Hypercall is putting traditional stock options onchain. Trading options onchain requires a deep market to hedge and price against, so every options DEX has been stuck with only the top crypto assets. Hypercall is aiming to get around this by running on top of Hyperliquid's perps. Any HL market with enough liquidity can be listed. This also allows for a market maker's option and perp positions to be taken together in one margin account rather than isolated risk in separate accounts. That capital efficiency lets them quote tighter across more strikes and expiries. Because MMs hedge into HL perps, options trading adds to Hyperliquid's perp volume and OI instead of pulling liquidity out of it. The rest depends on the team's ability to build out and scale. Onchain options trading can only be as good as its underlying infra.(Delphi Digital)