Hyperliquid is becoming the deepest BTC venue in the world. Now it has the options layer to match.
BTC + ETH options are live on Hypercall.
Options liquidity starts with the hedge. Every options writer inherits delta. As BTC moves, that delta moves, and the writer needs a deep, liquid perp book to keep rebalancing risk. Hyperliquid is becoming the natural place to do it.
Shaunda Devens put the scale plainly:
Hypercall puts calls, puts, spreads, strategy templates, rolling expiries, live charts, orders, and positions next to the market where crypto risk is already being hedged.
Tl;dr
- BTC and ETH options are live on Hypercall Mainnet Alpha
- Hyperliquid is the hedge rail: the deepest BTC perp venue gives options writers a natural place to rebalance delta
- Calls, puts, and multi-leg strategies are available across daily, weekly, and monthly expiries
- Long-option risk is defined upfront: for buyers, maximum loss is the premium paid
- Contracts are European-style and cash-settled automatically in USDC, with no BTC or ETH delivery
- Eligible single-leg Best Execution orders use a price-improvement auction before falling back to the orderbook at the user’s limit
- Multi-leg packages use atomic RFQ execution so the package fills together or not at all
- The full trading flow is in one app: wallet onboarding, USDC funding, chain selection, live quotes, payoff construction, orders, and positions
The Final Leaderboard
Hypercall’s first $1,000 trading competition is in the books. Thirty-seven traders hit the leaderboard. Three finished in the money.
- Toast won $500 with a 3,953.36 score, $3,162.69 in profit, and $717,374 in qualifying volume.
- Toasty won $300 with a 1,014.39 score, $829.18 in profit, and $61,228 in qualifying volume.
- FundingRateGuy won $200 with a 236.57 score, $189.26 in profit, and $107,558 in qualifying volume.
Toast did not edge out the field. Toast ran away with it.
Congratulations to the winners, and to everyone who put the first live Hypercall competition through its paces. See the final leaderboard.
The Hedge Is the Market
Options markets do not become liquid because a venue lists more strikes. They become liquid when writers can quote risk and neutralize it continuously.
Sell a call and the hedge does not stand still. Delta changes as the underlying moves, volatility shifts, and expiry approaches. The writer has to keep trading the underlying exposure. If that hedge is shallow or fragmented, every quote carries more friction. If the hedge lives on the deepest BTC book in crypto, the options market can scale around it.
That is the Hypercall thesis: options liquidity should grow on top of Hyperliquid’s perp liquidity. Writers hedge delta on Hyperliquid. Traders choose the payoff on Hypercall. The two markets reinforce each other.
Why BTC and ETH
BTC and ETH are not just two more tickers.
BTC is crypto’s macro asset and Hyperliquid’s deepest market. ETH is the core risk asset of the smart-contract economy. Together they sit at the center of crypto risk.
Both markets are already central to crypto derivatives. Bringing them to Hypercall means traders can move beyond linear leverage and choose the payoff that fits the thesis.
- Bullish on BTC? Buy a call or use a call spread to set a target.
- Protecting crypto exposure? Buy a put with the expiry and strike that match the risk window.
- Expecting a large ETH move but unsure of direction? Use a straddle or strangle.
- Trading a range or volatility surface? Build a butterfly, iron condor, or calendar structure in the strategy flow.
The point is not more leverage for its own sake. The point is a more precise instrument.
Be Right at Expiry, Not at Every Step
Perps care about the path. A temporary move against the position can trigger a margin call or liquidation even if the market later reaches the trader’s target.
A long option works differently. The buyer pays the premium upfront, and that premium is the maximum loss on the option position. There is no additional margin call on the purchased option. The market can move against the view before expiry without liquidating the long-option position.
That does not make options risk-free. Premium can decay to zero, and timing, volatility, strike selection, and liquidity all matter. It does make the downside explicit before the trade is placed.
Take a side. Keep your downside.
What You Can Trade
Open Hypercall and select BTC or ETH from the market switcher. From there, choose an expiry, strategy, and strike.
The live chain supports:
- Calls for upside exposure
- Puts for downside exposure or protection
- Vertical spreads for lower-cost directional views with a defined target
- Straddles and strangles for volatility views
- Calendar structures for differences across expiries
- Butterflies and iron condors for range and volatility structures
Daily, weekly, and monthly expiries let traders match the instrument to the time horizon. Fractional sizing keeps the position tied to the amount of risk the trader actually wants to take.
How Execution Works
Hypercall uses different execution paths for single-leg and multi-leg orders.
Eligible single-leg orders submitted through Best Execution first enter a short retail price-improvement auction. Quote providers can improve on the visible book price. If no qualifying quote fills the order, it falls back to the orderbook as a normal limit order at the user’s chosen limit. Book Only and reduce-only orders skip the auction.
Multi-leg packages use RFQ. The package executes atomically, so one leg does not fill while the other is left behind.
The goal is simple: price improvement for eligible single-leg flow and atomic execution for packages.
Settlement
BTC and ETH options on Hypercall are European-style and cash-settled.
At expiry, Hypercall uses a 30-minute Hyperliquid Oracle TWAP ending at 08:00 UTC. Intrinsic value is calculated from that settlement reference and credited or debited in USDC. There is no delivery of BTC or ETH.
The lifecycle is automatic: new orders stop at expiry, open orders are cancelled, the reference price is finalized, and in-the-money positions settle in cash.
How to Start
- Go to app.hypercall.xyz
- Connect a wallet or sign in with email
- Fund the account with USDC
- Select BTC or ETH
- Choose an expiry, strategy, and strike
- Review the premium, payoff, and order limit before submitting
The trading guide covers the app flow. The options explainers cover calls, puts, spreads, volatility, and settlement from first principles.
Trade BTC and ETH Options
The deepest BTC market in crypto is getting an options layer built around the way real options liquidity works: writers hedge on Hyperliquid, and traders choose the payoff on Hypercall.
Trade BTC options or trade ETH options.
This content is informational and not financial or investment advice. Trading options and digital assets carries risk.