Hyperliquid official document update: HIP-4 results token free opening of positions

According to an update on April 30 from Hyperliquid’s official documents, the Hyperliquid team has clearly laid out the fee logic for HIP-4 outcome tokens in the documentation. The core rule is: outcome token trades incur fees only when closing or settling; opening positions is free. The fee formula has now been disclosed to developers. In March, Hyperliquid announced the launch of a testnet for HIP-4.

Core Rules of HIP-4 Outcome Token Fees

(Source: Hyperliquid official website)

According to Hyperliquid’s official documents, the fee logic for outcome token trading follows the core principle of “no fee for opening; fees only for closing or settlement.” The trading volume for outcome token trades counts only the volume of trades that have already paid fees.

According to the official documents, outcome token trading has six fee scenarios in total. Different logic applies depending on who pays:

Mint: No one pays fees, and it is not counted toward trading volume 2a. Ordinary trade (only market makers pay fees): both users can receive px × sz trading volume counted 2b. Ordinary trade (no one pays fees): not counted toward trading volume 3a. Burn (both sides pay fees): both users can receive (maker_px + taker_px) × sz = 1 × sz trading volume counted 3b. Burn (only one side that takes the order pays fees): both users can receive taker_px × sz trading volume counted

Settlement: each user receives settle_fraction × sz trading volume counted

Aligned Quote Token Discounts and Fee Formula Made Public

According to Hyperliquid’s official documents, the Aligned Quote Token can enjoy the following three benefits: a 20% reduction in taker fees, a 50% increase in market maker rebates, and a 20% increase in the contribution of trading volume to the fee tier.

According to the official documents, all protocol fees on Hyperliquid are owned by the community, covering HLP, the foundation, and deployers, and are not held by the team or internal personnel. The foundation uses system addresses to convert fees to HYPE tokens via a fully automated process and permanently burn them. The fee formula has now been disclosed to developers for third-party integrations to use.

FAQ

When was the Hyperliquid official documentation updated? What are the core contents?

According to Hyperliquid’s official documents (updated April 30, 2026), this update clearly clarified the fee logic for HIP-4 outcome tokens. The core rules are free to open, and fees only when closing or settling. It also published six fee scenarios and the fee formula for developers to use.

What are the six fee scenarios for HIP-4 outcome tokens?

According to Hyperliquid’s official documents, the six scenarios include: Mint (no fees), two ordinary trading situations (varying by who pays), two burn situations (varying by who pays), and settlement; each scenario has different logic for how trading volume is counted.

What fee discounts does the Aligned Quote Token enjoy?

According to Hyperliquid’s official documents, the Aligned Quote Token enjoys three benefits: a 20% reduction in taker fees, a 50% increase in market maker rebates, and a 20% increase in trading volume’s contribution to the fee tier.