CoinDesk
Hypercall has recorded $640 million in notional volume since launching in June, with more than 80% coming from S&P 500 options. Open interest is about $49 million, including $47 million in those index contracts. The platform, built on Hyperliquid, offers daily, weekly and monthly expiries around the clock, with trading concentrated in options expiring the next day.
Why it matters
The activity points to demand for access to traditional-market exposure beyond conventional exchange hours. Hypercall’s contracts settle in USDC and trade through weekends, when events such as earnings, economic data and geopolitical developments can move markets even while cash equity markets are closed.
The platform is not yet a major options venue by traditional-market standards. Its volume is also small compared with established crypto options businesses such as Deribit. Hypercall’s founder said most users are trading markets Deribit does not list, rather than leaving that platform.
Market impact
Each contract has a $1 multiplier, so each index point is worth $1 at settlement. A call with a 7,000 strike, for example, pays $100 if the index settles at 7,100. Settlement uses the average price over the final 30 minutes for Hyperliquid’s S&P 500 perpetual futures.
The model relies on market makers hedging with Hyperliquid perpetual futures, including over weekends. Two market makers are active, with three more being onboarded. User collateral is held on-chain, while order matching is off-chain; parts of margining and liquidation also run off-chain. The growth of Hypercall and other platforms offering stock-linked options reflects a broader push to bring traditional-market products onto crypto venues.
Frequently asked questions
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How much of Hypercall’s volume comes from S&P 500 options?
More than 80% of Hypercall’s $640 million in notional volume since June came from S&P 500 options.
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How large is Hypercall’s open interest in S&P 500 options?
Hypercall has about $49 million in open interest, of which $47 million is in S&P 500 options.
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How do Hypercall’s S&P 500 options settle?
Contracts settle in USDC against the average price over the final 30 minutes for Hyperliquid’s S&P 500 perpetual futures.
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Why does Hypercall offer options trading around the clock?
Around-the-clock trading lets users access markets when conventional exchanges are closed, including weekends when news and events can still move prices.
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Which parts of Hypercall’s trading process happen off-chain?
Order matching is off-chain, and parts of margining and liquidation also run off-chain. User collateral is held on-chain.
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