Hyperliquid is preparing to launch its prediction market feature, taking direct aim at incumbents like Polymarket and Kalshi. The decentralized exchange has published the fee structure for its outcome tokens — the assets that underpin prediction market-style trading — signaling that a mainnet launch is approaching.
Prediction markets have become one of the fastest-growing sectors in crypto, with trading volume surging more than 300% in 2025 to reach $63.5 billion. Hyperliquid is building the infrastructure to compete with established platforms by leveraging its high-speed trading engine and integrating event-based contracts directly into its existing derivatives ecosystem.
The key detail in the fee 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" will 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 upgrade, designated HIP-4, will allow users to trade binary contracts on real-world events — from elections to sporting events — alongside existing perpetuals and spot positions in a single account. This integrated approach puts pressure on Polymarket, which recently announced that perpetual trading is "coming soon" to its platform.
Hyperliquid's previous upgrade, HIP-3, which opened permissionless perpetuals to developers, has grown to account for more than 35% of all platform trading volume since its introduction in October 2025. Outcome tokens are currently only available on testnet, and no mainnet date has been confirmed.
