Update

Road To Mainnet: Phase 1

Later this week we are opening public testnet access to Hypercall as part of Phase 1 of our road to mainnet. Users will be able to trade options on testnet with live execution for a limited set of pairs.

dulo

09 Feb 2026 — 3 min read

Mobile trading is not live as of this post.

Public testnet and mobile trading are not yet live.
Both are scheduled to go live later this week.

Public Testnet, UX Interviews, and What Comes Next

Later this week we are opening public testnet access to Hypercall as part of Phase 1 of our road to mainnet.

Phase 1 is focused on validating the core options trading experience. Users will be able to trade options on testnet with live execution for a limited set of pairs.

The priority at this stage is correctness. Execution, standard margining, risk presentation, and basic trading flows need to behave the way traders expect on a professional venue.

Phase 1 Overview

Phase 1 consists of four main components:

Each of these is designed to support early usage while keeping scope intentionally limited.

Public Testnet

At this stage, public testnet focuses on mobile browser trading with a simplified margin model.

Standard margining, settlement, guardrails, and observability are in place, and the product is usable end to end for phase 1 scope.

Access:

Public (No whitelist required)

Features:

Mobile browser interface (connect via MetaMask, WalletConnect, etc.)
Standard Margin only (switching to Portfolio Margin is disabled)
Options on BTC, ETH, and a HIP-3 Perp underlying
Whitelisted liquidator
Testnet faucet for paper trading

Not in Scope:

Desktop/web app
Portfolio Margin
Builder codes

UX Interviews

In parallel to public testnet, we are running a short UX interview phase. These will be focused on desktop trading and are meant to confirm that margin, risk, and order outcomes are communicated clearly when the product is used under normal trading conditions.

Sessions are hosted by the product and design team and each interview is a 30 minute live call on desktop with screen sharing.

If you are interested in participating in a UX interview, you can apply using the survey below:

We’re looking for traders who:

Actively trade crypto derivatives
Are comfortable with professional trading UIs
Use desktop/laptop for trading
Are willing to share honest, critical feedback

We will review responses and contact selected participants directly.

What Comes Next

Once public testnet is live and the UX interview phase is complete, the next step is iteration before moving to Phase 2.

Phase 2 (subject to change)

Full/complete testnet expands to desktop testnet trading, adds portfolio margin, and enables integrations.

Access:

Public - standard margin available to all
Portfolio margin may require application

New Features:

Web app (desktop interface)
Perp/spot trading (for Options Writers)
Portfolio Margin - cross-collateral with Hyperliquid perp and spot
Permissionless liquidations
Builder code integration for partners

Expansion of scope will happen after the Phase 1 experience is validated in real use.

Conclusion

Phase 1 is the point where Hypercall moves from internal construction to external reality. From here on, the product is shaped less by design intent and more by how traders actually use it. If Phase 1 is solid, Phase 2 can move faster

Public testnet opens the system up to real behavior, while the UX interview phase lets us look closely at decisions as they happen. Together, they determine which assumptions hold and which need to change before more complexity is added.

If you trade size, manage risk seriously, or care about execution quality, your input is directly relevant.

If you are interested in participating in a UX interview, you can apply using the survey link below:

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.