Hypercall Founder Pushes Simpler Options Trading After Saying Venue Reported $536M September Volume

Hypercall founder Jake Sylvestre is urging crypto options venues to simplify trading and deepen liquidity after he said the platform reported $536 million in September 2026 notional volume.

Hypercall launched June 1 and reported $592 million in cumulative notional volume through an unspecified date, Sylvestre said. He also said the venue averaged $60 million in daily volume during the week before his essay was published.

“I think the next thing crypto brings to markets is the option,” Sylvestre said.

The platform offers options tied to the S&P 500, Nvidia, Micron, Apple, Microsoft, Meta, Alibaba, SanDisk and SpaceX, along with Bitcoin (BTC) and Ether (ETH).

Sylvestre proposed an interface that would let users state a market view, choose a dollar amount and receive a defined-risk options position without navigating a full options chain. He also called for continuous market-maker quotes, request-for-quote liquidity for large trades and improved volatility data.

Options buyers face a maximum loss equal to the premium paid. However, liquidity is divided across multiple strike prices and expiration dates, making the products harder to scale than perpetual futures, which do not have fixed expirations.

“The hedge exists now,” Sylvestre said, referring to Hyperliquid’s perpetual markets. He said those markets can help market makers hedge equity and index options, including during weekends.

Hypercall’s model also uses shared collateral and portfolio margin. Market makers selling equity options need to offset their exposure, and the platform relies on perpetual markets for that process.

Sylvestre said Nvidia options volume reached $554,000 on Aug. 26, compared with less than $10,000 per day during the previous week. He also said Micron options traded $7.4 million two days before the company’s earnings report.

He called for tighter spreads and shared hedging accounts that would let market makers manage positions across products. “There is a lot of room left,” Sylvestre said, describing Hypercall’s scale relative to traditional options markets.

The push comes as Hyperliquid expands beyond crypto-native markets into traditional-asset products and prediction markets. Hyperliquid has also identified private markets as a potential area of expansion, where access to pricing remains limited, as outlined in its private-markets opportunity.