trading volume surging more than 300% in 2025 to $63.5 billion, and Hyperliquid is building the infrastructure to compete with incumbents such as Kalshi and Polymarket.
The key detail in the structure is that opening a position costs nothing. Fees only apply when closing or settling a trade. The document outlines six scenarios covering minting, trading, burning and settlement.
Traders using Hyperliquid's "aligned quote tokens" get better rates, with taker fees 20% lower and maker rebates 50% higher than standard. The full fee formula has been published for developers.
The broader significance is that HIP-4, the upgrade introducing outcome tokens, would let users trade binary contracts on real-world events alongside Hyperliquid's existing perpetuals and spot positions in a single account as it looks to compete with platforms like Polymarket, which said earlier this week that perpetual trading is "coming soon."
Hyperliquid's previous upgrade, HIP-3, which opened permissionless perpetuals to developers, has grown to more than 35% of all platform trading volume since its introduction in October 2025.
Outcome tokens are currently on testnet only. No mainnet date has been confirmed.
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