Iridium is an options market built on Hyperliquid's perpetual futures. Every option is priced from the perp it references and hedged on the perp's own order book, so it can be quoted every hour of every day. One contract is one share. The perps themselves trade in the same account.
This post says plainly what is live, what is mock, and what we are doing next.
What is live
- Option chains on 54 underlyings: US single stocks, ETFs and indices (the S&P 500 and the Nasdaq 100), SK hynix and Samsung on the Korean calendar, bitcoin, ether, solana, HYPE, ZEC and BNB, gold, silver, WTI and Brent, natural gas and copper, and pre-IPO names. Each chain runs from dailies through weeklies, monthlies and quarterlies to LEAPS, on each exchange's calendar for stocks and around the clock for crypto.
- Two-sided quotes on every series, repriced on every change of the perp. The house is the counterparty and hedges on Hyperliquid.
- The perps, in the same account, at Hyperliquid's book prices and under Hyperliquid's own rules: leverage tiers, hourly funding, each market's real fee, open-interest caps.
- Multi-leg orders: verticals, straddles, strangles, condors and butterflies, each leg at its quote, filled all or nothing with one net price.
- Selling to open, covered or capped: calls against a perp you hold, puts against cash you have, spreads whose short legs are matched. No naked shorts.
- Portfolio margin: a perp and the option that hedges it are margined as one position.
- A leaderboard and referral codes.
What is mock
The money. Every account opens with 100,000 mock USDC that has no cash value and cannot be deposited or withdrawn. Nothing else is simulated: the prices are Hyperliquid's live prices, the quotes are the model's live quotes, the hedger buys and sells against Hyperliquid's live depth on paper, and the risk limits halt the book when they trip.
That makes the public test a measurement, not a demo. We are measuring three things: whether the quotes are right (during US hours, against the listed options market), whether the house makes money after hedging, and whether people come back.
Why this product
Options are the instrument retail traders have chosen, on every exchange that lists them. But the listed contract is 100 shares, it trades in one time zone for six and a half hours a day, and it needs a brokerage account in that market.
The underlying no longer has those limits. Hyperliquid's builder-deployed perps on stocks and indices went from nothing in October 2025 to $115 billion of volume in July 2026, with $3.9 billion of open interest, and about 60% of that volume trades outside US market hours (Coinperps, Allium). An option on that perp inherits its hours and its global reach. One share per contract is the size a person can use.
What comes next
- Listed calibration. During US hours the volatility surface will come from the listed options market for every name that has one, so our at-the-money vol sits inside the listed bid and ask.
- The order book. Once there is flow to fill it, resting orders and outside market makers quoting beside the house.
- Real money, where it is permitted, after counsel and after the public test has shown the house's P&L after hedging over a full quarter.
Every week we will post the house's numbers here: volume, traders, the P&L after hedging, hedge slippage and uptime. If you want to see the chain move at 3am ET, open the app.