Why Hypercall chose Elysium Hypercall is an onchain options exchange built on Hyperliquid. Our contracts live on HyperEVM, our matching and risk engine runs off-chain, and our market makers hedge their books on HyperCore. We are deploying Hypercall's functionality and operations onto Elysium, starting at mainnet launch. The reason is straightforward: Elysium by Kinetiq lets us scale Hypercall's options infrastructure while keeping hedging native to HyperCore. An options venue needs room for continuous margin calculations, quote updates, liquidations and settlement. It also needs fast access to the market where its exposure is hedged. Elysium gives us the execution capacity to move more of that work onchain, with a path to native HyperCore data and faster hedging. Here is what matters for Hypercall, and why we think it matters for Hyperliquid too. The constraint we kept hitting HyperEVM is deliberately constrained. Its small blocks carry 3M gas per second. That keeps EVM activity composable with HyperCore, and it leaves little room for sustained high-frequency work on the EVM itself. An options venue is exactly that kind of workload. Margin has to be recomputed as prices move. Quotes have to refresh constantly. Liquidation triggers need to land close to the price that caused them. Expiry settlement touches every open position at once. On a 3M-gas-per-second chain you either pay for that in latency and cost, or you move the work off-chain. We moved it. Our engine computes margin and applies settlement in engine state today; the onchain contracts execute signed directives. It works. It also means more of the venue's correctness lives in our engine than on the chain. Elysium gives us room to change that over time. What Elysium gives us Elysium is a general-purpose L2 for Hyperliquid built by Kinetiq: an Arbitrum Orbit chain that settles to HyperEVM, with HYPE as native gas end to end. Block time is a real 100 ms, and the execution target is 300 Mgas/s: roughly two orders of magnitude more gas per second than HyperEVM, without leaving the Hyperliquid ecosystem. For an options venue, three features stand out. Two connect directly to HyperCore: native market data and fast hedging without moving custody. Native HyperCore market data In Elysium's first network upgrade, planned about four weeks after mainnet, any contract will be able to read live HyperCore state: orderbooks up to full depth, oracle, mark and spot prices, balances and positions. It costs ordinary call gas, comes at HyperCore's roughly 70 ms block granularity, and needs no oracle pushes. A risk engine that can read the hedge market's book directly can price, margin and liquidate against the market it actually hedges on. Every read is stamped with the HyperCore block height it came from, and if the data path falls behind, reads fail visibly stale rather than silently wrong. For a trader, the practical effect is quotes and margin that track the market the hedge actually trades on, not a delayed copy of it. Fast hedging on HyperCore, without moving custody The same upgrade adds the ElysiumCoreWriter lane. A contract on Elysium emits an order intent, and a keeper signs it as a trade-only agent on the user's own HyperCore account, typically within about one HyperCore block - roughly 100 ms from intent to resting order. The agent can place and cancel orders, and HyperCore restricts agent-signed asset moves to the account itself. The owner can revoke it with one native action. Today's alternative from HyperEVM, the CoreWriter contract, adds a few seconds of deliberate onchain delay to order actions. For a market maker adjusting delta exposure as prices move, that difference matters. The hedge needs to reach HyperCore's books as close as possible to the change in risk that triggered it. Room to run more of the venue onchain Elysium's fee environment is tuned so a market maker refreshing quotes 5-10 times per second can do so cheaply and sustainably. That is the workload an options venue has: continuous margin recomputation, frequent quote updates, liquidation triggers, expiry settlement across the whole open book. This is the block space that makes moving it onchain practical over time - and the workload the vaults on our roadmap, strategies that sell options and rebalance on a schedule, will generate as they grow. Why this is good for Hyperliquid, not just for us Options market makers are perp traders by necessity. Most options written on Hypercall carry delta, and the standard place to hedge that delta is HyperCore's books. We have already seen what that can mean for Hyperliquid volume. One $7,100 options trade generated $14.8 million in hedging volume. One Hypercall trader bought a $7,100 S&P 500 put spread and the market maker on the other side spent the next 15 hours hedging it, trading $14.8 million on Hyperliquid - approximately 15% of the venue's S&P 500 volume during that period. That was one small options trade. Now scale that up. As options volume on Hypercall grows, hedging on HyperCore perps will grow with it: more orders resting and clearing on Hyperliquid's books, more fee flow for the venue and its market makers. That flow recurs for the life of the position and follows prices, not directional conviction. Elysium is where new markets can grow inside the ecosystem. A token can launch on Elysium, mirror 1:1 to HyperEVM, graduate to a HyperCore spot orderbook, and reach a perpetual listing through HIP-3. For us that means new underlyings, including the equity-linked markets we write options against, with a path to deeper books without ever leaving Hyperliquid. The alternative was to take this activity somewhere else: another chain, another ecosystem, another settlement layer. Elysium lets us scale the venue while the hedging, settlement and new listings stay Hyperliquid-native. That is the alignment we want: growth in options activity on Hypercall feeding Hyperliquid's books, and deeper books making our options better. What’s next Elysium's testnet is live today. At mainnet launch, the chain starts with the full token-bridging surface: canonical bridge, mirror bridge, and the HyperCore graduation path. Hypercall begins deploying its functionality and operations in stages. The first network upgrade, planned about four weeks after mainnet, adds the native HyperCore market-data precompile and the fast HyperCore trading lane. These capabilities are not part of the initial mainnet launch. We are deploying onto Elysium because it’s precisely the architecture an onchain options exchange on Hyperliquid needs: fast enough for continuous margin and quoting, with room to grow, and native enough to strengthen the ecosystem it settles into. If you make markets in options and want in early, get in touch.