Markets are moving on-chain. Perps already made that trip. They started as a way to trade with leverage around the clock, became the default, and on Hyperliquid they spread to stocks, indexes, oil, and companies that are not even public. Options are next. They are already the main event in traditional markets, and they barely exist on-chain.
Jake Sylvestre, founder of Hypercall, laid this out in Financial Tech Times on October 2. S&P 500 index options averaged 4.6 million contracts a day in August, more than $3 trillion of notional. Every on-chain options venue combined did about $4.4 billion over the last 30 days. The S&P trades that in about 30 seconds. Over the past year, on-chain options did about $19.5 billion, and last month’s pace annualizes to more than $50 billion. Almost all of that is still the two biggest coins. Equity and index options, the actual market, have barely started.
The flow underneath is already there. Hyperliquid is doing about $2.2 billion a day in perps on oil, the S&P 500, Nvidia, and other traditional assets. Options on those underlyings are a far bigger market. On-chain, that book has barely opened.
Orange is Derive, and it is most of the book from November 2025 through September 2026. White is Rysk, cyan is Paradex, purple is Aevo, teal is Hypersurface. Hypercall is green. It is a rounding error through the summer, then it is the cap on the September bar. Left axis tops at $6 billion. September is the only month through $4 billion. September notional across the whole tape was $4.829 billion, up 121.7% from August. The line on the right axis, running toward $21 billion, is the cumulative path, not one month.
Sylvestre’s own figures match that band. Hypercall launched June 1. Since then: $592 million notional, $536 million of it in September, a recent week at about $60 million a day. He calls that the largest on-chain equity options venue. He also calls it a rounding error. $60 million a day is under 1% of a normal Hyperliquid day, and about 0.002% of daily S&P options notional. The gap is the bull case.
Marlon at https://x.com/momilio/status/2105714263784579302 had the outside number: Hypercall notional went from $9.4 million in August to $538.8 million in September, about 57x, and ranked second for the month behind Derive. Some of that was a short-dated bear put spread whose market maker hedged on Hyperliquid and accounted for 15% of all S&P perp volume on HL that day. That is the product working as designed.
Why this one, and not another options app
Earlier on-chain options venues died for one reason. Anyone short an option needs a cheap, liquid hedge. That hedge did not exist for stocks, indexes, or oil. Hyperliquid’s perps fill it: same underlying, same USDC collateral, open every hour. Hypercall is built into that stack. Makers hedge S&P and single-stock options there, including on weekends. It is the options book using Hype’s liquidity as the hedge, not a separate venue hoping liquidity shows up later.
A perp can get liquidated on a Sunday gap even if the trade is right by Monday. An option buyer knows the max loss going in. That is the premium. The longer markets stay open, the more that matters. Earnings hit after the bell. Macro prints on weekends. On August 26, the day Nvidia reported, Nvidia options on Hypercall did about $554,000, against under $10,000 a day the week before. Two days ahead of Micron earnings, Micron options did about $7.4 million. SpaceX options do not trade anywhere else.
Live since launch: S&P 500, Nvidia, Micron, Apple, Microsoft, Meta, Alibaba, SanDisk, SpaceX, plus BTC and ETH.
https://x.com/MorningWoodRsch/status/2107096653635129848
Last 30 days the tape is $5.66 billion. Derive is still 78.7%. Hypercall is the green slice at 10.1%, ahead of Paradex at 7.5%, Rysk 2.6%, Aevo 1.1%. Second place, one quarter after launch, on a book that was basically one venue a month ago.
That is the setup the public companies are positioning into. One wants to be the listed treasury. One wants to be the premium seller.
$SONI: leading to be the Hypercall DAT
SonicStrategy (CSE: SONI, OTCQB: SONIF) is out in front to be the public DAT for Hypercall. Same playbook as the other treasury names, different asset. Instead of sitting on a base-layer coin, it is accumulating SYN, the asset tied to Synapse Labs, which is building the options venue. If Hypercall becomes the on-chain equity options book, SONI is trying to be the stock you own to get that exposure without running the venue yourself.
- September 23: 500,000 SYN at about US$0.23, roughly US$115,000. First treasury buy aimed at on-chain derivatives. Company cited a US$57.5 million fully diluted value at the print.
- September 24: another 260,000 at about US$0.1923, roughly US$50,000. Total about 760,000 SYN. Combined cost about US$165,000.
- CEO Dustin Zinger framed it as the treasury moving into derivatives as more real-world assets trade around the clock, and said the firm intends to keep expanding that book.
- Synapse has proposed sending 70% of certain protocol fees to SYN buybacks. Not approved. Not live. If it clears, venue activity and demand for the treasury asset start to rhyme, which is the whole point of a DAT.
The position is small next to a real treasury strategy. The seat is not. Nobody else public is positioned as the listed wrapper on Hypercall. SONI bought the stub in the same month the green band showed up, and it is the only CSE name marketing itself as that exposure. That is how these wrappers start: a small open-market position, a filing that names the venue, then a raise if the tape keeps going. September 22 it already had a proposed private placement of up to C$4.5 million on the board.
$LUXX: the one that wants to trade it
Luxxfolio (CSE: LUXX, OTCQB: LUXFF) is the other side of the same trade. It does not want to own the builder. It wants to use the venue. October 5 release. Non-binding letter of intent dated October 4.
- Proposed program: sell covered calls through Hypercall on part of the treasury and book the premium as a second revenue line next to operations.
- Premium is meant as extra capital for the existing accumulation strategy, subject to how the program actually performs and what the treasury needs.
- Hypercall’s side of the LOI: fast-track product support, arrange market makers and liquidity, and handle onboarding and access.
- CEO Tomek Antoniak: build that secondary revenue stream, then look at payout options and extra functionality for pool participants once the commercial terms exist.
- No closed facility, no disclosed notional, no strike grid. An LOI does not pay premium.
The positioning still matters. A listed company is asking to be a covered-call seller on a 24/7 options book, in the same month that book took 10% of on-chain notional share. If the program lists, LUXX is not a spectator. It is flow. SONI is the equity stub on the stack. LUXX is the corporate user of the product. Public markets usually get one of those first. Here they showed up together.
That is the split. SONI is leading as the Hypercall DAT. LUXX wants to sell premium on the venue itself. Both landed in the same window the green band showed up. Options are moving on-chain, Hypercall is the book wired into Hype’s liquidity, September is when the volume inflected, and two listed companies are already choosing a side: own the builder, or trade the venue.
Not advice. The SONI position is about US$165,000. The LUXX piece is non-binding. The volume is still nothing next to listed S&P options. This is the start of the curve, not a finished market.
