Hypercall (by $SYN)

Hypercall is building the options exchange for everything.

Our products have over $55B in volume & 2.5M users.

[Hypercall (by $SYN) @SynapseProtocol]

The most-traded instrument in the world comes on-chain.

Trade options on Hypercall.

https://t.co/mQ6zOldxZd

[HypedLaunches @HypedLaunches]

Hypercall ($SYN) has officially launched RFQ V2, another important step forward for options trading on Hyperliquid.

The upgrade is designed to improve execution for larger trades by allowing multiple market makers to compete for the same order.

Key improvements:

- Up to 10 option legs executed atomically.
- Multiple market makers competing for better prices.
- Anonymous trading to protect account identity.
- Orders split across makers with all-or-nothing execution.
- Up to 1,024 firm quotes supported in a single sweep.
- Zero builder fees at launch.

The example shows five BTC call spreads executed at an average premium of $510.80 per spread, combining quotes from two market makers. These are illustrative prices, not actual trades.

RFQ V2 is currently API-only, with the existing V1 interface remaining available.

What stands out to me is how Hyperliquid's ecosystem keeps expanding beyond perpetual futures. Better execution infrastructure is exactly what sophisticated options markets need to attract larger participants.

#Hyperliquid #HYPE #SYN #DeFi #OptionsTrading

[Hypercall (by $SYN) @SynapseProtocol]

Building a maker? cargo add hypercall-client

v0.3.0 ships RFQ V2 signing, transport and recovery, on by default. The rfq_v2_maker example arms the dead-man switch and signs firm quotes.

https://t.co/hblD6C4XOj

[Hypercall (by $SYN) @SynapseProtocol]

RFQ V2 is live on Hypercall: better fills on size.

Makers compete to price your package. Up to 10 legs fill as one trade, so no legging risk. Stay anonymous, so makers price the trade, not the wallet. Sweep the best quotes across makers in one go: all fill or none.

https://t.co/ujCHKLZFp8

[Hypercall (by $SYN) @SynapseProtocol]

https://t.co/ZNpijLJvR0

[Hypercall (by $SYN) @SynapseProtocol]

Every fill checks all three signatures, signer approval, remaining size, self-trade across account, manager, signer and provider, MMP, and margin on both sides. Builder fees are zero at launch.

Docs: https://t.co/zKsHFDHQeG

[Hypercall (by $SYN) @SynapseProtocol]

https://t.co/ZNpijLJvR0

[The Options Insider @Options]

Jake Sylvestre of @SynapseProtocol joins us to explore Hypercall, 24/7 options on Hyperliquid and the future of on-chain trading. Plus Bitcoin, Ethereum, HYPE & more on "The Crypto Rundown 243: Are you Hyped to Trade Nvidia Options on HYPE?"

Listen to this episode on your favorite podcast platform including YouTube: https://t.co/f0FbzWtn8M

And subscribe to the full Options Insider Radio Network on your favorite podcast platform:
🍎Apple: https://t.co/PxeG60OBru
🎧Spotify: https://t.co/9atNj6GmAm

[🇺🇸🧠 Trajan0x-SYN/ACC @trajan0x]

Wrote up some thought on where the options market is going for @hackernoon

Hypercall coded

[Fabius DeFi @FabiusDefi]

S&P 500 options are beating BTC and ETH options on a venue built on @HyperliquidX 👀

I expected crypto assets to dominate. Reading Hypercall's numbers made me reconsider where demand for onchain options could come from.

According to CoinDesk’s October 14 report:

→ ~$640M in notional volume since June
→ Over 80% from S&P 500 options
→ ~$47M of its ~$49M open interest in S&P 500
→ Volume concentrated in next-day expiries

What interests me is the demand options add beyond perps.

I can express direction through a perp.

With options, I can also trade expected volatility, choose a specific expiry, or buy protection with a defined premium.

That opens up different strategies with such hedging earnings, positioning around macro announcements, or buying protection against weekend news.

The 24/7 hedge market is what makes this setup interesting.

Hypercall trades through weekends and settles in USDC.

Its market makers hedge using Hyperliquid perps, including when cash equities are closed.

Geopolitical news can arrive while both NYSE and CME are shut, and these markets can keep adjusting prices.

I found one concrete example in Hypercall’s September research, with a put spread costing roughly $7,100 was associated with $14.8M of market-maker perp hedging over 15 hours.

As prices moved and expiry approached, the maker repeatedly adjusted its hedge.

One case, but a useful demonstration of how options can generate recurring perp turnover.

The progression I’m watching:

24/7 equity perps

→ Continuous hedging for options makers
→ More viable options markets
→ Broader institutional strategies
→ More demand for perp liquidity

A few protocols make this worth following closely:

→ @SynapseProtocol: the options venue already showing demand for equity and index exposure.

→ @tradexyz: the builder behind the officially licensed S&P 500 perp on Hyperliquid.

→ @Markets_xyz by @Kinetiq_xyz: expanding 24/7 perp trading across equities, indices, currencies and commodities.

I’m watching whether that broader range of underlying markets supports more options products and strategies.

This also adds to my $HYPE thesis.

Growing options activity could generate additional Hyperliquid fees through hedge trades.

The assistance fund converts its fee income into HYPE, which is then burned.

I’m increasingly interested in how much Hyperliquid’s future trading activity could come from managing risk in products built around it.

[Hypercall (by $SYN) @SynapseProtocol]

Trillions!

[Hypercall (by $SYN) @SynapseProtocol]

Hypercalls mission is to bring the next $10b in hedging flows to Hyperliquid

[🇺🇸🧠 Trajan0x-SYN/ACC @trajan0x]

GM

Yesterday Hypercall did more perp volume on Hyperliquid than Metamask, Insilico, Liquid and Axiom.

gg

[Mehdi @Mehdi96_]

I know a lot of people who trade stocks and have never touched an option. Not because they don't care about downside. The broker wants a form, the chain looks like a spreadsheet from hell, and nobody ever showed them a simple one.

Today on Hypercall (@SynapseProtocol) an S&P 500 option traded covering ≈$96K, premium $916.

Few minutes while I was writing this post lol another one covering ≈$193K, premium $3.5K ... seems like I can't keep up with the trades these days.

I can see both because the fills are public. That's the part I love about crypto. The size on stocks and indices keeps stepping up and you can watch it happen live.

What you see on Moneyness today is our first version. A new one lands in the next days: much better UX, more venues added, and a trading experience I haven't seen done with options before. Sneak peek soon.

If you only ever bought the stock, go look at what protection actually costs in real fills.

https://t.co/1Ha3QFNuuF

[Hypercall (by $SYN) @SynapseProtocol]

Hypercall featured in @CoinDesk today

$640M in notional options volume since June, with 80% on US500 options.

Demand for 24/7 options trading continues to grow. The shift is underway.

https://t.co/nLavp4y056

[Hypercall (by $SYN) @SynapseProtocol]

Jeff: options haven't hit escape velocity in crypto yet. They clearly have in TradFi.

That gap is the opportunity. Every option on Hypercall lands as hedge flow on HL books.

More options, more flow, deeper books, tighter quotes.

On Hypercall.
On Hyperliquid.

[Hypercall (by $SYN) @SynapseProtocol]

Jeff was asked: if you couldn't work on Hyperliquid's infra anymore and had to build on top of it, what would you build?

He said options.

We did 🫡

Hypercall is live. BTC, ETH, S&P 500 and more, quoted by real makers, hedged on HL.

Here's what that looks like 🧵

[Hypercall (by $SYN) @SynapseProtocol]

Jeff on HIP-4: an obvious way to build options that inherit spot order books and portfolio margin, with perps to hedge delta against.

HL ships the primitives. Builders ship the products on top.

HIP-4 is going live on Hypercall next week.

Users will be able to use HIP-4 outcomes as margin for options. Read our write-up from April:

https://t.co/XBMEsGoJkv