Hypercall drives S&P 500 options trading on Hyperliquid

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S&P 500 options on Hypercall

Highlights

S&P 500 options represent over 80% of Hypercall's $640 million notional volume since launch, with about $47 million out of $49 million in open interest tied to the index.
Hypercall enables daily, weekly, and monthly S&P 500 options expiries—including weekends—attracting traders seeking access and risk management outside standard exchange hours.
Beyond index options, Hypercall reports more than 50% of non-index trades involve SpaceX, Nvidia, Micron Technology, and SanDisk, as Bybit and Binance expand 24/7 stock-linked options offerings.

S&P 500 contracts dominate early volume

As reported by CoinDesk, Hypercall says S&P 500 options account for the bulk of activity on its Hyperliquid-based exchange, with more than 80% of $640 million in notional volume since launch and about $47 million of its roughly $49 million in open interest tied to the index.

The platform goes live in June and offers daily, weekly and monthly expiries, including over weekends. Jake Sylvestre, founder of Hypercall, says trading is concentrated in options expiring the following day, allowing users to take a view on the next session's move or hold positions for longer periods.

Hypercall adapts Hyperliquid's perpetual futures market for options trading. Each contract carries a $1 multiplier, meaning a call with a 7,000 strike pays $100 if the index settles at 7,100, and contracts settle in USDC against the average price over the final 30 minutes for Hyperliquid's S&P 500 perpetual futures.

Weekend access expands crypto's role in market hedging

Although the volumes remain small compared with traditional markets and Deribit, the activity points to growing demand for exposure to financial instruments outside standard exchange hours. Traders are increasingly using blockchain venues to manage risk and place directional bets when geopolitical tensions, earnings, economic data or company news move markets while cash equity exchanges are closed.

Sylvestre says Hyperliquid has become a key venue for trading these markets outside exchange hours, while Hypercall's market makers hedge their quotes through Hyperliquid perpetual futures, including on weekends. He also says the platform is not trying to replace Deribit, because many users are trading products that the larger crypto options venue does not list.

Beyond index contracts, Hypercall says options on SpaceX, Nvidia, Micron Technology and SanDisk make up more than half of all trades, followed by Apple, Microsoft, Meta, Alibaba, ether and bitcoin. Rival exchanges are also widening access to stock-linked options, with Bybit starting 24/7 trading on options on stock perpetuals on Sept. 17 and Binance offering options on more than 1,000 U.S. stocks and ETFs to eligible users outside the U.S.

Our earlier coverage looked at how U.S. equity index futures traded cautiously as investors weighed major bank earnings and the upcoming CPI report for clues on the Federal Reserve’s next rate decision. We noted that with the PCE inflation gauge arriving only after the next FOMC meeting, the CPI release carried extra importance for rate-hike expectations and broader risk sentiment.

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