Hypercall, an options platform operating on Hyperliquid, has recorded $640 million in notional trading volume since launching in June, with S&P 500 options accounting for more than 80% of the total. The activity highlights growing interest among crypto traders in accessing traditional financial markets through blockchain-based exchanges.
The S&P 500 options market processes trillions of dollars in notional volume daily. Hypercall is attracting traders by offering access to index contracts around the clock, including during weekends when conventional exchanges are closed.
According to figures shared with CoinDesk, the platform has accumulated approximately $640 million in notional volume since June. Its open interest stands at around $49 million, with S&P 500 options representing roughly $47 million.
While these figures are relatively small compared with traditional markets and Deribit’s established cryptocurrency options business, they reflect demand for continuous access to financial products. Deribit launched in 2016 and now regularly records billions of dollars in daily volume and open interest. Hypercall provides daily, weekly and monthly contract expirations, including weekend trading.
Founder Jake Sylvestre said most activity involves options expiring the next day, allowing traders to speculate on near-term price changes or hold positions for longer periods.
Crypto-based trading venues are increasingly attracting participants seeking exposure to conventional financial assets and derivatives. Hyperliquid has become a prominent platform for perpetual futures and risk management, particularly during weekends and periods of geopolitical uncertainty when traditional markets are unavailable.
Traders seek access beyond market hours
Hypercall extends Hyperliquid’s derivatives ecosystem into options trading. These contracts give traders exposure to an asset’s price relative to a predetermined strike price at expiration. Call options generally benefit when the asset finishes above the strike, while put options benefit when it finishes below. Market participants use them to hedge positions or trade expectations around direction, volatility and time.
Each Hypercall contract carries a $1 multiplier, making every index point worth $1 at settlement. A call option with a strike of 7,000, for instance, would pay $100 if the index settled at 7,100.
Contracts settle in USDC, a stablecoin pegged to the U.S. dollar, using the average price of Hyperliquid’s S&P 500 perpetual futures during the final 30 minutes.
Sylvestre said Hyperliquid has become an important venue for trading these markets outside regular exchange hours. The platform’s market makers hedge their exposure through perpetual futures, including over weekends. Since corporate earnings, economic releases and breaking news can affect prices while underlying markets are closed, they must continue adjusting their quotes around the clock.
Hypercall does not aim to replace Deribit, the leading crypto options exchange owned by Coinbase Global. Deribit focuses mainly on Bitcoin and Ether options, whereas Hypercall serves traders looking for contracts that are not available on that platform.
Sylvestre said users are generally supplementing their activity on Deribit rather than leaving it.
Two market makers are currently active on Hypercall, while three additional firms are being onboarded. The company expects to disclose their identities in the coming weeks. Although user collateral is held onchain, order matching takes place offchain, and some margin and liquidation processes also operate offchain.
Stock options broaden the market
Individual equities are another important source of activity on Hypercall. Options linked to SpaceX, Nvidia, Micron Technology and SanDisk account for more than half of all trades. Apple, Microsoft, Meta, Alibaba, Ether and Bitcoin are also available.
Sylvestre said the variety of single-stock contracts gives the platform broader market coverage.
Other cryptocurrency exchanges are expanding their equity-linked derivatives offerings as well. Bybit introduced round-the-clock trading in options on stock perpetuals on Sept. 17, initially covering SpaceX and Nvidia. Binance offers options linked to more than 1,000 U.S. stocks and exchange-traded funds to eligible customers outside the United States.
The expansion reflects a broader convergence between cryptocurrency infrastructure and traditional financial markets, as blockchain-based platforms seek to provide continuous access to a wider range of trading products.
