Hyperliquid is preparing to take on Polymarket with a new way to trade real-world events

Hyperliquid is gearing up to challenge Polymarket with a zero-fee entry for event betting as the $63 billion prediction market sector continues to explode.

What to know:

• Hyperliquid published a fee structure for outcome tokens, signaling progress toward offering prediction market-style trading on its platform.
• The model charges no fees to open positions, instead applying costs on closing or settlement, with additional incentives for traders using aligned quote tokens.
• The rollout is tied to HIP-4, which introduces outcome tokens and could enable trading on real-world events alongside crypto assets in a single account.

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 crypto's 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 Hyperliquid's "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 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 permissionless perpetuals to developers, has grown to more than 35% of all platform trading volume since its introduction in October 2025.

Outcome tokens are currently on testnet only. No mainnet date has been confirmed.

More For You

The payments giant added support for Stripe's Tempo, Circle's Arc, Coinbase's Base, Polygon and Canton Network as stablecoins gain traction in global money movement.

What to know:

• Visa is expanding its stablecoin settlement pilot to nine blockchains, adding Base, Polygon, Canton Network, Arc and Tempo to existing support for Ethereum, Solana, Avalanche and Stellar.
• The program, which lets issuers and acquirers settle transactions in stablecoins instead of through traditional banking rails, has reached a $7 billion annualized...

The Protocol: Mythos forces crypto industry to rethink security practices

2 minutes ago

The AI-crypto disconnect: Why Pantera’s CEO thinks institutions are missing the boat on bitcoin

34 minutes ago

Visa expands stablecoin settlement network as volume hits $7 billion run rate

48 minutes ago

Bitcoin ETFs fuel institutional surge, 21Shares' CIO sees $100K possible by year-end

57 minutes ago

Crypto Long & Short: Guide, deliver, repeat: the hidden driver of token performance

1 hour ago

Wall Street is launching the first ever prediction market ETFs for U.S. elections

1 hour ago

There's a social media groundswell predicting bitcoin above $90,000. That might be a problem.

6 hours ago

Bitcoin rebounds from key support as traders eye renewed push toward $80,000

5 hours ago

Institutional money is coming for bitcoin, but Adam Back says it moves slower than you think

12 hours ago

First central bank to test bitcoin says asset is ‘too risky’ for reserves

3 hours ago

Tether leads Belo's $14 million raise to expand stablecoin payments across Latin America

4 hours ago