S&P 500 options are the hottest bet on this Hyperliquid exchange
Hypercall, a Hyperliquid-based exchange, has recorded $640 million in notional trading volume since June, and more than 80% of that volume has come from S&P 500 options. The platform also has about $49 million in open interest, with $47 million tied to contracts on the U.S. stock market index.
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Traders using Hypercall are the main group that notices this now, because the platform’s volume has been concentrated in S&P 500 options and its contracts trade around the clock. The broader market for index-linked crypto derivatives also sees a sign that this venue is handling substantial activity in U.S. equity index exposure through USDC-settled contracts.
In practice, the setup already allows daily, weekly, and monthly expiries at any time of day, and that part remains in place. What stands out is the scale of activity tied to the S&P 500, with most of the reported volume and nearly all of the open interest tied to that market segment.
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Has this happened before?
| When | What happened | Figure |
|---|---|---|
| 7 days ago | Hyperliquid Revenue Tops $1.4 Billion as Perps Share Exceeds 56% event | 1 actors in common · 2 news media |
| 7 days ago | Crypto Liquidations Cross $1 Billion Mark: Short Squeeze or Bearish Market Begin? event | 1 actors in common · 2 news media |
| 10 days ago | ‘Every single exchange’ will have to adopt public blockchain infrastructure to compete, Hyperliquid Policy Center CEO says event | 1 actors in common · 4 news media |
| 10 days ago | Hyperliquid to add options to platform, enhancing derivatives offerings event | 1 actors in common · 2 news media |
| 11 days ago | Hyperliquid Open Positions Double in 2026 to Over 435K event | 1 actors in common · 3 news media |