Rysk: Fully Collateralized Options on HyperEVM
How Rysk uses covered calls, cash-secured puts, and RFQ auctions to bring volatility yield directly onchain.
Rysk is an options protocol live on HyperEVM. Its current product centers on covered calls and cash-secured puts, allowing users to sell volatility for an upfront premium while fully collateralizing the obligation onchain.
DefiLlama lists about $46.8 million of Rysk Finance TVL on Hyperliquid L1 as of August 31, 2026.
Covered means the obligation is pre-funded
For a covered call, the seller locks the underlying asset needed if the option finishes in the money. For a cash-secured put, the seller locks enough stablecoin to buy the underlying at the strike under the contract rules.
This removes the maintenance-margin liquidation path associated with a naked leveraged option position. It does not remove risk: the seller can still experience a large opportunity cost or economic loss relative to simply holding the asset.
RFQ separates pricing from settlement
Rysk uses a request-for-quote mechanism. Counterparties compete to price the desired strike and expiry, then the selected trade settles through onchain contracts.
That is different from maintaining a continuously quoted onchain central limit order book for every strike and maturity. Options fragment liquidity across many instruments, so RFQ can concentrate market-maker attention on the exact trade a user wants.
Volatility becomes a tradable source of yield
A covered-call seller is effectively accepting a cap on upside above the strike in exchange for premium today. A cash-secured put seller accepts downside purchase exposure below the strike in exchange for premium.
Calling that premium "yield" is convenient, but it should not be confused with a risk-free interest payment. The return is compensation for taking option exposure.
Why Rysk matters to Hyperliquid
HyperCore established deep onchain perp markets. Rysk demonstrates the complementary role of HyperEVM: independent smart contracts can add a different derivative payoff structure without requiring it to become a native HyperCore primitive.