Documentation

The biggest AI deal of the year is a structured option hiding in plain sight. We decompose the SpaceX-Cursor acquisition right into a Black-Scholes framework, back out the implied vol, and compare it to every asset class we can price.

The Generational Oil Roll Happened on Hyperliquid: Why It Couldn't Have Happened Anywhere Else

How a published oracle walk between dated CME contracts turned the April WTI roll into the loudest trade in crypto — and why HIP-3 is the only venue this instrument could have existed on.

Vanilla Options on Top of HIP-4

HIP-4 extends way beyond prediction markets. We are building real vanilla options on Hypercall with native HIP-4 thresholds underneath them and portfolio margin that can finally credit the whole writer hedge stack.

Is AI Cooked?

Semis are crashing, Iran closed the Strait of Hormuz, tariffs are landing, and everyone is asking if the AI trade is over. We looked at the options market. The answer is more interesting than yes or no.

Everyone Is Hedged. Now What?

433M of BTC put premium in one week. 3.2x put/call ratio on ETH. Zero funding. Fear and Greed at 8. The most crowded trade in crypto is short. History says that is where bottoms form.

The JPM Collar: Why One Options Trade Moved the Entire Market

The JPMorgan Hedged Equity Fund's quarterly collar trade expired today. Here's what happened, why it matters, and what comes next.

Documentation

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Integrate via API

Contracts

Margining

Venue Rules

Architecture

Options Research

SpaceX Paid $10 Billion for a Call Option on Cursor. That's a Great Deal.

The Generational Oil Roll Happened on Hyperliquid: Why It Couldn't Have Happened Anywhere Else

Vanilla Options on Top of HIP-4

Is AI Cooked?

Everyone Is Hedged. Now What?

The JPM Collar: Why One Options Trade Moved the Entire Market

Trading

Risk & Margin

Resources