Hyperliquid is getting closer to launching a new event trading model. The platform has revealed fee details for outcome tokens, which will form the basis of its prediction markets segment.
The market itself is growing rapidly. In 2025, trading volume more than tripled and reached $63.5 billion, so interest in such instruments is only increasing. Against this backdrop, Hyperliquid is clearly trying to carve out its niche alongside Polymarket and Kalshi.
The fee model here differs from the usual logic. There is no fee to enter a position; fees only arise when exiting or settling. The documentation describes all key scenarios: from token issuance to burning and final clearing.
The platform specifically emphasizes the conditions for users of Aligned Quote Tokens. For them, taker fees are reduced and maker payouts are increased, and the difference from standard terms is quite noticeable. The full calculation formula has already been made publicly available.
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A key step is the update HIP-4. It combines derivatives trading and event betting in one account. This means that now binary contracts on real outcomes will be available alongside perpetuals and spot, without separate interfaces.
This directly puts Hyperliquid in competition with Polymarket, which itself recently hinted at expanding into perpetuals.
The previously released HIP-3 update has already significantly changed the platform. After the introduction of decentralized futures, their share grew to more than 35% of the market.
For now, all this only works on the testnet. The team has not yet announced when the full launch will take place.
