Hypercall Documentation
On-chain options exchange built on Hyperliquid
Documentation
Trade on App
Trade options through the Hypercall web interface with real-time pricing and execution.
→Integrate via API
Programmatic access with REST and WebSocket APIs for market makers and integrators.
→Contracts
Smart contract architecture and direct on-chain integration.
→Margining
SPAN-based portfolio margining with collateral management and liquidation mechanics.
→Venue Rules
Trading rules, order lifecycle, instruments, and market making parameters.
→Architecture
Platform overview, hybrid execution model, and system architecture.
→Options Research
The Next Trillion Dollars of Stablecoins Will Be Built on Options
Vitalik proposed replacing debt and liquidations with option pairs as the base layer for synthetic dollars. We explain the idea from first principles, price it on live Deribit data, and backtest it through nine years of ETH crashes. The missing piece is an options venue.
Read more 2026-06-03RPI: The Execution Model Between RFQ and CLOB
The RFQ vs CLOB debate misses the point. RPI gives you a transparent orderbook with a pre-trade auction that guarantees price improvement. Here is how it works, why options need it, and what it means for perps.
Read more 2026-04-22SpaceX Paid $10 Billion for a Call Option on Cursor. That's a Great Deal.
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.
Read more 2026-04-11The 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.
Read more 2026-04-09Vanilla 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.
Read more 2026-04-05Is 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.
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