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• Managed vaults are coming to Hypercall. A vault lets you put money behind someone who sells options on Hyperliquid for a living, and see every trade they make. We're building them because the easy yield on Hyperliquid has dried up. Hypercall (by $SYN)
• Managed Vaults Are Coming to Hypercall The easy yield is gone In early 2024 you could make 30% a year on Hyperliquid doing basically nothing. Buy BTC, short the perp, collect funding. Over the last six months that same trade has paid about 7%. This happens to any trade that works. Ethena, funds, and every desk with a spreadsheet piled into the basis, and the return went to roughly what you'd get lending. Stablecoin lending went the same way. So if you want real yield now, you have to take a risk somebody else doesn't want, and get paid for taking it. Options are the cleanest way up the curve Options are the most direct version of that. Somebody on Hyperliquid wants NVDA upside into earnings without putting their stack at risk. Somebody else wants to hold ETH through a bad week without selling it. Both of them will pay for that, and they pay up front. Whoever sells them the option keeps the premium. A trader paid it because they wanted the option, which is why it holds up when token incentives don't. Nobody wants to run an options book The catch is that selling options well is a job. You have to pick strikes, size things, roll every week, hedge when the market moves, and not blow up on the one day it really moves. Most people holding USDC or a stock aren't going to do that. Most would rather give it to someone good and watch. HLP showed that works on Hyperliquid. It's one of the biggest pools of capital on the chain, built from people who'd rather watch a strategy than run one. A vault does the same thing for options. The premium goes to a few people Today the premium goes to a handful of market makers and a few traders who know how to sell options and have time to do it. Everyone else on Hyperliquid is sitting on USDC, stocks and tokens that could be on the other side of those trades, and they get nothing. Hyperliquid doesn't have a way to fix that. Its own vaults are "legacy" now: they trade perps and nothing else, no spot, no options, and starting one costs 10,000 USDC. So if you want to put money behind someone who sells options on Hyperliquid, there's nowhere to put it. Vaults let anyone with money on Hyperliquid take part. A professional runs the book, people deposit, and the premium goes to the depositors. You shouldn't have to trust the trader When you give money to a trader, you're trusting that they're good and that they report their results honestly. We can't help with the first one. We can help with the second. The vault's books live in the same engine that runs the exchange. The trader can't mark their own positions or hide a bad week, and they can't move the vault's money to themselves. The exchange also limits how they trade. Every fill has to land near the engine's own mark, so a trader can't sell your vault's options to their own account for cheap. They can't trade against themselves, and they can't sit on your withdrawal: if they miss the deadline, the engine unwinds the book and pays you out. Each vault also has a mandate, set when it's created. A covered call vault on NVDA can only sell calls on NVDA, and only as many as it holds shares for. The exchange checks every order against it. Every vault is its own account, so a loss in one vault can't spread to another. Everything is public. What people will build A vault on Hypercall trades options here and spot and perps on Hyperliquid, all from one account. Someone who runs a perps strategy today can bring it over and start selling premium against it. Someone holding stocks can get paid for holding them. A market maker can let other people own a piece of their book. The first two vaults SLP, a market making vault. It quotes options on Hypercall and earns the spread, the same idea as HLP, for options. Single-stock covered call vaults. Each one holds a stock, like NVDA through xStocks, and sells calls against it every week. You keep the stock and get paid for capping the upside. More on both tomorrow. Before it opens We'll publish who can run a vault, the fees, how withdrawals work and the caps before deposits open. The first vaults will be small, and we'll raise limits as they run in public. Selling options pays you for risk someone else doesn't want, and some weeks that risk shows up. A vault doesn't remove that risk. A professional manages it, and you can see what they're doing. Nothing in this post is an offer or investment advice. Vault deposits carry risk, including loss of principal. Hypercall (by $SYN)
• Covered Calls Are Coming to Hypercall Everything is coming to Hyperliquid A year ago Hyperliquid was where you traded crypto perps. Now it's where people trade gold, oil, Nvidia and the S&P, at 3am on a Sunday if they want to. Every month more of the world shows up. That's the bet we made when we built Hypercall here. Hyperliquid is becoming the place where everything trades, and everything that trades eventually needs options. Perps got there first The first real-world assets to work on Hyperliquid were perps. With HIP-3, anyone can launch a perp market, and equity and commodity perps took off. Open interest on trade.xyz went from $372M in January to $3.89B today. That makes sense. A perp is the easiest way to get exposure. You don't need to custody anything, you just need a price. Now the spot is arriving The next step is owning the thing. xStocks went live as spot on HyperCore in August, so you can now hold a tokenized share of a company directly on Hyperliquid, not just a bet on its price. It's early, but tokenized stocks as a whole have gone from almost nothing two years ago to billions today, and a lot of that is going to end up trading on Hyperliquid. What's holding back spot? If spot is the next step, why is it still small? Two things a stock holder takes for granted are missing on Hyperliquid: you can't borrow against it, and it doesn't pay you anything. No lending. In a brokerage account you can borrow against your stocks. On HyperCore there's no real way to do that. Box spreads are how we will fix this. A box is four options that pay a fixed amount at expiry, so buying one is lending at a fixed rate and selling one is borrowing. It works on any asset with an options market, no lending pool required. How a box spread works. More on that soon. No yield. If you hold an xStock on HyperCore, nothing pays you for holding it. It just sits there. In tradfi this got solved decades ago: you sell covered calls. You pick a price you'd be happy to sell at, and someone pays you today for agreeing to it. We've done this before We already run covered calls on xStocks. Hypercall Earn has been live on Ink since September: you pick a strike and expiry, a maker quotes you a premium, and you get paid up front. If the stock finishes above your strike, you sell it at that price. If not, you keep it. It worked, but it lived off to the side, in its own app, on its own chain. The point of Hypercall is that everything sits in one place on Hyperliquid. So we're bringing it home. One account On Hypercall, a covered call lives in the same account as everything else you trade. Your xStock goes into escrow against the call, the call needs no margin, and the rest of your account keeps working exactly as before. Your perps, your options and your cash are right there. And you're not stuck with it. You can buy the call back any time before expiry. If the buyer doesn't pay the strike at expiry, the call lapses and you keep your stock. Covered calls are coming to Hypercall Covered calls are coming to Hypercall soon. Makers bid for your call by RFQ, and you get the premium in USDC up front. This also fixes something for us. Most options on Hypercall are bought by our users, which leaves our makers short vol. Holders selling calls is the other side of that trade, and it lets makers quote everyone tighter. What's next Selling calls yourself is one way to do it. But not everyone wants to pick strikes every week. What if someone ran it for you, and you could see every trade they made? More tomorrow. As a final reminder, Blast is shutting down today. Please remove all funds from Synapse on Blast before then. Note: this is a stub of an article that originally appeared on Hypercall. Hypercall (by $SYN)
• Everything is coming to Hyperliquid. Stocks showed up as perps first. Open interest on trade[xyz] went from $372M in January to $3.89B today. Hypercall (by $SYN)

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