HYPE Options Activity Surges Ahead of October 9 Expiry
Traders are flocking to HYPE options as notional volume hits $3.67 million for the upcoming October 9 expiry, signaling growing derivatives interest in the Hyperliquid token.
Hyperliquid’s HYPE token is seeing a surge in derivatives activity as traders position themselves ahead of the October 9, 2026, expiry. Data from Deribit shows that four options contracts tied to this date have reached $3.67 million in notional value.
Deribit introduced HYPE USDC options, futures, and perpetuals in June 2026, with Bybit adding its own listings in August 2026. This dual-exchange access has helped broaden the market for the token beyond simple spot trading.
Since August 9, 2026, HYPE options on Deribit have recorded 26,820 trades and $5 million in total turnover. September has been a particularly active month, accounting for more than half of that total volume. A single-day record of $540.6K was set on September 25.
The October 9 expiry is currently the primary focus for market participants. While there are 1.5 million contracts open for the broader October 30, 2026, expiry cluster, the shorter-dated options are seeing the most significant interest. HYPE spot is currently trading between $88 and $89.
HYPE serves as both a governance asset and a tool for fee reduction within the Hyperliquid ecosystem, which is known for its decentralized perpetuals venue and on-chain order books. The availability of options on both Deribit and Bybit allows the token to tap into different user bases.
Traders are now monitoring whether the single-day turnover record from September 25 will be broken as the October 9 expiry approaches.
