Prediction market trading is exploding and Hyperliquid wants a piece of the action
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 cryptos 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 Hyperliquids “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 Hyperliquids 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.” Hyperliquids 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