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Building the on-chain options layer

Bringing the world’s largest derivatives market on-chain.

Hypercall is a fractional options venue settled on Hyperliquid, built by the Synapse team. This page is the short version: why the market matters, what is live now, and where $SYN fits.

  • Read the thesis
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    • At a glance
    Category
    On-chain options
    Settlement
    Hyperliquid
    Stage
    Live on mainnet
    Lineage
    Synapse Protocol
    Token
    $SYN
    Team
    5, Ex-derivatives & Infra
    $2.5T
    Daily SPX options notional, options now exceed US cash-equity volume
    <10%
    Crypto options as a share of spot, vs a far larger ratio in TradFi
    $60B+
    Lifetime volume the team moved building Synapse
    3M
    Users served across the team’s prior protocol
    A note from the team

    We built Synapse into one of the most-used bridges in crypto. That gave us an inside look at where on-chain markets are still weak. Options stood out immediately.

    In traditional markets, options are a normal retail instrument. On-chain, they’re still niche because the product has been too complex, too rigid, or too thin to matter.

    Hypercall is our attempt to fix that with a cleaner trading surface, smaller sizing, and a proper risk engine underneath it. It’s live now. The rest is execution.

    Investment Thesis

    Why on-chain options, and why now

    1. 01

      Retail already trades options

      Robinhood proved the behavior. Retail uses options to take directional views, cap downside, and size leverage. That demand has not shown up on-chain in a credible way yet.

    2. 02

      The market gap is still wide open

      SPX options alone trade roughly $2.5T per day. Crypto options are still a small fraction of spot because the product and hedging stack have lagged the underlying markets.

    3. 03

      Product matters as much as pricing

      If the interface feels like legacy terminal software, users leave. Hypercall pairs a simple front end with a serious options engine so the product is usable without dumbing it down.

    4. 04

      Synapse gives us distribution

      Hypercall launches with an existing brand, existing users, and an existing token economy. That shortens the path from product to real market activity.

    Token & Governance

    One ecosystem. One token.

    Hypercall does not introduce a second token. It extends the role of $SYN across the broader Synapse ecosystem, now including the options venue.

    Distribution
    Hypercall builds on the same user base and token economy instead of fragmenting liquidity across a new asset.
    Alignment
    Market makers, builders, and token holders all benefit more from one active venue than from another isolated protocol.
    Governance
    Listings, risk settings, and incentive budgets can sit inside the same community process that already exists around Synapse.