Hypercall is running a monthly trading competition on testnet. $1,000 in SYN tokens on the line. No registration, no real capital at risk. Place a trade during the competition window and you are on the leaderboard.
How it works
Each competition runs one calendar month, from the 1st at 4:00 PM ET to the 1st of the following month at 4:00 PM ET. New competitions begin the moment the previous one ends.
There is nothing to sign up for. Your wallet address is your entry. Place any trade during the window and you appear on the leaderboard automatically. If you hold a Hyperliquid Name, it shows up next to your rank. You can also set a custom display name from your profile.
Prize pool
$1,000 monthly, distributed in SYN tokens at market rate:
- 1st place: $500
- 2nd place: $300
- 3rd place: $200
What gets measured
The primary ranking metric is profit and loss. Your P&L is calculated as:
Realized P&L from closed positions + unrealized P&L from open positions (marked to market) - all fees
Positions are tracked using FIFO (First In, First Out) lot accounting. When you close part of a position, the oldest lots close first, and P&L is calculated per matched lot. If you have open positions at month end, they are marked to market using live quotes for the final leaderboard snapshot.
Two secondary metrics are also tracked:
- Volume: the total notional value of all your fills
- Efficiency: P&L divided by volume (how much you made per dollar traded)
You can sort the leaderboard by any of these three metrics.
Tiebreakers
If two traders finish with the same P&L, the tiebreaker is total volume. If volume is also identical, wallet address is used as a deterministic final tiebreaker.
The leaderboard
The leaderboard updates in real time after each trade. During the competition, all rankings are computed live. Once the competition window closes, the final standings are frozen and stored permanently.
You can view your rank, P&L, volume, and efficiency at any time on testnet.hypercall.xyz.
Eligibility
The competition is open to all wallets that execute at least one trade during the window. A few ground rules:
- Market maker accounts are excluded from rankings
- Multiple wallets per person are allowed, but wash trading is prohibited
- Spoofing, layering, and market manipulation will result in disqualification at Hypercall's discretion
- Participants are responsible for their own tax obligations on winnings
Why testnet
Options are complex instruments. Testnet lets you experiment with strategies, learn how greeks affect your positions, and understand settlement mechanics without risking real money. The competition adds a reason to take it seriously.
If you are new to options, we built a free course that covers everything from "what is an option" to common mistakes: Options Explainers (0 to 1).
Getting started
- Go to testnet.hypercall.xyz on
- Connect your wallet
- Fund your account with testnet USDC
- Trade any listed option
- Check the leaderboard to see where you stand
Full rules and methodology are documented at docs.hypercall.xyz/docs/competition.
The April competition is live now.