Mainnet: Trade SpaceX Options Now
Hypercall Mainnet Alpha is live.
You can connect a wallet, deposit USDC, and trade SpaceX options on mainnet through SPCX.
The app is live at https://app.hypercall.xyz
This launch is not just a contract address or a landing page. It is the first public version of the full Hypercall loop: a live trading surface, wallet onboarding, real funding, a refreshed product site, a Foundation page, a separate Insights property, and the first market that shows why options on Hyperliquid matter.
What shipped
Hypercall is live on mainnet with USDC funding and SPCX options.
SpaceX is the launch market. Users can trade calls, puts, straddles, strangles, and defined-risk spreads on SPCX.
Deposits and withdrawals are live through the new funding flow.
The trading surface has been rebuilt around strategy selection, cleaner chain interaction, new themes, normalized settings, and better onboarding.
Single-leg orders use RPI, while multi-leg packages use RFQ. The RPI breakdown is here:
https://insights.hypercall.xyz/rpi-vs-rfq-2026-05-22
Launch scope is intentionally limited. Hypercall is in phase 0 of its decentralization roadmap, and shorts, broad Portfolio Margin, and contract-level functionality remain constrained.
Why SpaceX options
SpaceX is one of the clearest examples of a market where people have a view, but the instruments are awkward.
Private-company exposure usually means brokered blocks, SPVs, long settlement cycles, high minimums, and very little ability to express convexity. A trader can want a defined-risk view on the company without wanting to buy a private placement or warehouse linear downside.
That is the gap options fill.
SPCX options let traders express a view on SpaceX with defined downside: calls for upside, puts for hedging or downside, and spreads for a more precise payoff.
The contract is not trying to turn a private company into a public stock. It is a listed options market on top of a published underlying reference, with rules, expiries, and risk checks the venue can enforce.
The point is not just SpaceX. The point is that Hypercall can list options on assets where the underlying price exists, the market wants convexity, and traditional options infrastructure does not move fast enough.
The trading surface
The first-screen flow is direct: connect a wallet, generate an API key, deposit USDC, and trade SpaceX options. A user who just wants to look around can open the SPCX chain first and understand the market before funding.
The chain supports single-leg and multi-leg selection, strategy templates, sticky mark rows, date tabs, buy/sell direction, and a right-side market panel that shows the Hyperliquid underlying and Hypercall option-market stats side by side.
The strategy builder handles the common structures directly: calls, puts, straddles, strangles, verticals, and coming-soon calendar/discount-spread families.
The goal is to make option payoffs selectable instead of asking users to assemble every leg from scratch.
Funding is real now
Testnet had faucets. Mainnet has funding.
The new funding flow supports USDC deposits and withdrawals, with the bridge and relay pieces moved into the app flow instead of hidden in operator runbooks.
The deposit modal shows the route before submission: source wallet, source chain, relay path, destination Hypercall account, estimated credit, and the action that will bridge and deposit in one flow.
After submission, the app tracks the transfer state instead of leaving the user to infer what happened from an external transaction hash.
When the funds land, the account is credited and the next action is clear.
That sounds obvious, but it is the line between "try the interface" and "use the venue."
Execution: RPI and RFQ
Execution routes through the right mechanism for the order.
Multi-leg packages use RFQ.
Single-leg orders use RPI, a short price-improvement auction where market makers can beat the best visible book price before the order falls back to the orderbook as a normal limit order.
That is the split we want long term: RFQ for packages, RPI for single-leg flow, and a central orderbook underneath both.
Read the full execution breakdown:
https://insights.hypercall.xyz/rpi-vs-rfq-2026-05-22
What is intentionally not live yet
We are not launching with every feature switched on.
Day one is constrained around long premium trades. Users can buy options and defined-risk packages, while naked shorts and broad Portfolio Margin are held back.
The reason is simple: these features are not just UI switches. They change margin semantics, liquidation behavior, and operator risk.
The contracts are also intentionally limited at launch. Hypercall is in phase 0 of its decentralization and trustlessness roadmap: useful enough to trade, conservative enough to operate, and explicit about the parts that still rely on centralized operators and controlled rollout gates.
We will publish the decentralization and trustlessness roadmap separately.
The short version is that the current launch prioritizes correctness, observability, and user exit paths before widening permissions or claiming a trust model we have not yet earned.
Options venues fail when risk systems silently accept positions they cannot monitor, margin, or unwind. Hypercall is taking the opposite path: ship the path we can operate, gather evidence, then widen the venue when the controls are ready.
A new home
The public surface changed too.
hypercall.xyz has been rebuilt around the live product.
The old site explained the idea. The new site routes users into the product: live-market marquee, Start Trading CTA, SpaceX-first copy, payoff framing, no-liquidation education, and a clearer path from homepage to app.
We also added a Foundation page for investors, partners, and ecosystem users who do not need a trading tutorial first.
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The Foundation page explains the market thesis, the relationship to Synapse, why options are still underbuilt on-chain, and what is live now.
Insights has its own site
Insights moved onto its own subdomain: https://insights.hypercall.xyz
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That matters because research is part of the product. Hypercall lists markets where the payoff needs context: private-company optionality, RPI execution, HIP-4 thresholds, commodities, macro, and market structure.
Insights is now a proper front door for that work instead of a section buried inside docs.
What comes next
The next phase is widening the venue carefully.
That means more markets, richer strategy coverage, a clearer public roadmap, the decentralization and trustlessness roadmap, and eventually broader margin and short-option support when the controls are ready.
For now, the message is simple.
Hypercall is live. SPCX options are trading. Defined-risk options on Hyperliquid are no longer a testnet promise.
Start with the app:
https://app.hypercall.xyz
Read the trading docs:
https://docs.hypercall.xyz/docs/trading/on-app/
Go deeper in Insights:
https://insights.hypercall.xyz
Options and digital asset trading carries risk. This is not financial or investment advice.