BABA Is Priced as Commerce. Its Long-Dated Options Ignore the AI Rewrite.

Alibaba's commerce engine funds Cloud, Qwen, and T-Head. The stock carries a China discount; long-dated options barely price the chance that the company changes category.

Hypercall Research

August 17, 2026 · 9 min read

Latest research

Updated weekly

Equities

SanDisk Is Up 3,585%. The Options Market Has Scheduled the Verdict for 2028

How a memory-card company became the purest AI storage trade on US markets: the inference storage problem from first principles, the NAND squeeze, an 84.6% gross margin quarter, $93.9B of contracts, HBF, and what four vol surfaces say about each other.

EquitiesAITerm Structure

HRAugust 17, 2026 · 6 min

Protocol

The Next Trillion Dollars of Stablecoins Will Be Built on Options

Vitalik proposed replacing debt and liquidations with option pairs as the base layer for synthetic dollars. We explain the idea from first principles, price it on live Deribit data, and backtest it through nine years of ETH crashes. The missing piece is an options venue.

ProtocolOptionsDeFi

HRJune 11, 2026 · 6 min

Execution

RPI: The Execution Model Between RFQ and CLOB

The RFQ vs CLOB debate misses the point. RPI gives you a transparent orderbook with a pre-trade auction that guarantees price improvement. Here is how it works, why options need it, and what it means for perps.

ExecutionMarket StructurePerps

HRJune 3, 2026 · 8 min

Private Markets

SpaceX Paid $10 Billion for a Call Option on Cursor. That's a Great Deal.

The biggest AI deal of the year is a structured option hiding in plain sight. We decompose the SpaceX-Cursor acquisition right into a Black-Scholes framework, back out the implied vol, and compare it to every asset class we can price.

Private MarketsStructured DealsAI

HRApril 22, 2026 · 12 min

Commodities

The Generational Oil Roll Happened on Hyperliquid: Why It Couldn't Have Happened Anywhere Else

How a published oracle walk between dated CME contracts turned the April WTI roll into the loudest trade in crypto — and why HIP-3 is the only venue this instrument could have existed on.

CommoditiesSettlementPerps

HRApril 11, 2026 · 7 min

Protocol

Vanilla Options on Top of HIP-4

HIP-4 extends way beyond prediction markets. We are building real vanilla options on Hypercall with native HIP-4 thresholds underneath them and portfolio margin that can finally credit the whole writer hedge stack.

ProtocolMarginInfrastructure

HRApril 9, 2026 · 6 min

Macro

Is AI Cooked?

Semis are crashing, Iran closed the Strait of Hormuz, tariffs are landing, and everyone is asking if the AI trade is over. We looked at the options market. The answer is more interesting than yes or no.

MacroAIEquities

HRApril 5, 2026 · 9 min

Flow

Everyone Is Hedged. Now What?

433M of BTC put premium in one week. 3.2x put/call ratio on ETH. Zero funding. Fear and Greed at 8. The most crowded trade in crypto is short. History says that is where bottoms form.

FlowMacroCrypto

HRApril 3, 2026 · 4 min

Market Structure

The JPM Collar: Why One Options Trade Moved the Entire Market

The JPMorgan Hedged Equity Fund's quarterly collar trade expired today. Here's what happened, why it matters, and what comes next.

Market StructureFlowEquities

HRMarch 31, 2026 · 6 min