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 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
USDT0
at
%
Premium
Market · how long, and where the strike sits
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 below the strike, the put pays the buyer the difference on every HYPE covered; if not, the premium is gone. The writer locks, in cash, everything the put could ever pay, and earns the premium for accepting that. A writer is not betting HYPE falls, and being fully funded does not make writing safe: if HYPE collapses a writer can lose most of what they lock. There is no leverage, no borrowing and no liquidation on either side.
The Guard
A buyer can keep part of their money out of the premium. The Guard buys less cover at exactly the same price per HYPE; it is never lent to the writer, never charged a fee, and comes back to the buyer 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. 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.