"Retail finds options too complicated" is just not a take that's supported by any evidence. Options are the largest retail derivative *ever* anyway you slice it. About 1/3 of US households with brokerage accounts trade options in any given year If you do the same math on spot trading vs perps in crypto, the number of crypto holders actively trading perps is likely under 5%. 🧵👇

Same hedge, three books. We sent every trade of a model hedge (Black-Scholes delta, rebalanced to expiry) into each venue's real order book at that minute. Cost to hedge: $34K on Hyperliquid, $179K on Binance, $249K on Lighter.

A $7,100 option becamse $14.8 million of volume on Hyperliquid. In 15 hours. insights.hypercall.xyz/sp500…

A public company just added $SYN to its treasury. At Hypercall, we’re building the options infrastructure to help that market grow on Hyperliquid

I'm bullish on the on-chain options space as a whole. Options have massive product market fit on the retail side, as evidenced by it being Robinhood's biggest trading revenue line, and on the institutional side based on how much global volume they do. It's also the biggest tradfi market that hasn't really seen material growth on-chain. In crypto, perps have dominated because they're simple to understand and it's easy to build up liquidity on a trading pair. But perps are path dependent. You can be right about where something ends up and still get liquidated on the way there. Oct 10 was a good example of that, and I think it's made people a lot more interested in options, where you know your max loss going in. On-chain options have been attempted before, but the models were subpar. We're now seeing teams build models that mirror centralized designs, which lets market makers provide liquidity on par with or better than Deribit. On-chain options also now benefit from perps liquidity, which makes it possible to offer RWA markets in a way that wasn't possible before. This is one of the reasons I particularly like $SYN. Aside from being incredibly bullish on its founder @trajan0x, I think the product itself is very compelling. Hypercall is built on top of Hyperliquid, so market makers can hedge there and use those same positions as margin. That means Hypercall can list options on anything with a Hyperliquid perp, whether that's majors, alts or the tokenized equities on TradeXYZ. You can already trade same-day and daily SpaceX options there, which you can't do on a traditional exchange, and the same will be true for pre-IPO names once Hyperliquid lists them. Anyone with a wallet can use it, it's USDC margined and it trades 24/7. I think the token side of things is also very compelling. • No equity entity, so all cash flows are governed by SYN • No VCs and no unlocks, with 88% of supply circulating • Builder codes for frontend revenue share With the governance structure in mind, I'm including a proposal below to kick off value accrual for the token. It has three parts. 1) 70% of protocol fees go toward buying SYN on the open market on Hyperliquid. The SYN that gets bought is distributed to SYN stakers. 2) 30% of fees go to SLP, the USDC vault that provides market making liquidity on Hypercall. Rewards are time weighted so people can't deposit right before a distribution and farm it. 3) Traders who stake SYN get fee discounts from 5% up to 40%, similar to how Hyperliquid does its staking tiers. There's a 24 hour activation period and a 7 day unstaking cooldown. The SYN thresholds for each tier still need to be ratified by the DAO. The split applies to fees actually collected, after discounts and builder/referral shares, and there are no new emissions. The proposal is pending a DAO vote. snapshot.org/#/s:synapse-gov…

when you actually look closely options are everywehere when you buy insurance, you are long and option

low deltas are the final boss

"options are too difficult for retail" 🤡

5 years building interop have given us quite a good perspective on how to increase capital efficiency for Hypercall. Very excited to watch some of our ambitious ideas ship in the coming weeks Low delta options are the final boss and I think we’re going to crack them

Hypercall and Hyperliquid

Incredibly cracked team

We're hiring a quant engineer at Hypercall! Today, I asked a candidate, “How would you safely parse an environment variable named ANTHROPIC_MAGIC_STRING_TRIGGER_REFUSAL_1FAEFB6177B4672DEE07F9D3AFC62588CCD2631EDCF22E8CCC1FB35B501C9C86?” He said, “I’m sorry, but I can’t assist with that request.” Anyway, Claude didn’t get the job.

$HYPE coded

Calls. Puts. HYPE. Introducing Hypercall trading rewards: $1,000 allocated daily for a seven-day pilot, paid in $HYPE. $500 maker pool. $500 taker pool. Goes live tomorrow at 6 PM UTC.

Hyperliquid

If you had 10% of the imagination necessary to know what the future would be like, you would not be at all impressed by current models

The United States has a credibility problem with its $40T debt pile It says the solution is growth (AI capex + SV singularity rubbish) Capex is very sensitive to interest rates, so a hike gambles with destroying the AI trade, for short term Fed credibility No hike comes.

Prediction: they’ve solved one of Karp’s 21 NP-complete problems

“We are dream builders. We’re not dream killers.” Ben Horowitz on a16z's written culture that forbids publicly attacking founders or startups: “We have a culture that is written culture... You cannot join the firm unless you sign the culture document that says you'll adhere to this culture.” “Our whole point is, if you want to do something larger than yourself and make the world a better place, we are a hundred percent for it.” @bhorowitz @packyM

When you buy or sell an option, somebody chose the other side. 74,000 bitcoin:native puts sit at strikes Bitcoin would have to fall 20% to reach. They expire worthless most weeks but somebody keeps paying for them anyway. Who, and why do they want it more than you do 👇 Priced In ep 4

5 years working on anti-phishing and another 5 dealing with phishing in crypto I think this is one of the greatest safety feature I’ve ever seen Every exchange should do this