Hyperliquid Powers On-Chain Options Exchange for Everyone

Hypercall is an on-chain options exchange built on Hyperliquid, founded by Jake Sylvestre. Sylvestre has a background in cybersecurity and crypto, having co-founded PhishTrain while still in high school.

Sylvestre explains that on-chain options remain a rounding error due to structural issues, not cultural ones. The main barrier is the need for deep and liquid perps (perpetual futures) before launching an options venue, which Hyperliquid has removed by making its depth available to anyone building on top of it.

According to Sylvestre, other barriers remain, such as market makers quoting perps at a much higher rate than options. However, he believes that the hedging venue was the binding constraint. Hypercall aims to provide options trading for everyone, with a focus on retail rather than just market makers.