Quarterly Altcoin Spotlight: Onchain Options Are Setting Up For Their Hyperliquid Moment

Perpetual futures have been the breakout onchain derivative of this cycle. The next leg up looks like options — the larger, more sophisticated side of the derivatives market that powers volatility selling, hedging, structured yield, and institutional risk transfer. A small-cap onchain options platform with roughly 90 percent of the onchain options market is following the Hyperliquid playbook five years behind the perps wave, and the setup is starting to rhyme.