{"id":"hypercall","title":"Hypercall","content":"**Hypercall** is an on-chain options platform designed to provide fractional options trading without the risk of liquidation, built upon the [Hyperliquid](https://iq.wiki/wiki/hyperliquid) infrastructure. Originally launched in 2021 by the [Synapse](https://iq.wiki/wiki/synapse-protocol) team, Hypercall aims to address the gap in the [decentralized finance](https://iq.wiki/wiki/defi) (DeFi) market for options by offering an alternative to traditional options platforms with enhanced efficiency and accessibility. [\\[1\\]](#cite-id-ra8fbg23mkkUvVT9)​\n\n## Overviews\n\nHypercall is a decentralized options trading protocol built on [Hyperliquid](https://iq.wiki/wiki/hyperliquid) and developed within the [Synapse Protocol ](https://iq.wiki/wiki/synapse-protocol)ecosystem. Released in 2025 after approximately six months of development, the platform initially offered options on SpaceX before expanding its markets to include S\\&P 500 (SP500) options in 2026. Trading is conducted through a non-custodial model with predefined risk parameters that do not rely on liquidation mechanisms. \n\nThe protocol supports call and put options, spreads, and multi-leg strategies executed through a Request for Proposal (RFP) model. It also incorporates concepts proposed by [Vitalik Buterin](https://iq.wiki/wiki/vitalik-buterin) for constructing synthetic dollar systems using option pairs rather than debt-based positions. [USDC](https://iq.wiki/wiki/usdc) serves as the settlement asset for transactions on the platform. \n\nProtocol governance is administered by the Synapse DAO through community proposals and [Snapshot](https://iq.wiki/wiki/snapshot) voting, with SYN token holders participating in governance decisions. Hypercall operates as part of the broader [Synapse Protocol](https://iq.wiki/wiki/synapse-protocol) infrastructure and has received financial backing from investors and venture capital firms, including [Arthur Hayes](https://iq.wiki/wiki/arthur-hayes), Three Arrows Capital, and CMS Holdings.  [\\[2\\]](#cite-id-zgPRt0a4D099nqAt)  [\\[3\\]](#cite-id-IvGPZgCCkKbeXorl)  [\\[4\\]](#cite-id-WQwID45XVLyiabt5)  [\\[5\\]](#cite-id-fVKqQAEdbi9QmXOE)  [\\[6\\]](#cite-id-ups8Upj6aga5nR0c)  [\\[8\\]](#cite-id-6N83FBBfEM4nhzoF)  [\\[9\\]](#cite-id-J0gcsEjEKlSlecTX)  [\\[10\\]](#cite-id-X217hzSiBQ3adzVO)  [\\[11\\]](#cite-id-mgyneBbCaN7Qwsg2) \n\n## History and Launch\n\nHypercall was officially launched in 2025, following six months of development, as the first public iteration of its trading platform, initially focusing on SpaceX options. This launch marked the beginning of Hypercall’s journey in introducing publicly accessible options trading in the crypto space. [\\[2\\]](#cite-id-zgPRt0a4D099nqAt)\n\nHypercall’s development and expansion progressed with the release of the S\\&P 500 (SP500) options on the platform in June 2026, further solidifying itself as a notable player in the on-chain options trading landscape. [\\[3\\]](#cite-id-IvGPZgCCkKbeXorl)\n\n## Technology and Platform Design\n\nHypercall is designed as a decentralized options venue settled on [Hyperliquid](https://iq.wiki/wiki/hyperliquid), utilizing a unique feature of having no liquidation risk for options traders. The platform enables trading of various options products including calls, puts, and spreads. It incorporates a sophisticated risk management system and employs a Request for Proposal (RFP) model for executing multi-leg packages, enhancing trade efficiency and user experience. The system also supports various strategic templates to cater to both novice and professional traders. [\\[4\\]](#cite-id-WQwID45XVLyiabt5)​\n\nA distinct aspect of Hypercall is its integration of [Vitalik Buterin's](https://iq.wiki/wiki/vitalik-buterin) proposal for using options as a base layer for synthetic dollars. This approach substitutes debt and liquidation processes with option pairs, facilitating a more stable and efficient [DeFi](https://iq.wiki/wiki/defi) environment. [\\[5\\]](#cite-id-fVKqQAEdbi9QmXOE)​\n\n## Products and Use Cases\n\nHypercall provides a variety of options products such as defined-risk options for publicly available assets like SpaceX and the S\\&P 500, which can be traded by connecting a wallet and using [USDC](https://iq.wiki/wiki/usdc) for funding. The platform allows for a seamless user experience with functionalities to accommodate single-leg and multi-leg options, as well as expanding into additional market segments to add breadth to the trading options available. [\\[6\\]](#cite-id-ups8Upj6aga5nR0c)\n\nHypercall also accommodates both retail investors and professional traders through the customization of trade sizes and leveraging positions while ensuring capped risk and without the fear of margin calls or liquidation cascades. [\\[7\\]](#cite-id-vUy1q27a2AWUuIcZ)\n\n## Governance and Tokenomics\n\nGovernance within Hypercall is primarily managed by the Synapse DAO, which oversees essential protocol decisions through community discussions and [Snapshot](https://iq.wiki/wiki/snapshot) votes. The governance structure is slated to evolve to include more formal governance models as the project matures. [\\[8\\]](#cite-id-6N83FBBfEM4nhzoF)\n\nThe platform utilizes the $SYN token, which is part of the Synapse ecosystem, serving as the governance token across Synapse, Hypercall, and [Cortex](https://iq.wiki/wiki/cortex) protocols. $SYN holders have governance rights, including participating in protocol upgrades and governance decisions, contributing to the protocol's democratic management. [\\[9\\]](#cite-id-J0gcsEjEKlSlecTX)\n\n## Partnerships and Market Position\n\nStrategically part of the Synapse Protocol family, Hypercall leverages the existing network and infrastructure offered by [Synapse](https://iq.wiki/wiki/synapse-protocol) and integrates seamlessly within its ecosystem. [\\[10\\]](#cite-id-X217hzSiBQ3adzVO) Furthermore, Hypercall is supported by key investors like [Arthur Hayes](https://iq.wiki/wiki/arthur-hayes) and various venture capital firms such as Three Arrows Capital, CMS Holdings, and others, ensuring substantial financial backing as well as endorsement from industry veterans[\\[11\\]](#cite-id-mgyneBbCaN7Qwsg2),. [\\[1\\]](#cite-id-ra8fbg23mkkUvVT9)​\n\nThe Hypercall platform continues to advance as a significant player in the on-chain options market, contributing to the wider adoption and integration of [decentralized financial](https://iq.wiki/wiki/defi) instruments within the crypto economy. With a focus on building a more accessible and risk-managed trading environment, Hypercall is poised to expand further into new markets and secure its place as a leading options trading platform on the [blockchain](https://iq.wiki/wiki/blockchain). [\\[2\\]](#cite-id-zgPRt0a4D099nqAt)​","summary":"Hypercall is an on-chain options platform offering fractional options trading without liquidation risk, built on Hyperliquid by the Synapse team.","images":[{"id":"QmPAbkfDJnSd23NiTj46DfPH43BpZoyJw7uSkfQnsCfqvw","type":"image/jpeg, image/png"}],"categories":[{"id":"projects-and-protocols","title":"projects-and-protocols"}],"tags":[{"id":"DeFi"},{"id":"Infrastructure"},{"id":"Ethereum"}],"media":[{"id":"QmULKWEgkcvnojB8KwkGpRLDAUrzbAVgpnbwEkQDW5UEHV","name":"hypercall-social-banner-1200x630.svg","caption":"","thumbnail":"QmULKWEgkcvnojB8KwkGpRLDAUrzbAVgpnbwEkQDW5UEHV","source":"IPFS_IMG"},{"id":"Qmc51LPS5S9GGFwB1mR32Jjn8E6Sf61ajrsM5G1fUofpjY","name":"hypercall-social-card-1200x630.png","caption":"","thumbnail":"Qmc51LPS5S9GGFwB1mR32Jjn8E6Sf61ajrsM5G1fUofpjY","source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[\n  {\n    \"id\": \"ra8fbg23mkkUvVT9\",\n    \"url\": \"https://www.rootdata.com/projects/detail/Hypercall?k=MTQ1NA%3D%3D\",\n    \"description\": \"Rootdata Project Overview\",\n    \"timestamp\": 1783634470111\n  },\n  {\n    \"id\": \"zgPRt0a4D099nqAt\",\n    \"url\": \"https://phemex.com/news/article/hyperliquid-unveils-onchain-options-platform-hypercall-39207\",\n    \"description\": \"Phemex News Article\",\n    \"timestamp\": 1783634470111\n  },\n  {\n    \"id\": \"IvGPZgCCkKbeXorl\",\n    \"url\": \"https://blog.hypercall.xyz/sp500-options-are-live/\",\n    \"description\": \"Hypercall Blog on SP500 Options\",\n    \"timestamp\": 1783634470111\n  },\n  {\n    \"id\": \"WQwID45XVLyiabt5\",\n    \"url\": \"https://docs.hypercall.xyz/\",\n    \"description\": \"Hypercall Documentation\",\n    \"timestamp\": 1783634470111\n  },\n  {\n    \"id\": \"fVKqQAEdbi9QmXOE\",\n    \"url\": \"https://insights.hypercall.xyz/options-not-debt-2026-06-11\",\n    \"description\": \"Hypercall Insights\",\n    \"timestamp\": 1783634470111\n  },\n  {\n    \"id\": \"ups8Upj6aga5nR0c\",\n    \"url\": \"https://blog.hypercall.xyz/hypercall-is-live-spacex-options/\",\n    \"description\": \"Hypercall Blog on SpaceX Options\",\n    \"timestamp\": 1783634470111\n  },\n  {\n    \"id\": \"vUy1q27a2AWUuIcZ\",\n    \"url\": \"https://hypercall.xyz/\",\n    \"description\": \"Hypercall Official Site\",\n    \"timestamp\": 1783634470111\n  },\n  {\n    \"id\": \"6N83FBBfEM4nhzoF\",\n    \"url\": \"https://docs.hypercall.xyz/docs/governance/\",\n    \"description\": \"Hypercall Governance Docs\",\n    \"timestamp\": 1783634470111\n  },\n  {\n    \"id\": \"J0gcsEjEKlSlecTX\",\n    \"url\": \"https://docs.hypercall.xyz/docs/governance/token/\",\n    \"description\": \"SYN Token Governance Docs\",\n    \"timestamp\": 1783634470111\n  },\n  {\n    \"id\": \"X217hzSiBQ3adzVO\",\n    \"url\": \"https://hypercall.xyz/foundation\",\n    \"description\": \"Hypercall Foundation\",\n    \"timestamp\": 1783634470111\n  },\n  {\n    \"id\": \"mgyneBbCaN7Qwsg2\",\n    \"url\": \"https://www.bitget.com/news/detail/12560605482211\",\n    \"description\": \"Bitget News\",\n    \"timestamp\": 1783634470111\n  }\n]"},{"id":"website","value":"https://hypercall.xyz/"},{"id":"twitter_profile","value":"https://x.com/SynapseProtocol"},{"id":"medium_profile","value":"https://medium.com/@synapseprotocol"},{"id":"github_profile","value":"https://github.com/synapsecns"},{"id":"rootdata_profile","value":"https://www.rootdata.com/Projects/detail/Hypercall?k=MTQ1NA=="},{"id":"coinmarketcap_url","value":"https://coinmarketcap.com/currencies/12147/"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/synapse-2"},{"id":"commit-message","value":"\"Added new Hypercall wiki\""}],"events":[{"id":"f64ea6cb-a223-43ee-9099-75e4d8135c0d","date":"2025-11-01","title":"Hypercall Launch","type":"CREATED","description":"Hypercall officially launched its on-chain options platform on Hyperliquid.","link":null,"continent":"North America","country":"United States"},{"id":"ae3cfd06-a563-4109-9d47-0b49a5352701","date":"2026-06-01","title":"Integration with SPCX Markets","type":"DEFAULT","description":"Hypercall now supports option trading on SPCX Markets, expanding its asset offerings.","link":null,"continent":"North America","country":"United States"}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"operator":{"id":"0xd5893989b9952c6568a99F854795AcC5Ae480D56"},"language":"en","version":1,"linkedWikis":{"blockchains":["ethereum"],"founders":["anon"],"speakers":[]}}