Hyperliquid readies zero-fee outcome tokens to rival Polymarket

Hyperliquid has published a fee structure for its upcoming outcome tokens, a key step toward launching prediction-market-style trading on its exchange. The model charges zero fees to open positions; costs apply only when closing or settling, with better execution for traders using “aligned quote tokens” (taker fees 20% lower and maker rebates 50% higher). The rollout is tied to HIP-4, which introduces outcome tokens and would allow users to trade binary real-world event contracts alongside Hyperliquid’s existing perps and spot positions in a single account. Hyperliquid says outcome tokens are currently on testnet and no mainnet date has been confirmed. Competition context: prediction markets are booming, with 2025 volume rising more than 300% to about $63.5B. Hyperliquid is building to compete with incumbents such as Kalshi and Polymarket, the latter indicating that perpetual trading is “coming soon.” Hyperliquid’s earlier HIP-3 upgrade (permissionless perps for developers) has driven over 35% of all platform trading volume since its October 2025 introduction. For traders, the zero-fee entry structure may improve liquidity and reduce friction for frequent event traders, while the incentives tied to aligned quote tokens could shift fee economics and order-flow toward those token pairings as HIP-4 matures from testnet to mainnet.