Hyperliquid Aims to Challenge Polymarket? Zero Trading Fees to Tap into $63.5 Billion Prediction Market

BlockBeats News, April 30th, Decentralized Exchange Hyperliquid officially unveiled its "Outcome Tokens" fee scheme, marking the acceleration of its mainnet launch process, possibly preparing for the mainnet launch of the prediction market, directly competing with the leading prediction markets Polymarket and Kalshi.

The core highlight of the fee design is fee-free opening positions—fees are only charged upon closing or settlement. Traders using the platform's "quote-aligning token" can also enjoy additional benefits: a 20% reduction in taker fees and a 50% increase in maker rebates. The full fee formula has been open to developers.

Outcome Tokens are launched based on the HIP-4 upgrade plan. After the rollout, users can trade binary contracts of real-world events in the same account, parallel to Hyperliquid's existing perpetual contracts and spot positions. The timing is crucial—Polymarket just announced "perpetual trading coming soon" earlier this week, setting the stage for a direct confrontation.

For reference, the last upgrade, HIP-3, introduced permissionless perpetual contracts in October 2025, with related trading volume accounting for over 35% of the platform's total volume. The prediction market track continues to erupt: industry-wide trading volume surged over 300% YoY in 2025, reaching $63.5 billion. Currently, "Outcome Tokens" are still in the testnet phase, and the mainnet launch date is yet to be determined.