S&P 500 options are the hottest bet on this Hyperliquid exchange
Hypercall, an options platform on Hyperliquid launched in June, has recorded $640 million in notional volume, with more than 80% in S&P 500 options; open interest is about $49 million. The contracts offer daily, weekly and monthly expiries and trade around the clock, allowing exposure to market moves when traditional exchanges are closed. They settle in USDC against Hyperliquid S&P 500 perpetual prices. Hypercall also lists options on individual stocks and crypto assets. Its founder says traders are targeting markets not offered by Deribit, rather than replacing that venue. Two market makers are active, with three more onboarding; collateral is held on-chain, while matching and some risk processes are off-chain. Bybit and Binance also offer stock-linked options.
