Hyperliquid’s Jeff Yan names options as the exchange’s next product

• Jeff Yan named options as Hyperliquid’s next key product focus, according to PANews and Phemex reports of his TOKEN2049 session.
• Options would sit on the same order book as spot and perpetual futures, so traders can hedge positions in one place.
• Yan said HIP-3 markets accounted for about 51% of Hyperliquid trading volume at one point in July.

Hyperliquid is adding a third leg to its trading stack. Speaking at TOKEN2049 Singapore at Marina Bay Sands on Wednesday, founder and CEO Jeff Yan said options are the platform’s “next key product focus,” according to a PANews report of the session. He gave no launch date, fee schedule or list of underlying assets, and Hyperliquid had not published a formal announcement at the time of writing.

Options would share one order book with perps

Per PANews and a Phemex summary, Yan described options living on the same order book as Hyperliquid’s spot and perpetual futures markets. The pitch is risk management. A trader holding a perpetual position could buy protection or sell premium against it without moving collateral to a separate venue. That matters for professional desks, which often run directional exposure on one platform and hedge with options somewhere else. Neither report described margin treatment, the settlement asset or which markets would list first.

HIP-3 markets drove about half of volume in July

Yan also put a number on HIP-3, the framework that lets builders deploy their own perpetual markets on Hyperliquid. According to ChainCatcher and a Foresight News report republished by KuCoin, he said HIP-3 markets accounted for about 51% of the platform’s trading volume at one point in July. He cited it as evidence of product-market fit and pointed to perpetuals on real-world assets, such as crude oil and pre-IPO shares, as the standout use cases. He did not say what the share is today.

Yan pitches Hyperliquid as infrastructure, not a rival

Yan framed Hyperliquid as an open protocol that other businesses build on rather than a competitor to the apps that sit on top of it. Builder Codes let developers launch mobile apps and institutional trading terminals that plug into Hyperliquid’s markets and liquidity without running their own matching or clearing. “No one is competing with the internet,” he said, per ChainCatcher. He also argued that in traditional finance, early-stage assets are often open only to a privileged few, and that on-chain markets can widen access. In separate remarks reported by KuCoin, he said AI agents will need financial rails that move value as easily as data, with compliance sitting above the protocol layer rather than inside it.

The CCS read. Options are where on-chain derivatives have historically struggled to build liquidity, and they are also where institutional hedging demand concentrates. If Hyperliquid can put options next to perps on one book with shared collateral, it removes one of the main reasons funds keep a centralized venue open alongside it. The 51% HIP-3 figure is a peak, not a run rate, but it shows that third-party markets, including real-world asset perps, can carry a large share of activity on the venue. That success also invites scrutiny: perps on oil and private company shares offer price exposure outside traditional market structure, and regulators in the US and Asia are paying closer attention to offshore leverage.

Watch for a Hyperliquid improvement proposal or testnet release that spells out options margin, underlyings and timing. Our earlier look at Hyperliquid’s open position surge tracks how positioning on the venue has shifted, and you can follow all our TOKEN2049 coverage on the live hub.