hypercall

Decentralised.co published: The on-chain options trading volume is still less than 1% of perpetual contract DEX, while traditional market options trading is about three times that of futures. The institution backtested Bitcoin daily closing prices from January 2018 to October 2026, finding that among the ultimately profitable longs, the liquidation probabilities for 10x perpetual contracts over 180 days, 90 days, and 60 days were 47%, 29%, and 18%, respectively. It replayed three $1,000 Bitcoin longs on October 10, 2025: the 10x perpetual was liquidated at 21:14, the 30-day call option dropped to a low of $181 but returned to over $800 within an hour, and a $52 7-day put option helped the 10x long survive the downturn.Decentralised.co: In the past, on-chain options often failed due to fragmented order books, difficult hedging, and locked funds. Hegic depositors lost most of about $80 million in May 2021, Lyra depositors experienced a 4.9% loss in the Bitcoin pool and a 17.6% loss in the Ethereum pool within 7 months, and PsyOptions closed its product in June 2024. With the combination of perpetual liquidity like Hyperliquid, the locked funds required to sell a Bitcoin call option could be reduced from about $100,000 to about $15,000, while monthly returns increased from 1.8% to about 12%.The article lists Hyperliquid as the main venue for hedging liquidity, with the options protocol Derive (formerly Lyra) as the underlying engine, Paradex handling large trades, and Hypercall being the first options venue built on Hyperliquid. Derive liquidated about $18 billion in notional options value in the year ending October 19. After Paradex integrated with Paradigm on September 15, the date options trading volume increased from less than $3 million to $58.7 million within a week, and open contracts decreased from over $250 million to about $96 million by October 14. By September 2026, the notional value of on-chain options is expected to double to $5 billion, with premiums rising to $85 million.

On October 8, SonicStrategy (CSE: SONI, OTCQB: SONIF), a digital asset infrastructure company listed in Toronto, Canada, announced the completion of the first phase of a non-brokered private placement, issuing 11,250,000 common shares at a price of CAD 0.20 per share, totaling CAD 2.25 million, all settled in 7,922,535 SYN tokens, without receiving cash.SYN is priced at USD 0.20 per token, with an agreed exchange rate of 1 USD to 1.42 CAD, equivalent to CAD 0.284, with the price confirmed in writing by all parties and approved by the board of directors. The company stated that from September 28 to October 7, the volume-weighted average price of SYN/USDC on Binance was approximately USD 0.1849. No warrants were issued in this phase, and no intermediary fees were paid; the shares are subject to a holding period restriction under Canadian securities law until February 9, 2027. After the closing, the total issued common shares are 60,870,466, with no new shareholders holding 10% or more; the first phase of the closing is still pending final acceptance by the Canadian Securities Exchange.CEO Dustin Zinger stated that this acquisition strengthens the company's digital asset portfolio and allows the company to access ecosystems including the on-chain options platform Hypercall. The received SYN is held in custody controlled by the company and can be used for staking, validating nodes, and operating digital asset infrastructure, or sold and converted to fund operations.