Hypercall, a derivatives platform built on Hyperliquid, has generated $640 million in notional trading volume since launching in June, with S&P 500 options contributing more than 80% of the activity. The figures underscore growing demand for blockchain-based access to traditional financial markets, particularly outside standard exchange hours.

The S&P 500 options market handles trillions of dollars in notional transactions daily. Hypercall is seeking to capture part of that demand by allowing traders to access index options throughout the week, including weekends.

The platform told CoinDesk that its open interest has reached approximately $49 million, of which about $47 million comes from S&P 500 options. Although its trading activity remains modest compared with conventional markets and Deribit’s crypto options business, the figures highlight interest in round-the-clock trading. Deribit, which launched in 2016, routinely records billions of dollars in daily volume and open interest. Hypercall offers contracts with daily, weekly and monthly expirations.

Founder Jake Sylvestre said most trading is concentrated in options expiring the next day. These contracts allow traders to position themselves for short-term market movements, while longer-dated options provide opportunities to hold views over extended periods.

Crypto traders are increasingly turning to decentralized platforms for exposure to traditional assets and derivatives. Hyperliquid has become a popular venue for trading perpetual futures and managing risk, particularly on weekends when traditional exchanges are shut and geopolitical developments can cause sharp market moves.

Trading beyond traditional exchange hours

Hypercall brings options trading to Hyperliquid’s existing derivatives ecosystem. An option provides a payoff based on an asset’s price relative to a specified strike at expiration. Calls generally gain value when the underlying asset finishes above the strike price, while puts benefit when it finishes below. Traders use these instruments to hedge portfolios or speculate on price movements, volatility and time.

Each contract has a $1 multiplier, meaning every index point is worth $1 at settlement. For example, a call with a strike price of 7,000 would pay $100 if the index settled at 7,100.

Contracts are settled in USDC, a stablecoin pegged to the U.S. dollar. The settlement price is based on the average price of Hyperliquid’s S&P 500 perpetual futures during the final 30 minutes.

Sylvestre said the ability to trade outside regular exchange hours is a major attraction. Hypercall’s market makers hedge their positions through Hyperliquid perpetual futures, including during weekends when cash equity markets are closed. Earnings reports, economic data and company announcements can still move prices during these periods, requiring market makers to adjust their quotes continuously.

Hypercall does not intend to replace Deribit, the leading cryptocurrency options exchange owned by Coinbase Global. Deribit mainly lists Bitcoin and Ether options, while Hypercall focuses on markets not offered by the platform.

Sylvestre said most Hypercall traders are adding access to new markets rather than abandoning Deribit.

Two market-making firms are currently active on Hypercall, with three additional firms in the onboarding process. The company expects to announce their identities in the coming weeks. User collateral is stored onchain, but order matching is handled offchain. Some margin calculations and liquidation functions also take place offchain.

Individual stocks add to trading activity

Hypercall’s offering extends beyond index options. Contracts linked to SpaceX, Nvidia, Micron Technology and SanDisk account for more than half of all trades on the platform. Other available markets include Apple, Microsoft, Meta, Alibaba, Ether and Bitcoin.

Sylvestre said individual stocks represent a significant part of the platform’s market range.

Other crypto exchanges are also expanding their stock-linked derivatives products. Bybit launched 24/7 trading for options on stock perpetuals on Sept. 17, initially offering contracts tied to SpaceX and Nvidia. Binance, the largest crypto exchange by trading value, provides options linked to more than 1,000 U.S. stocks and exchange-traded funds to eligible users outside the United States.

The developments show how crypto trading platforms are broadening their offerings beyond digital assets, with continuous access to traditional financial instruments becoming an increasingly important feature.