ME News reports that on November 4 (UTC+8), Hypercall, the options trading platform under Synapse’s Hyperliquid ecosystem, announced its treasury and liquidity plan. The first treasury, SLP, is positioned as the options version of HLP; users depositing USDC will hold a share in a market-making account that provides options pricing for Hypercall and hedges on Hyperliquid. Revenue sources include bid-ask spreads, market-making incentive splits, basis hedging, idle fund yields, and承接被清算仓位; risks include adverse selection, hedging costs, and tail risk. SLP also plans to purchase option box spreads to generate fixed-rate returns on idle funds.
In addition, Hypercall has launched a new market maker incentive program, distributing 1 million SYN tokens monthly, allocated according to each market maker’s trading volume share for the month, along with a daily leaderboard; the same rules apply to SLP. Hypercall also plans to introduce a covered call vault that holds xStocks tokenized stocks and sells a call option each week with a strike price typically about 5% above the current price, with premiums paid in advance. (Source: Foresight News)
Hypercall Announces Treasury and Maker Incentive Plan
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Summary
Hypercall, part of Synapse’s Hyperliquid ecosystem, announced its treasury and maker incentive plan in a recent on-chain update. The first treasury, SLP, functions as an options-based counterpart to HLP, allowing users to deposit USDC to gain exposure to a market-making account. Earnings include bid-ask spreads, incentives, basis hedging returns, idle capital yields, and liquidation fees, while risks encompass adverse selection, hedging costs, and tail risks. SLP will also purchase box spreads to generate fixed income from idle funds. Hypercall will distribute 1 million SYN monthly to market makers based on their trading volume share, with daily rankings and SLP eligibility governed by the same criteria. A covered call treasury involving tokenized stocks and weekly out-of-the-money call options is also under development to further support ecosystem growth.
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