BlockBeats report, April 30: The decentralized exchange Hyperliquid has officially launched its Outcome Tokens fee structure, signaling accelerated progress toward its mainnet launch and potentially preparing for a prediction market mainnet launch, directly competing with leading prediction markets Polymarket and Kalshi.
The core highlight of the fee structure is free opening positions—fees are charged only upon closing or settlement. Traders using the platform’s “aligned quote token” also enjoy additional benefits: taker fees reduced by 20% and maker rebates increased by 50%. The full fee formula is available to developers.
The result tokens are being launched alongside the HIP-4 upgrade, enabling users to trade binary contracts on real-world events within the same account, alongside Hyperliquid's existing perpetual and spot positions. Timing is critical—Polymarket just announced this week that "perpetual trading is coming soon," making the direct competition between the two platforms clear.
For reference, after the previous HIP-3 upgrade introduced permissionless perpetuals in October 2025, related trading volume accounted for over 35% of the platform’s total volume. The prediction markets sector continues to surge: industry-wide trading volume increased by over 300% year-over-year in 2025, reaching $63.5 billion. "Outcome tokens" are currently in the testnet phase, and the mainnet launch date has not yet been determined.