Hypercall: Options Education Path

dulo

28 Jan 2026 — 3 min read

Announcing the Hypercall Options Education Path.

We just launched a full beginner to intermediate options curriculum in the Hypercall docs. This release includes four connected sections you can use as a complete learning path or as a fast lookup library.

Options Explainers for fundamentals and first trades
Reading Volatility for intermediate vol literacy
Reference for concise definitions and formulas
Greeks Reference for first and second order risk

How To Use the Path

Start with Options Explainers for fundamentals and core intuition.
Move to Reading Volatility once delta, vega, and IV feel natural.
Use Reference and Greeks Reference whenever you need a definition, formula, or refresher.

If you already know options basics, you can start with Reading Volatility and use Options Explainers as a Hypercall specific reference.

What We Released

Options Explainers (0 to 1)

This is the on-ramp. It assumes no prior options background and gets you from first principles to placing a risk defined trade on Hypercall.

You will learn:

What an option contract is and how to read symbols and strikes.
Calls, puts, and moneyness without noise.
Payoff vs P and L, and why breakeven is not strike.
Time value, implied volatility, and why options cost money.
The Big Four Greeks as risk knobs, not math homework.
Basic strategies, orderbook execution, expiry, and margining basics.
The most common mistakes and how to avoid them.

Each lesson uses a consistent format so you build momentum:

A core intuition and a key line that anchors the idea.
Visual diagrams and interactive charts.
Common mistakes and why they happen.
Self check questions to test understanding.
A practical task that maps back to Hypercall.

Reading Volatility (1 to 2)

Once you know the basics, you need to read the market. This course teaches how professional traders interpret skew, term structure, and the full vol surface. It is intuition first, with math available when you want it.

You will learn:

Why the vol surface matters and how it encodes expectations.
How skew steepens or flattens and what that says about fear and demand.
How term structure shifts around events and regimes.
Smile and smirk shapes, curvature, and what they imply.
Surface dynamics, including parallel shifts and rotations.
Advanced Greeks like vanna, volga, and charm.
How to read portfolio level Greeks and market signals.
When to buy vol, when to sell vol, and how to think about VRP.

Reference and Greeks

This is the fast lookup layer. It includes concise pages on pricing, volatility, and the Greeks, plus practical definitions for day to day trading.

You will find:

Exercise styles, settlement types, moneyness, premium, and valuation.
Implied volatility, Black Scholes, and SVI parameterization.
Vol surface, skew, term structure, vol regimes, and vol indices.
Greek primers for delta, gamma, theta, vega, vanna, volga, and charm.
Short practical examples that match Hypercall conventions.

Why This Is Hypercall Specific

A lot of options content ignores how a platform actually works. These docs teach the concepts through Hypercall rules and workflows, including:

European style options that exercise only at expiry.
Cash settlement with no asset delivery.
Expiry at 08:00 UTC and a 30 minute TWAP settlement window.
Long options pay premium upfront, short options require margin.
Orderbook execution with bid, ask, spread, and slippage.
Two margin modes and how liquidation risk works for shorts.

If you trade on Hypercall, these details matter as much as the theory. They show up in your PnL.

Who This Is For

New traders who want a clean explanation without heavy math.
Perp traders who want to understand options signals and risk.
Intermediate traders who know the basics and want vol literacy.
Builders and API users who want concepts that match the platform.

We built this to make options clear, practical, and tradable. Dive in and tell us where you want deeper coverage next.

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.