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.(Historical earnings: For fiscal 2027 Q2 (period ended 2026-07-26), NVIDIA reported basic EPS of 4.87, diluted EPS of 4.85, net income of USD 118.010 billion, and revenue of USD 177.837 billion. Consensus expectations: For fiscal 2027 Q3 (event date 2026-11-25), consensus expects EPS of 2.49 and revenue of USD 111.356 billion.)