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Featured · 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.

HR
Hypercall Research
May 22, 2026 · 8 min read
RFQRPIREQUEST, QUOTE, ACCEPTPRICE IMPROVEMENT INSIDE THE BOOK

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TERM SHEETCursor call$10B premiumStrike $50BExpiry late 2026$50B
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
vanillathresholdshedge
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
DemandGPUFoundryMemory
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
COLLAR PAYOFFprotective putshort call caplong stock between strikesput strikecall strike
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
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