Hyperliquid has published the fee structure for its outcome tokens, the assets that underpin market-style prediction trading on the platform, in a sign that the mainnet launch is getting closer.
Prediction markets have become one of the fastest growing areas of cryptocurrencies, with trading volume increasing more than 300% in 2025 to $63.5 billion, and Hyperliquid is building the infrastructure to compete with traditional companies like Kalshi and Polymarket.
The key detail of the structure is that opening a position costs nothing. Fees only apply when closing or liquidating a trade. The document outlines six scenarios covering minting, trading, burning and liquidation.
Traders using Hyperliquid’s “aligned listing tokens” get better rates, with fees for buyers 20% lower and rebates for makers 50% higher than standard. The full fee formula for developers has been released.
The broader significance is that HIP-4, the update that introduces outcome tokens, would allow users to trade binary contracts on real-world events alongside Hyperliquid’s existing perpetual 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 update, HIP-3, which opened perpetual permissionless to developers, has grown to more than 35% of the platform’s entire trading volume since its introduction in October 2025.
Currently, results tokens are only on testnet. No mainnet date has been confirmed.
