Hyperliquid launches BTC and ETH options trading via Hypercall, positioning itself as the primary venue for crypto options hedging.
DeFi & Yields ·
Hyperliquid has launched Bitcoin and Ethereum options trading through Hypercall, a new product addition to its on-chain derivatives platform. The move positions the exchange as a key hedging venue for options writers, leveraging its status as a deep liquidity pool for spot and perpetual trading. Hyperliquid operates as a fully on-chain DEX running its own high-speed Layer 1 blockchain, with perpetual futures launched in 2023 and spot markets added in 2024.
The platform uses a custom consensus layer called HyperBFT optimized for low-latency financial matching, enabling block times in the low-millisecond range and an order-book model that processes trades faster than general-purpose blockchains. Perpetual contracts are settled in USDC, and the protocol maintains a vault called HLP that serves as primary market maker and counterparty, allowing third-party liquidity providers to deposit collateral and share in vault profits and losses. Traders can employ cross-margin and near-total portfolio margining across multiple positions.
It remains unclear how deeply Hypercall's options markets have been adopted since launch or whether the venue will capture meaningful market share from existing options protocols. The extent to which Hyperliquid's spot and perpetual depth will translate into options volume also requires time to assess.