Every offer is one of a few standard markets. The strike is set from the HYPE price at the moment you take it, never from a price someone typed. Taking one funds your side in full and the position starts at once.
No open offers right now. You can make one.
Make an offer
Name your premium. The house sets the rest.
You choose your side, the size, a market and the premium. The strike, the cap and the start are set by the contract at the moment someone takes your offer — nobody types them. You fund your side now; it is fully refundable until then.
Your side
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at
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Premium
Market · how long, where the strike sits, and where it stops paying
Guard · part of your money kept out of the premium, returned at expiry whatever happens
Offer stays open
Enter an amount to see what you would receive at every final price, as if the offer were taken right now.
What you receive after all fees, by final HYPE price, if the offer were taken at today’s price. The dashed line is what you put in.
Your positions
Offers, live positions and payouts.
Connect your wallet to see your offers and positions.
Before you take a side
Know the three rules.
Two sides, two very different risks
The buyer pays a premium. If HYPE ends above the strike, the call pays the buyer the rise on every HYPE covered, up to the cap; if not, the premium is gone. The writer locks, in cash, everything the call could ever pay, and earns the premium for accepting that. Being fully funded does not make writing safe: if HYPE rallies through the cap a writer loses everything they locked and keeps only the premium. There is no leverage, no borrowing and no liquidation on either side.
Why there is a cap, and the Guard
A call’s payoff has no natural limit, so cash could never secure it in full. This one stops paying a fixed percentage above the strike, and that bounded amount is exactly what the writer locks — so what it can pay is always sitting in the contract. A buyer can also keep part of their money out of the premium as a Guard: it buys less cover at the same price per HYPE, is never lent to the writer, never charged a fee, and comes back at expiry whatever the price did — even if the price source is down that day.
Strike and final price
The strike is a fixed share of Hyperliquid’s HYPE oracle price, read by the contract at the moment the two sides are matched; it is never below that price, and nobody types it. The final price is the first valid oracle reading at or after expiry; anyone can take it with the Settle button, and whoever it favours has every reason to.