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Roadmap

Hypercall is building a decentralized options exchange on Hyperliquid. This roadmap outlines the path from Mainnet Alpha to a broader, more trust-minimized venue.

Current Status​

Mainnet Alpha is live. Trade options and Hyperliquid perps at app.hypercall.xyz. Standard Margin and Portfolio Margin are both open to every account.

Development Phases​

Mainnet Alpha (Live)​

Mainnet Alpha is live with real USDC funding.

Trade now: app.hypercall.xyz

Features:

  • Desktop and mobile web interfaces (connect a browser wallet such as MetaMask, use WalletConnect, or sign in with email through Privy)
  • Options on BTC, ETH, SPCX, SP500, BOT, MU, NVDA, META, MSFT, AAPL, SNDK and BABA. BTC and ETH expire at 08:00 UTC; the rest expire at 20:00 UTC
  • Standard Margin and Portfolio Margin, both open to every account
  • Perps on Hypercall: Hyperliquid perps on the same underlyings, margined together with options in Portfolio Margin. Each order passes Hypercall's risk check, then goes through a secure enclave (the app default) or, as an advanced setting, your account contract
  • PM financing: a USDC lending pool funds premiums and expiry settlements for Portfolio Margin accounts
  • Real USDC deposits and withdrawals
  • RPI execution for single-leg orders; RFQ and combo orders for multi-leg packages
  • Keyboard shortcuts and search on desktop

Access:

  • Public, anyone can trade
  • No whitelist required

Not Yet Included:

  • Perp TWAP orders and in-place order modify
  • The roadmap items below

RSM Decentralization​

Coming soon.

This section will cover the path from the current operator-run RSM to a more decentralized and trust-minimized risk and settlement layer. The roadmap will spell out which state commitments, signer roles, dispute paths, and operational controls move on chain or into verifiable public processes.

Partner and Incentive Programs​

Portfolio Margin, perps, and full liquidation and settlement are live. What remains in this phase:

Features:

  • Builder code revenue sharing for partners (see Builder Codes)
  • Rebates, referral programs, and liquidity incentives when the controls are ready (the September 2026 HYPE pilot has ended)

HIP-4 Integration​

Native HIP-4 threshold markets as hedge building blocks for option writers. HIP-4 markets let builders deploy binary threshold contracts on Hyperliquid. These contracts pay out if the underlying crosses a specified price level, making them natural hedging tools for vanilla option writers who need discrete strike-level protection.

Features:

  • HIP-4 positions visible alongside perps and vanilla options in the writer view
  • Threshold ladder credit in Portfolio Margin for aligned strike-region hedges
  • One-click writer packs: quote the option, suggest the perp plus HIP-4 stack, preview marginal initial margin

Why this matters: Option writers currently hedge with perps, which provides delta coverage but not strike-level coverage. A HIP-4 threshold at your short strike acts like a digital hedge, paying out exactly when your short option moves deep ITM. Combining vanilla shorts with threshold longs creates tighter risk profiles and lower margin requirements.

Physical Settlement for Exchange Options​

Transition from cash settlement to physically settled options where the underlying asset is delivered at expiry instead of a cash payout.

Today, options on the main Hypercall Exchange are cash-settled: at expiry, the intrinsic value is computed from the settlement TWAP and credited or debited as USDC. This roadmap item changes the Exchange path so that exercising an ITM call delivers the actual underlying token or position to the buyer in exchange for the strike price.

Why this matters:

  • Capital efficiency - Writers who already hold the underlying can write covered calls without posting additional margin
  • Composability - Settled positions integrate directly with Hyperliquid spot and perp balances
  • Explicit delivery mechanics - Exercise exchanges the strike payment for the underlying instead of booking only a cash claim

See Settlement Types for a detailed comparison of cash vs physical settlement mechanics.

Options as HyperCore Margin​

Use option positions as recognized collateral on HyperCore, unlocking capital efficiency across the full Hyperliquid stack.

Today, option positions sit in the Hypercall margin system and cannot be used as collateral elsewhere. This phase integrates option valuations into HyperCore's margin engine so that holding options reduces your margin requirements on Hyperliquid perps and spot.

How it works:

  • Option positions are valued at mark (Black-Scholes mid) and contribute to your HyperCore equity
  • Haircuts apply based on moneyness, time to expiry, and underlying liquidity
  • Long options add collateral value; short options consume it (net of hedges)
  • Cross-margin calculations recognize option-perp offsets, so a hedged book uses less total margin than the sum of parts

Why this matters: Traders currently need separate capital pools for Hyperliquid perps and Hypercall options. Recognizing options as margin collapses these into one pool, letting a single dollar of equity support positions across both venues.

Get Involved​

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