Hypercall, an options exchange built by the Synapse Protocol team on Hyperliquid's infrastructure, opened its mainnet on June 1, 2026, listing SpaceX (SPCX) options contracts settled in real USDC, with deposits and withdrawals live from day one. The platform describes the product as the first on-chain options market for a private-company equity.
Contracts are defined-risk: a buyer's maximum loss is the premium paid, with no liquidations. The platform runs 24/7 on desktop and mobile, with a multi-leg strategy builder supporting long calls, long puts, call spreads, straddles, risk reversals, and iron condors.
SYN, Synapse Protocol's native token, rose more than 23% on June 25 and has nearly tripled over the trailing seven days, per KuCoin's June 26 daily market report. The move followed a post from the @SynapseProtocol account on X: "Private SpaceX exposure finally has an options market. SPCX options are live on mainnet." The post drew attention to the launch nearly four weeks after mainnet opened.
The Synapse Protocol team built its name running a cross-chain bridge network. Per Hypercall's governance documentation, SYN is the governance token for the Synapse ecosystem, covering Synapse Protocol, Hypercall, and Cortex Protocol. The testnet ran from mid-March 2026 before the June 1 go-live, per the Hypercall blog.
