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Roadmap

Hypercall is building a decentralized options exchange on Hyperliquid. This roadmap outlines the path from Mainnet Alpha to a broader, more trust-minimized venue.

Current Status​

Mainnet Alpha is live. Trade SpaceX options at app.hypercall.xyz. Launch scope is intentionally limited: Standard Margin is live, Portfolio Margin is disabled for now, and naked short option exposure is not available to general users.

Development Phases​

Mainnet Alpha (Live)​

Mainnet Alpha is live with real USDC funding and SPCX options.

Trade now: app.hypercall.xyz

Features:

  • Desktop and mobile web interfaces (connect via MetaMask, WalletConnect, or email/social login via Privy)
  • Standard Margin only. Portfolio Margin is disabled for now.
  • Options on SPCX as the first live market
  • Real USDC deposits and withdrawals
  • RPI execution for single-leg orders and RFQ for multi-leg packages
  • Whitelisted liquidator
  • Keyboard shortcuts and search on desktop

Access:

  • Public, anyone can trade
  • No whitelist required

Not Yet Included:

  • Portfolio Margin
  • Naked short option exposure for general users
  • Broad market listings
  • Permissionless liquidations

RSM Decentralization​

Coming soon.

This section will cover the path from the current operator-run RSM to a more decentralized and trust-minimized risk and settlement layer. The roadmap will spell out which state commitments, signer roles, dispute paths, and operational controls move on chain or into verifiable public processes.

Broader Margin and Writer Access​

Portfolio Margin and writer workflows are not enabled for general users in Mainnet Alpha.

Features:

  • Perp/spot trading for approved option writers
  • Portfolio Margin for accounts that need cross-margining between Hyperliquid perps and options
  • Full liquidation and settlement mechanics
  • Builder code integration for partners
  • Rollout of rebates, referral programs, and liquidity incentives when the controls are ready

HIP-4 Integration​

Native HIP-4 threshold markets as hedge building blocks for option writers. HIP-4 markets let builders deploy binary threshold contracts on Hyperliquid. These contracts pay out if the underlying crosses a specified price level, making them natural hedging tools for vanilla option writers who need discrete strike-level protection.

Features:

  • HIP-4 positions visible alongside perps and vanilla options in the writer view
  • Threshold ladder credit in Portfolio Margin for aligned strike-region hedges
  • One-click writer packs: quote the option, suggest the perp plus HIP-4 stack, preview marginal initial margin

Why this matters: Option writers currently hedge with perps, which provides delta coverage but not strike-level coverage. A HIP-4 threshold at your short strike acts like a digital hedge, paying out exactly when your short option moves deep ITM. Combining vanilla shorts with threshold longs creates tighter risk profiles and lower margin requirements.

Physical Settlement​

Transition from cash settlement to physically settled options where the underlying asset is delivered at expiry instead of a cash payout.

Today, all Hypercall options are cash-settled: at expiry, the intrinsic value is computed from the settlement TWAP and credited or debited as USDC. Physical settlement changes this so that exercising an ITM call delivers the actual underlying token (or perp position) to the buyer in exchange for the strike price.

Why this matters:

  • Capital efficiency - Writers who already hold the underlying can write covered calls without posting additional margin
  • Composability - Settled positions integrate directly with Hyperliquid spot and perp balances
  • Reduced settlement risk - No dependency on oracle TWAP calculation at expiry

See Settlement Types for a detailed comparison of cash vs physical settlement mechanics.

Options as HyperCore Margin​

Use option positions as recognized collateral on HyperCore, unlocking capital efficiency across the full Hyperliquid stack.

Today, option positions sit in the Hypercall margin system and cannot be used as collateral elsewhere. This phase integrates option valuations into HyperCore's margin engine so that holding options reduces your margin requirements on Hyperliquid perps and spot.

How it works:

  • Option positions are valued at mark (Black-Scholes mid) and contribute to your HyperCore equity
  • Haircuts apply based on moneyness, time to expiry, and underlying liquidity
  • Long options add collateral value; short options consume it (net of hedges)
  • Cross-margin calculations recognize option-perp offsets, so a hedged book uses less total margin than the sum of parts

Why this matters: Traders currently need separate capital pools for Hyperliquid perps and Hypercall options. Recognizing options as margin collapses these into one pool, letting a single dollar of equity support positions across both venues.

Get Involved​

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