S&P 500 options are beating BTC and ETH options on a venue built on @HyperliquidX 👀 I expected crypto assets to dominate. Reading Hypercall's numbers made me reconsider where demand for onchain options could come from. According to CoinDesk’s October 14 report: → ~$640M in notional volume since June → Over 80% from S&P 500 options → ~$47M of its ~$49M open interest in S&P 500 → Volume concentrated in next-day expiries What interests me is the demand options add beyond perps. I can express direction through a perp. With options, I can also trade expected volatility, choose a specific expiry, or buy protection with a defined premium. That opens up different strategies with such hedging earnings, positioning around macro announcements, or buying protection against weekend news. The 24/7 hedge market is what makes this setup interesting. Hypercall trades through weekends and settles in USDC. Its market makers hedge using Hyperliquid perps, including when cash equities are closed. Geopolitical news can arrive while both NYSE and CME are shut, and these markets can keep adjusting prices. I found one concrete example in Hypercall’s September research, with a put spread costing roughly $7,100 was associated with $14.8M of market-maker perp hedging over 15 hours. As prices moved and expiry approached, the maker repeatedly adjusted its hedge. One case, but a useful demonstration of how options can generate recurring perp turnover. The progression I’m watching: 24/7 equity perps → Continuous hedging for options makers → More viable options markets → Broader institutional strategies → More demand for perp liquidity A few protocols make this worth following closely: → @SynapseProtocol: the options venue already showing demand for equity and index exposure. → @tradexyz: the builder behind the officially licensed S&P 500 perp on Hyperliquid. → @Markets_xyz by @Kinetiq_xyz: expanding 24/7 perp trading across equities, indices, currencies and commodities. I’m watching whether that broader range of underlying markets supports more options products and strategies. This also adds to my $HYPE thesis. Growing options activity could generate additional Hyperliquid fees through hedge trades. The assistance fund converts its fee income into HYPE, which is then burned. I’m increasingly interested in how much Hyperliquid’s future trading activity could come from managing risk in products built around it.