Hyperliquid Won Perpetuals. After $536 Million of Options Traded in September, Can It Win Options Too?

Market Performance

Hypercall, an options trading platform built on Hyperliquid, reported $536 million in options trading in September 2026, according to founder Jake Sylvestre. This figure reflects the total value of the contracts, which typically exceeds the cash collateral that traders put down. September alone accounted for nearly all of the $592 million in options that Hypercall has traded since its launch on June 1.

Perpetual Futures and Options

Hyperliquid operates the largest decentralized market for perpetual futures—contracts that follow the price of a cryptocurrency without an expiration date. The parent company of Kraken plans to offer these contracts to U.S. traders. Hypercall's market makers hedge on Hyperliquid's perpetual futures market, making Hyperliquid's dominance a structural edge for options growth.

HYPE Token Performance

As of October 7, HYPE trades at $88, down 2.4% for the week and about 10% from its September 23 peak of $98. This downturn has raised questions about the potential for Hyperliquid to succeed in options trading and whether HYPE holders will benefit.

Options Trading on Hypercall

Hypercall offers options on well-known stocks, including Nvidia, Apple, and Microsoft, in addition to Bitcoin and Ether. The platform's trading volume surged quickly, averaging around $60 million a day in the week leading up to Sylvestre's October 7 essay. However, it's crucial to note that Sylvestre is leading the platform that would benefit if his thesis is correct. Hypercall is currently labeled as an alpha release, and it has yet to prove it can draw business away from the established stock options exchanges.