Hypercall Sees Most Volume in S&P 500 Options on Hyperliquid
Since June, most of Hypercall’s volume has come from S&P 500 options settled in USDC. The demand points to growing interest in 24/7 access to traditional markets through Hyperliquid.
Key Takeaways
- Hypercall is seeing the most volume in S&P 500 options on Hyperliquid. Since June, more than 80% of the $640 million in notional turnover came from index options.
- Open interest is around $49 million, of which $47 million is in S&P 500 options.
- Hypercall offers 24/7 trading with daily, weekly, and monthly expiries and focuses on markets that are barely available elsewhere.
Hypercall, the options exchange running on Hyperliquid, is seeing the most volume in S&P 500 options. Since launching in June, more than 80% of the $640 million (€572 million) in notional turnover came from those index options, the company told CoinDesk. Open interest is around $49 million (€43.8 million), of which $47 million (€42 million) is in S&P 500 options.
Demand for 24/7 Access
The numbers are small compared with traditional markets, but they do show where the interest is: traders want access to financial instruments outside exchange hours. Hypercall offers daily, weekly, and monthly expiries, including on weekends. According to founder Jake Sylvestre, most of the volume is in contracts that expire the next day.
That focus fits a broader shift in the crypto market. Hyperliquid, the mainchain Hypercall is built on, is known for its perpetual futures and has long attracted traders who want to hedge risk or take positions outside regular market hours. The options on Hypercall use a multiplier of $1 (€0.89) per index point and are settled in USDC, a stablecoin pegged to the dollar.
Beyond the options market, the ecosystem is also expanding further: RFQ trading for tokenized equities shows that Hyperliquid is increasingly being used for products that normally belong on traditional markets.
Hyperliquid Keeps Expanding
Hypercall says it does not want to compete with Deribit, but instead offer markets that are not available there, or are barely available. That matters for traders who want exposure to traditional indexes and stocks alongside crypto, while the cash market is closed. The exchange also says two market makers are active and three more are being added.
Interest in Hyperliquid itself is also not small. According to recent data, the blockchain has about $1.1 billion (€1 billion) in total value locked, putting it among the larger chains. For European crypto followers, this shows that the line between crypto derivatives and traditional markets is getting blurrier, especially as 24/7 trading becomes more normal.
