Docs First: Hypercall’s Path to Mainnet
Today, we’re releasing the first version of Hypercall Docs. A big step towards a public product release.
Today, we’re releasing the first version of Hypercall Docs.
This is a concrete step towards a public Hypercall release and it is also the fastest way for market makers and integrators to sanity-check how we work before we ask anyone to commit time to integrating.
What’s In The Docs?
The docs are organized around the three ways people will interact with Hypercall:
- Trading Manually: This is the mobile UI for placing and managing options orders. It’s designed to be the sleekest, friendliest options trading interface on the market.
- API Trading: This is how both market-makers and third party apps will place orders. This makes up the majority of the docs since “manual trading” is meant to be largely self-explanatory
- Contracts: smart contract architecture and direct on-chain integration
Under the hood, we also document the parts that tend to cause integration churn if they are not explicit up front:
- Margining: what is enforced, what is simulated, and how we think about standard vs portfolio margining
- Venue Rules: instruments, order lifecycle, fees, and the operational rules market makers need to quote safely
- Oracles: what price we treat as canonical, how we compute mark-to-expiry inputs, and what happens at expiry
- Security: audits and reporting surfaces (where applicable)
Why Publish Docs Now?
Options liquidity is hard, and it is usually hard for boring reasons: small mismatches in semantics, missing edge cases, unclear failure modes, and unclear boundaries between “the exchange” vs “the underlying venue”.
We are publishing docs now to get feedback on the parts that matter most to market makers and advanced users:
- Risk and Margin: The rules need to be explicit enough that MMs can model them, and conservative enough that we can operate safely while we learn.
- Liquidations: This is one of the highest-stakes pieces of the system. We want early feedback on both the spec and the operational assumptions.
- Hyperliquid Integration: Hypercall sits on top of Hyperliquid. If any integration boundary is ambiguous, it will show up as PnL, margin, or reconciliation surprises later.
- API Surface: We’re actively standardizing what is public, what is wallet-scoped, and what is write-authenticated so integrators can build cleanly.
Oracle and Settlement rules
One goal of these docs is to remove “folklore” and replace it with explicit, reviewable rules. For example:
- Canonical Spot Input: we treat the underlying oracle/index price as canonical spot input for pricing and risk
- Settlement Reference Price: at expiry, options are cash-settled using a defined TWAP window designed to resist short-lived spikes (a common approach across serious venues)
- Volatility Inputs: vol surfaces have explicit data sources and staleness behavior so quoting and risk systems can fail safely rather than “drift silently”
This level of specificity is deliberate. These are exactly the kinds of rules professional liquidity providers end up reverse-engineering if they’re not documented.
Testnet Rollout
We’re taking a phased approach so we can validate mechanics and liquidity incrementally:
- Phase 1: standard margining, mobile-first experience, and tight feedback loops
- Phase 2: portfolio margining, broader surface area (API/desktop flows, deeper venue rules)
- Phase 3: mainnet readiness work driven by what we learn in phases 1 and 2
Docs will evolve alongside each phase. The goal of these docs is to display enough specificity that pre-launch reviewers can find the cracks.
What We Want Feedback On (specifically)
If you’re a market maker, integrator, or experienced options trader, we’d love feedback on:
- Anything unclear or underspecified (especially margin + liquidation)
- Anything overcomplicated where a simpler rule would be operationally safer
- Any API design choices that will cause integration pain (auth, WS semantics, pagination, idempotency)
- Any missing “day 1” operational details required to quote (market discovery, strike/expiry rules, downtime behavior)
About HyperCall
Built to be a flagship venue for traders, market makers, and integrators alike.
Hypercall is an on-chain options exchange built for real, continuous liquidity. It is designed to be a professional options trading venue: tight spreads, meaningful size, predictable execution, and reliable lifecycle rules.
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Disclaimer
This content is informational and not financial or investment advice. Digital asset trading carries risk.
