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Hyperliquid has launched options trading on its PURR common stock on the Nasdaq Options Market, marking what the company describes as a major milestone. David Schamis, CEO of Hyperliquid Strategies Inc, said the timing is favorable, citing recent momentum across Hyperliquid’s ecosystem, including record-breaking oil perpetuals, increased fiat on-ramp adoption, and HIP-3 markets reaching new all-time highs. He also pointed to Hyperliquid surpassing some major exchanges’ derivatives volume.
Schamis said: “As Hyperliquid continues to dominate headlines with record-breaking oil perpetuals and surging Real-World Asset (RWA) adoption, we believe this is a great time to launch options trading on PURR. PURR options allow our investors to better manage risk and participate in the rapid growth of Hyperliquid’s high-performance ecosystem.”
According to the article, PURR options are positioned as a way for traditional market participants to gain listed-equity exposure to HYPE and the Hyperliquid ecosystem without directly interacting with on-chain infrastructure. The options are described as “capital-efficient exposure” to HYPE.
The article also suggests that equity options could influence trading flows around the crypto-linked treasury stock through additional hedging demand from HSI shareholders. It notes that options activity may attract volatility sellers and buyers focused on HYPE fundamentals rather than PURR as a standalone name, and could create feedback loops involving the underlying.
The article highlights several “dials” for traders to monitor as PURR options begin trading:
The article frames the launch within Hyperliquid’s recent performance in derivatives. It states that Hyperliquid’s 24-hour open interest for perpetuals “smashed nearly $7B,” adding that this is “almost 4x Aster’s.”
The article includes a reference point for HYPE, stating that HYPE is trading for $41 on the daily chart.
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