Contracts

Mainnet Alpha

These are the current Hypercall Mainnet Alpha contract addresses. Launch scope is intentionally constrained while the venue widens.

Hypercall's on-chain components are deployed on Hyperliquid L1 (HyperEVM). The system uses a modular architecture with separate contracts for account management, order processing, and option token handling.

Architecture Overview

Contract Responsibilities

Exchange

The Exchange is the main entry point and uses an upgradeable proxy pattern.

Responsibilities:

• Creates user Accounts via BeaconProxy pattern
• Custodies deposited USDC on HyperCore (insurance fund + option positions)
• Entry point for RSM Sequencer for on-chain actions/requests
• Handles option ERC20 deposits and withdrawals (bridging between HyperEVM and RSM ledger)
• Tracks and resolves full liquidation auctions
• Emits events with raw ActionCaster actions

Key Functions:

• createAccount() - Creates a new account with caller as manager
• deposit(account, token, amount) - Deposits tokens into an account
• addApiWallet(account, apiWallet) - Authorizes an API wallet for trading
• hlRequestOrder(...) - Places HyperLiquid perp/spot orders via ActionCaster
• hlRequestCancel(...) - Cancels HyperLiquid orders
• hlActionSendAsset(...) - Sends assets from Account to recipient
• hcActionWithdrawToken(...) - Withdraws tokens from Exchange to Account
• hcActionWithdrawOption(...) - Withdraws options to HyperEVM recipient
• rsmCommandRebalance(...) - RSM-initiated reduce-only orders
• rsmCommandRepay(...) - RSM-initiated debt repayment

Account

Each user has their own Account contract (BeaconProxy pointing to shared implementation).

Responsibilities:

• Custodies collateral on HyperCore side for traders/MMs using non-USDC assets
• Has a single manager who can add multiple agent keys
• Agent keys can only sign orders/cancels; other actions require manager signature
• Entry point for managers for all account-associated actions

Key Concepts:

• Manager: The account owner who can authorize agents and sign withdrawals
• Agent Keys: Authorized signers for order placement/cancellation only
• API Wallets: Authorized addresses that can submit orders on behalf of the account

Deposits:

• Option ERC20s are deposited by calling Exchange.deposit()
• Other assets are bridged to HyperCore using the asset's HyperEVM → HyperCore bridge
• USDC deposits into "Option USDC position" are done via HyperCore transfer from Account to Exchange

Processor

The Processor handles signature verification and action encoding.

Responsibilities:

• Reconstructs signer addresses from signatures
• Encodes actions into ActionCaster format
• Converts USD amounts to HYPE for deposit calculations

Key Functions:

• hlRequestOrder(...) - Processes order requests
• hlRequestCancel(...) - Processes cancel requests
• hlActionSendAsset(...) - Processes send asset actions
• rsmCommandRebalance(...) - Processes RSM rebalance commands
• rsmCommandRepay(...) - Processes RSM repay commands
• usdToHype(amountUsd) - Converts USD to HYPE based on spot price

Registry

The Registry manages option token deployment and validation.

Responsibilities:

• Deploys option ERC20 tokens
• Source of truth for "is this ERC20 a supported option token"
• Whitelisted addresses can deploy new option tokens

Future Guardrails:

• Allowed set of underlyings
• Allowed expiry timestamps
• Allowed strike granularity

Action Types

HyperLiquid Requests

Requests that interact with HyperLiquid's order book:

Action	Signer	Description
hlRequestOrder	Agent/API Wallet	Place perp/spot orders
hlRequestCancel	Agent/API Wallet	Cancel orders by OID
hlRequestCancelByCloid	Agent/API Wallet	Cancel orders by CLOID

Manager Actions

Actions that require the account manager's signature:

Action	Description
hlActionSendAsset	Send assets from Account to recipient
hcActionWithdrawToken	Withdraw tokens from Exchange to Account
hcActionWithdrawOption	Withdraw options to HyperEVM address

RSM Commands

Commands signed by the RSM signer (no manager consent required):

Command	Description
rsmCommandRebalance	Post reduce-only orders to increase USDC balance
rsmCommandRepay	Force USDC transfer from Account to Exchange

Signature Verification

• Exchange verifies RSM signer signatures
• Account verifies manager and agent signatures
• RSM commands are passed without manager signature (RSM signer is trusted)

Liquidation Auctions

When an account becomes undercollateralized:

1. RSM Sequencer triggers a full liquidation auction
2. Anyone can bid by supplying the requested USDC amount
3. Winner becomes the new Account manager
4. RSM Sequencer can stop ongoing auctions if conditions change

Deployed Addresses

Mainnet Alpha

Contract	Address	Description
Exchange	0xE6b7FaA216cabb2b38B392f577C9c826378b2240	Main exchange contract
Exchange Implementation	0xeEf31f6c8F2EFABba61C99d9efBEf4e6429024Cf	Exchange implementation behind the proxy
Account Implementation	0xa8E861eAE5Bc47beDcF4896C7c5c676f563F5f1C	Account implementation
Account Beacon	0x1b96D6a48d1fB34dC45953697414656D2851Ca93	Account beacon
Fetcher	0x8654912Eae1554662665C13EeD4f1D8A4b028aDB	Read helper contract
Option Token Implementation	0x6D0C7a116f9561A8De692c23c4C11682738ed206	Option token implementation
Option Token Beacon	0xfb320352B25Dba7f139EA9Bf8966891CCa12dC35	Option token beacon
Factory	0x2CeeAC2E032e4cCb05FF744619BfAb8cC75efE1b	Account factory
Router	0xF41FF41B6F007dE851ACc9F43Bd2f597Da741E2D	Funding and routing helper
Option Registry	0x8C8efdd5F78C25215d03c8BbD5D1f6f0F1BB0598	Option token registry
Option Registry Implementation	0xF222421a93df1086E329503723b3cC4c30546C46	Option registry implementation behind the proxy

Mainnet Configuration

Parameter	Address or Value	Description
USDC	0xb88339CB7199b77E23DB6E890353E22632Ba630f	HyperEVM USDC used by Hypercall
Core Deposit	0x6B9E773128f453f5c2C60935Ee2DE2CBc5390A24	HyperCore deposit helper
RSM Signer	0x502E7fAbF34E84EeB115C34FE947b79A94dF886E	Current operator-controlled RSM signer
Sequencer	0x56a2924217C91EB4d6989Cf4C7b4dF03020E8944	Current sequencer
Legacy Sequencer	0x8640A393730Fa671CF1C71CF5fcD2F8E299C44f7	Legacy sequencer

Source Code

Contract source code will be made available after audit completion.

Related

• EIP-712 Signing - Message formats and signing
• Agent Authorization - API wallet setup
• Onboarding - Account creation and deposits
• API Authentication - Signing requests