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.
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.”
