TL;DR
Hypercall has recorded $640 million in notional trading volume since June, with more than 80% coming from options linked to the S&P 500 index.
The Hyperliquid-based platform has approximately $49 million in open interest, including $47 million tied to contracts on the US stock market index.
Hypercall offers options with daily, weekly, and monthly expirations, including weekend trading, and settles its contracts in USDC.
Hypercall , an options trading platform built on the Hyperliquid blockchain, has recorded $640 million in notional trading volume since launching in June. More than 80% of that volume comes from S&P 500 options , according to the company.
Open interest, which represents the value of outstanding contracts, stands at approximately $49 million . Of that amount, $47 million is tied to the US stock market index .
Although these figures remain small compared with traditional markets and derivatives platforms such as Deribit, Hypercall allows traders to access traditional financial instruments outside regular stock exchange hours .
The platform offers options with daily, weekly, and monthly expirations , including contracts that can be traded over weekends.
S&P 500 Options Dominate Hypercall’s Trading Volume
Jake Sylvestre, founder of Hypercall, explained that much of the activity involves options expiring the following day , used by traders seeking to capitalize on short-term movements in the index.
The contracts allow traders to take positions on price direction through call ( calls ) and put ( puts ) options, as well as hedge against potential fluctuations.
Each Hypercall contract uses a $1 multiplier , meaning every index point is worth one dollar at settlement.
For example, a call option with a strike price of 7,000 points generates a $100 payout if the index settles at 7,100 points .
Contracts are settled in USDC , using the average price during the final 30 minutes of S&P 500 perpetual futures trading on Hyperliquid as the reference.
Sylvestre said the ability to trade around the clock is one of the platform’s main attractions.
Market makers can hedge their positions using Hyperliquid perpetual futures , even when US stock exchanges are closed.
Hypercall Expands Its Offering to Stock Options
In addition to the S&P 500, Hypercall offers contracts linked to companies such as SpaceX, Nvidia, Micron Technology, and SanDisk .
These four companies account for more than half of all single-stock options trades . The platform also supports contracts tied to Apple, Microsoft, Meta, and Alibaba, as well as Bitcoin and Ethereum.
Currently, two market makers are active on Hypercall , while three others are being onboarded. The company expects to announce their names in the coming weeks.
Sylvestre explained that funds posted as collateral remain recorded on-chain , although order matching takes place off-chain . Some margining and liquidation processes also operate outside the blockchain.
Hypercall does not aim to replace Deribit , the Coinbase-owned platform that primarily specializes in Bitcoin and Ethereum options . According to its founder, traders use Hypercall to access markets that Deribit does not offer.
Other platforms are also introducing derivatives linked to US stocks. Bybit began offering round-the-clock options trading on stock perpetual futures on September 17, initially covering SpaceX and Nvidia .
Binance , meanwhile, offers options linked to more than 1,000 US stocks and ETFs for eligible users outside the United States.
