- Hyperliquid docs say outcome tokens charge fees only when users close or settle positions, not when opening trades.
- Coin Academy said crypto prediction-market volume rose more than 300% in 2025 to US$63.5 billion.
- HIP-4 is still testnet only, but it is designed to bring event contracts into the same account as spot and perpetual trading.
Hyperliquid (HYPE) has published testnet outcome-token fee rules that charge only on closing or settlement.
Hyperliquid’s official fee documentation now includes an “Outcome Tokens (testnet only)” section. The key rule is that outcome token trading does not charge users when they open positions; fees apply only when closing or settling those positions.
The model gives Hyperliquid a clear pricing hook as it prepares to expand beyond perpetuals and spot trading.
Outcome Trading Mechanics
All of this is thanks to HIP-4, announced and launched on testnet on Feb. 2, 2026. The upgrade introduces fully collateralised, expiry-based outcome contracts that settle at either 0 or 1 depending on whether a defined real-world event occurs.
Those contracts can cover crypto price milestones, macroeconomic events, sports, elections and potentially insurance-style outcomes. They run natively on HyperCore, so users can hold event contracts in the same account as perpetual futures and spot positions, reducing the need to move collateral across separate venues.
Hyperliquid’s fee docs also extend existing incentives to aligned quote assets. Those assets receive 20% lower taker fees, 50% better maker rebates and 20% more volume contribution toward fee tiers, which could make aligned collateral more attractive once outcome markets move beyond testnet.
Related: Brazil Cracks Down on Prediction Markets, Bans 27 Platforms Including Kalshi and Polymarket
Prediction Market Push
The fee schedule covers creation, trading, destruction and settlement scenarios for outcome tokens. Moreover, HIP-3, Hyperliquid’s earlier builder-deployed perpetuals upgrade, had already grown to more than 35% of platform volume.
Data from CoinGecko shows HIP-3 open interest reached US$1.43 billion (AU$2.06 billion) in March 2026. It seems builders must stake 500,000 HYPE to deploy markets under the framework.
That earlier uptake gives Hyperliquid a template for adding new market types through protocol-level upgrades rather than separate applications.
Prediction-market trading volume rose more than 300% in 2025, reaching US$63.5 billion (AU$91.44 billion), while established event-market platforms continue to compete for liquidity and users.
Read more: Bitcoin’s Bullish Signals Strengthen Despite Recent Hash Rate Dip
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