Hypercall, an options platform built on the Hyperliquid Layer 1 blockchain, recorded $640 million in total options volume after launching mainnet on June 1, 2026.
Hyperliquid co-founder Jeff Yan proposed a regulatory model placing US compliance obligations, customer onboarding, surveillance, and reporting on regulated market deployers, leaving Hyperliquid's Layer 1 blockchain as non-exchange infrastructure.
Kraken's parent company Payward announced plans on September 16, 2026, to offer Hyperliquid-based onchain perpetual futures to US clients subject to regulatory approval.
Hypercall offers 24/7 trading on daily, weekly, and monthly options expiries, with volume concentrated in options expiring the following day according to founder Jake Sylvestre.
Under Payward's proposal, CFTC-regulated Bitnomial Exchange would list contracts, Bitnomial Clearinghouse would clear them, and NinjaTrader Clearing would hold client accounts.
Hypercall held approximately $49 million in open interest, with $47 million concentrated in S&P 500 options.
S&P 500 options accounted for over 80% of Hypercall's total $640 million options volume and 41.5% of all-time premium traded on the platform.
Hypercall market makers delta-hedge options positions around the clock using Hyperliquid perpetual futures, including $14.8 million hedged from a single S&P 500 options trade in September 2026.
President Donald Trump stated on August 19, 2026, that CFTC Chairman Michael Selig was working to bring Hyperliquid into the United States compliantly.
Hypercall recorded a record $536 million in notional options volume in September 2026 alone.
Following Donald Trump's remarks, Hyperliquid entered talks with Bitnomial regarding a potential route into the United States market.
Hypercall's options settle in USDC against the average price over the final 30 minutes for Hyperliquid's S&P 500 perpetual futures.
Hypercall buyer positions feature defined risk capped at the premium paid with no liquidations on long option positions.
