Hypercall founder argues options must shed complexity to rival perpetuals

Sylvestre contends that perpetual futures gained dominance because they allow traders to select a long or short position within a single, deep order book. In contrast, options markets fragment activity across hundreds of contracts, each requiring separate buyers, sellers, and pricing. He envisions an interface where users express a straightforward view—such as betting Nvidia will rise without risking liquidation—and the platform automatically translates that intent into an options position rather than forcing the user to navigate a full options chain.

Liquidity remains a primary hurdle, as off-session options spreads often widen to double their regular-session levels. Sylvestre advocates for professional market makers to quote continuously and suggests that shared hedging accounts are essential for managing exposure. By allowing market makers to hedge options directly through Hyperliquid perpetuals using the same collateral, the platform aims to reduce margin requirements and lower the "tax" of wide spreads that currently deter many traders. With 93% of Hypercall’s volume now coming from repeat users, the focus is shifting toward refining these tools to capture a broader market share.