🌐Overview
opt.fun is 1 minute expiry options platform on Hyperliquid offering fast and fun high volatility trading.
opt.fun is a decentralized options trading platform on HyperEVM that enables traders to buy and sell 1-minute expiry at-the-money (ATM) options. The platform provides a streamlined trading experience for short-term options strategies with automated settlement and collateral management.
Key Features
High leverage: Up to 1000x leverage on deposited collateral
1-minute expiry cycles: Each trading cycle lasts exactly 60 seconds from initiation to settlement
At-the-money strikes: All options are automatically struck at the current oracle price when the cycle begins
Binary settlement: Options expire either in-the-money (ITM) or out-of-the-money (OTM)
Gasless trading: Sponsored by the opt.fun team
Use Cases
Speculating: Capitalize on small price movements with minimal capital via 1000x leverage
Hedging: Quickly hedge spot positions over a 1-minute period, perhaps while your spot position is bridging from one chain to another
Yield Farming: Provide liquidity by selling options and collecting premiums
Market Making: Simultaneous buying and selling to capture bid-ask spreads
How It Works
1. Cycle Initiation
A new 1-minute cycle starts every minute, capturing the current Hypercore Oracle Price as the strike price for all options in that cycle.
2. Trading Phase
During the 60-second window, traders can:
Place "Long" or "Short" orders with up to 1000x leverage.
Via the frontend UI, a "Long" order is a Limit order for buying a Call option and selling a Put option at the Black-Scholes fair price for the options using a volatility assumption based on historical price movements. A "Short" order is a Limit order for buying a Put option and selling a Call option.
Via the Trader SDK, traders can submit Market or Limit orders for buying or selling Put and Call options.
Cancel unfilled orders
Close out open positions
Orders are matched based on price-time priority.
3. Settlement
At expiry (the end of the 1 minute cycle), the platform:
Fetches the final oracle price
Determines which options expired ITM
Automatically distributes payouts to winning positions
Releases collateral from losing positions
4. Repeat
Get back in the arena for another cycle.
Architecture Benefits
Speed & Efficiency
Optimized for high-frequency trading with minimal gas costs
Fast liquidations and cancellations to protect payoffs for trade winners
Automated settlement to reduce operational overhead
No manual exercise required - all ITM options auto-settle
Risk Management
Non-custodial design - users maintain control of funds
Public order book for transparency and price efficiency
Open codebase and on-chain transactions for trust
Isolated cycles prevent cross-contamination of risk
Transparent pricing via on-chain oracle feeds
Upgradeable smart contracts for future improvements
Pausable functionality for emergency situations
Getting Started
Deposit Collateral: Deposit USDT collateral to opt.fun
Place Orders: Go long or short $BTC or $PUMP with up to 1000x leverage
Auto-Settlement: Profits are automatically credited after the 1-minute expiry
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