Hyperliquid has published the fee structure for its outcome tokens, the assets that support predictable market-like trading on the platform, in a sign that a mainnet launch is approaching.
Prediction markets have become one of crypto’s fastest-growing areas, with trading volume increasing 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 details of the structure is that it costs nothing to open a position. Fees only apply when closing or settling a trade. The document outlines six scenarios covering cashing out, trading, burning and liquidation.
Traders using Hyperliquid’s “aligned quote tokens” get better prices, with quote fees 20% lower and producer discounts 50% higher than standard. The full fee formula has been published for developers.
The broader significance is that HIP-4, the upgrade that introduces the 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 up permissionless perpetuals to developers, has grown to more than 35% of all platform trading volume since its introduction in October 2025.
Result Tokens are currently only on the testnet. No mainnet date has been confirmed.
