S&P 500 options are the hottest bet on this Hyperliquid exchange
Hypercall, an options platform built on the Hyperliquid blockchain, is seeing significant traction as traders seek 24/7 access to traditional financial instruments like S&P 500 options. By leveraging decentralized infrastructure, the platform allows users to hedge and speculate on market movements during weekends and hours when conventional stock exchanges are closed.
Why it matters
The growth of on-chain options platforms signals a shift in market structure, where decentralized finance (DeFi) is increasingly bridging the gap between crypto-native liquidity and traditional equity markets.
Hypercall illustrates the demand. The options platform built on Hyperliquid, the eighth-largest blockchain by total value locked (TVL), went live in June, and more than 80% of the $640 million in notional volume since then has come from S&P 500 options, the exchange told CoinDesk. Open interest, the value of contracts still outstanding, is about $49 million, of which $47 million is in S&P 500 options.
While the numbers are small next to traditional markets and Deribit's crypto options business, which started shortly after the platform’s 2016 debut and now routinely sees billions of dollars in daily volume and open interest, they illustrate a growing trend: the desire to access financial instruments when conventional markets are closed. Hypercall lists daily, weekly and monthly expiries, including over weekends.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in