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2000x leverage with Opt Fun on Hyperliquid
Recorded: June 26, 2025 Duration: 0:55:28Space Recording
Short Summary
OptFun has launched as a groundbreaking platform for 1,000x leverage trading on Bitcoin, achieving $84 million in trading volume within its first week. The project aims to provide a fairer trading environment compared to traditional meme coin launches, while exploring innovative engagement strategies to enhance user experience.
Full Transcription
The Thank you. I'm going to go to the next episode of the video. Thank you. Jim, Jim, Ryan, how you doing?
Doing well, how are you?
I'm good, I'm good.
I had issues with the spaces hosting, but it seems like it's working.
Although, it looks like the old link is broken, so...
It's okay. It's all good.
We're just hanging out. People can find us if they want to.
Oh yeah. Oh yeah.
Let me just write a fun title.
There we go.
1,000x.
I feel like that's a good selling point.
100%.
Very wrecked in wine.
Bro, I think everybody in our discord got wrecked on on opt fun they made some money but
eventually everybody gets wrecked well it kind of depends right like we hop in and you do a thousand
x leverage on your first trade it's kind of 50 50 and whether you'll hit or miss you do it again
uh it's another 50 50 whether you'll hit or miss and then do it again. It's another 50-50 whether you'll hit or miss. And then if you keep flipping that coin, it's kind of a matter of time before you go bust.
A lot of people can run pretty intelligent strategies around farming option premium and
tracking Bitcoin price and managing their leverage, but it's meant to be fun.
So I think most people should go into it knowing that like,
if you're using a thousand X leverage,
it's a,
you're in for some danger and that's the fun of it.
We're all about the DGEN shit.
you know,
I think people understand what's happening when it's 1000X. And I know a few people actually, their strategy was if they do win the initial coin flip to withdraw some of the funds, right?
Kind of put that aside and then roll the dice one more time.
But now you have some winnings at least that you have secured.
Yeah, I see some people doing things like a Martingale betting strategy where it's like,
if I lose, I double my bet. If I win, I half my bet so that you maximize the number of bets you
can take and increase your probability of going up.
We see people doing basically like you lose, you double, you lose, you double, you lose,
you double and keep doing that.
And eventually you win and the wins pay for the losses.
A lot of DJ activity.
Yeah, but it can happen that you're gonna lose like eight in a row man so
for sure i'm not advising that as a strategy uh but uh but yeah i think if you have let's say
infinite money the the mentality is if you keep doubling at one point you'll win uh if you keep
doubling your bet size at some point you'll win and it'll bail you out for all your losses. But the problem with this is if you don't have infinite money,
if you keep doubling, that number gets very big very fast.
And also, it's not like a doubling, right? Like sometimes you get 2x. I've won sometimes like,
you know, just a small thing or lost just a small thing as well.
So it's not like it's tied to Bitcoin price, right?
Like what you're doing is going either a thousand X long or short Bitcoin price.
And for that minute period, Bitcoin could be flat.
It could jump. It could fall.
Like you don't necessarily know in the same way as like if you were playing a coin flip exactly that it's going to be 2x.
You have way more upside and you have, I guess, way more downside.
So like the spectrum of possibilities is quite wider.
But something I like about the game in particular is like it is tied to a real world thing that's like not manipulative, manipulatable.
It's bitcoin price like no one has enough bitcoin to like necessarily like rub the liquidity like they
would have meme coin uh it's not like known losing odds like a coin flip so with coin flip games
it's like you know that the casino wins in this game uh meaning that often these coin flip games will either give you less
than 50-50 odds or they'll take like a 10% fee out of the payoff. So you're never like expected
value even. Our platform is just like you're trading Bitcoin. So your expected value is kind
of like based on Bitcoin's price action. It's not inherently like disadvantaged in some way,
which makes it a really fair and fun way
to do your degen activities.
Nice.
All right, let's get the spaces started.
You already gave us a lot,
but let's start from the beginning.
I'm Zerk, co-founder of RecGang and Mad Scientist.
This is actually how we met,
is through Mad Scientist.
So that's pretty cool.
And today we have the privilege, the pleasure, the honor of hosting OpFun and Ryan from OpFun.
So Ryan, maybe you can introduce yourself real quick.
Maybe give us a little bit of background about what you do in crypto.
And then we'll introduce OpFun and what it is.
For sure. Thanks for having me, sir.
So I'm Ryan. I'm the chief degen trader of OptFun.
We started building OptFun a few months ago.
OptFun is a platform for 1,000x leverage trading on hyperliquid EVM.
So you can go long or short Bitcoin's price for one minute with 1000x leverage.
And the goal of the platform is to be the fairest way to take high volatility bets in crypto.
No meme coin rug pulls.
The assets on our platform are extremely liquid because it's Bitcoin. It's no casino odds skewed against your favor. It's simply trade Bitcoin with 1000x leverage for one minute. And the underlying mechanism that's powering that is an on-chain order book for one minute expiry options.
on-chain order book for one-minute expiry options.
Very cool.
So 1,000x within one minute.
That's, to me, very reminiscent of giving you that high,
that pump fun gives, right?
That's maybe why you guys decided to call it opt fun.
Exactly.
We called it opt fun because it's fun that you're having with options.
So yeah, I think like we certainly tip our hat to the pump fun folks.
There's lots of apps now doing the dot fun to signify that like, hey, this is meant for fun activities rather than maybe a more serious
infrastructure project. That being said, the infrastructure behind OpFund is quite serious.
With PumpFun, I think the reason they resonated so well with the crypto audience is because they gave you a venue to take on extreme amounts of
volatility. I think a lot of people come into crypto looking to get rich quick. And PumpFun
was actually like one of the first venues that actually gave you an opportunity to get rich quick.
Now, that opportunity was more on the side of people who were launching
tokens and in that insider cabal of people coordinating a meme coin launch. And if you were
just kind of someone who hopped into PumpFun and were like, this meme coin seems fun, I'm going to
trade it, you're severely disadvantaged because you're not in that insider cabal. It's likely
there's going to be a rug of liquidity in the next few seconds and you will get wrecked. With OptFund, we wanted to give
that same thrill of extreme volatility and that possibility of extreme gains that PumpFund had,
but on a fairer venue and with a fairer structure. So instead of a low liquidity meme coin,
what you're trading is Bitcoin with
1000x leverage and hopefully soon other assets. So you could have the same thrill and not
have the same like asymmetric risk of getting just wrecked by a liquidity rug pull.
Very cool. And might I add, it's very fun as well i have tried it it's
do you use your product ryan do you plan up fun as well uh yeah i i mean the folks have been in
our discord know that i start my mornings every day with a 500x levered long uh and then i post
the the the results which are sometimes good, sometimes bad.
Um, I think you have to, like, I think I like volatility and, and, and trying to, and playing
around, I mean, I chose for my personal career path to, to start off the month.
So that should tell you something about my, my personal risk tolerance and personal risk tolerance and how I like volatility.
But yeah, I trade in a very non-serious way on OptFun.
And I think that's a good thing.
I think we know because we all on the team use the product. We, we know all the problems.
Like since we launched last week, there have, there have been periods where like
the website's not the most stable and we see it because we're using it and we're,
we, we, we jump on fixing it.
We get lots of feedback on how we can improve the UX.
We all have strong feelings on how we want the UX to, to, to go in the future.
And that all stems from the on how we want the UX to go in the future.
And that all stems from the fact that we use it.
I'd say internally on the Optumon team, we very much are a betting kind of gambling culture.
Like when we're making decisions around UX or product decisions, it's always like, how
much are we going to be willing to bet that you're right? And then we go and ask like 10 users and then there's payouts uh so it's it's very in line with
with our ethos very cool so you've decided i know we've met in the cosmos i guess but you've decided
to build op fund this 1000x leverage options trading one minute on Hyperliquid.
I mean, to me, it also makes sense because 1000x leverage,
where else would you want to do that than Hyperliquid?
But that being said, you know, maybe could you talk to us
about why y'all picked this ecosystem out of any others?
Yeah, so I've had forays with a lot of different ecosystems in the past kind of
year and a half. I've been in crypto. So I first got introduced to crypto through some of my friends
from college who are very much Cosmos Maxis, who actually lead the Interchain Foundation.
So my first foray into blockchains and crypto was building a Cosmos chain, um,
and, and kind of being a max decentralization maxi, um, quickly realized like with Cosmos,
it's a great tech stack and, but like what, what really matters is kind of where the users are.
Uh, if you're, if you're an app builder trying to service people who want to use your
product, you want to be as close to those users as possible. So what excited me about Hyperliquid
was one, the size and kind of, I guess, devotedness of Hyperliquid traders. So people on hyperliquid are in love with hyperliquid and
don't want to be anywhere else. And that's for a few different reasons that also made me fall in
love with hyperliquid. The hyperliquid team is extremely technical and ships quickly.
They had a very successful token launch largely because they didn't take
any outside VC capital. So there was no VCs to dump on you and there will never be any VCs to
dump on you if you got hype token. The platform is extremely good for traders. And like the ambitions
of the team are aligned with mine, bringing kind of all of global finance
on the blockchain. So it's more fair and transparent. So when you have a group of kind of
like very devoted degen traders and kind of market makers on Hyperliquid, that makes it a great
place to launch different new financial products around the core purpose platform.
So that's how we think of Hyper EVM and why we thought it was a great place to build.
The fact that it's an EVM chain makes it very easy to build on Hyperliquid.
We think Hyper EVM is going to be massive over the coming year.
And we hope Upt Fund can be a big contributor in kind of attracting new users to the hyperliquid ecosystem through this degen fund that is also hopefully somewhat profitable for people.
Bullish on hype. Bullish on hyperliquid.
For sure. I own a ton of hype.
I own a ton of hype.
So asterisk, I am pumping my bags.
So I think if you're on this call and you're a part of the rec gang community, you're probably also super bullish on hype.
Absolutely.
Yes, we love the hype.
It's been doing well.
And, you know, I feel like you coming from Cosmos, it's a very different approach here, building on hyperliquid. And what I mean by this
is it's very open, right? There's no cousinism. I don't know if you're familiar with that term,
but the hyperliquid ethos is, you know, everybody does their own shit and builds for themselves and don't expect any favors, which which has made the ecosystem very accessible for new builders because, you know, there's no like established cabal.
So if you launch a great product, I'm sure people will be using it. Right. So is that kind of comforting in a sense that to know everybody has a fair shop?
So is that kind of comforting in a sense that to know everybody has a fair shop?
A hundred percent.
We wanted to control our own destiny.
In our experience in Cosmos was the Cosmos community is very accepting of newcomers.
But if you're trying to build something that gets like any reasonable amount of distribution, you kind of have to go kiss the ring of all the other projects in the space and find ways to align your incentives. And the same is true on Base and Arbitrum and Solana.
But with Hyperliquid, because the team doesn't give grants, the team doesn't chill you,
all these, there are no like insider VCs that you need to get involved.
there are no insider VCs that you need to get involved.
It becomes a very neutral place to launch and very fair place to launch where your product
speaks for itself. There's no other projects on Hyperliquid that are getting amplified by the core
team more than us. And there are no other projects that are getting amplified less than us. So we
kind of get a level playing field to make our own way through the Hyperliquid ecosystem.
And I think that's like a really attractive and sustainable way to structure an ecosystem.
The Hyperliquid team is always open to like speaking with builders through kind of the dev channels that anyone can join.
And they're super responsive and helpful which I think is is great but like if you are the biggest thing on hyperliquid
versus the smallest thing of hyperliquid their responsiveness to you is approximately the same
yeah I really love that about them I feel you know I remember being on Polygon and some of these ever chains. And as soon as the core team starts talking about you, all the other teams, you know, kind of feel bad, right?
Like they're like, well, why them and not us?
You know, whose cousins are they?
And in a way, I love the hyperliquid approach, which is everybody's a cousin and no one's
a cousin. So basically everybody gets a fair shot and really merit-based is what they care
about.
Despite the fact that Optifun has done 50 million in trading volume in the first week
since launch, I still haven't met Jeff. still don't, I still haven't met Jeff.
In another ecosystem, you, you, you crush it at like, oh, the, like the head of the ecosystem, like hits you up and is like, yeah, let's figure out ways to work together. But Jeff
could not be bothered. And I think that's the most bullish thing ever. Jeff is just
heads down shipping. You know, I can always connect you with Julian.
I think we discussed.
Yeah.
Julian is yapping in the chats, but Jeff is just locked in.
Yeah, Jeff is always locked in.
But, yeah, very cool.
I mean, I love that about the ecosystem.
We agree on this.
So let's move along to OpFund. So right now you can do, you know, 1,000x leverage.
Recommend people not to do the 1,000x.
You know, 200 is usually where I go.
It seems like you go up to 500.
You get more TGen than you.
Yeah, I guess so.
Well, no, sometimes my transactions kind of, you know,
I don't know if it went through properly if I do 1000 or 500x.
So yeah, talk to me a little bit about this is a very new, fresh product. And, you know,
it's, it's unique, right? Like, I have not seen this before. So talk about some of the
challenges of building something like this out. Like, to me, it seems there's so many moving pieces and trades can go wrong really quickly yeah just maybe a few words on on how to develop something like
this uh yeah so there's a lot of of big brain math going on behind the scenes uh i wish i
could take full credit for it but uh it it's a lot of our core team that's pretty cracked.
That is not me.
But we set very specific requirements for what we needed OptFun to be.
And that needed to be fun, fast-paced, high volatility, but it needed to be approachable from a user perspective.
So any complexity that you introduced to give that user experience should be kind of in
the background and not at the forefront, which I think a lot of options trading platforms
get wrong.
They put the complexity upfront to seem really big brain and smart.
We did the opposite.
They're smart things under the hood, but like the front end is very simple and degen
and fun as it should be because no one wants to stare at like really complicated graphs that have
to like set 15 different settings before they can place a trade. And I think we all learned that
we saw kind of these meme coin launch pads take off. So what our requirement for opt fund was,
was it had to be fully on chain.
Like we believe it should be transparent and fair.
Uh, so it's an on chain order book for, for options on hyper EVM.
Uh, it needed to work really quickly.
So we had to use extremely high performance RPCs, uh, so that your, your trades get in
when you want to put them in.
It needs to settle every minute.
So there needs to be a periodic process of paying out every minute based on your trade
wins and losses.
And on the front end, it needed to be a little bit fun.
So I think we went soft on the fun for the first launch.
But I think over the coming weeks, you'll see a lot more fun things roll out, like maybe some music, maybe some flashing lights to make it more exciting to sit in and play on off the fun.
If you notice when your trade settles at the end of the cycle and you get a big win or a big loss, you will actually see a Wrecked Gang NFT.
One that's happy for when you crush it and one that's a little bit sad when you get wrecked.
Wait, that's live? When did that go live? I didn't play with it.
It went live about 20 minutes before I hopped on the space.
Oh, nice.
All right.
Well, time to get rekt on OptFun right now.
Oh, that's super cool, man.
Really appreciate it.
You know, we're on the P&L cards of Hyperliquid, and that's really cool to be on OptFun as well. So that's cool.
The rekt gang community so far has been giving us great feedback on the product and seems to like it.
So it's a nod to them.
They like it when they win money.
So what would be your recommendation?
What would be your suggestion on how to get more winning bets?
Because I feel like I haven't hit you know, I haven't hit that often.
I don't know.
Maybe it's just all dumb luck and I'm not really good.
But any other kind of suggestions you might have to get to, I don't know, to win more often?
Is that a big question?
I would place bets earlier in the one minute cycle. In the last 10 seconds, there's generally
I would place bets earlier in the one-minute cycle.
extreme whippiness because it's about to settle. So earlier in the cycle, when it's between
60 seconds and 30 seconds left in the one minute period is the best time to place your trades.
And I would look back one minute as to what the Bitcoin price has been doing.
Like if it's trending up,
generally for these really short one minute horizons,
there is some factor of momentum
driving the price over that short period.
Like what's happening in the real world
is usually like for a minute,
some big buyer of Bitcoin
is either accumulating or selling,
which they can't do in a single trade, but I've broken into many different trades.
So that's why for one minute trends, like Bitcoin tends to like kind of steadily tick
up or steadily tick down.
So look back a minute, place your trade, maybe start with around 200 X leverage and don't
go full fledged to a thousand right away until you get comfortable and you have high conviction in what you're doing.
And that should be like a pretty good recipe to hit more often.
There we go.
Taken from the pros.
You know, the pros are telling you how to win.
I'm sorry?
It's not financial advice. Okay, yeah good good that you said this not financial advice by the way but uh yeah okay because because uh
and i think it's very important for people to understand that it's all on chain you know how
sometimes you feel like you entered the trade
lower or higher and then it didn't go the properly.
It's more of a UI UX thing, right?
So most of the time, like if you did well,
it's all registered on chain.
There shouldn't be any issues.
Exactly.
You know.
So you can, so one thing that a lot of our users
have asked for is trade history so that they can go and review like, oh, what exactly happened here?
Like what, like, where did I enter?
Where did I exit?
And that's something we want to roll out extremely quickly so that you guys have all the information you need to, to, to feel comfortable with your trades.
But in the interim, what, what you can do is go, like our, our, the smart contract that powers Octafun is public in our docs.
Just click that link and it'll take you to Persec, which is like a block explorer for HyperEVM.
And you can go see your wallet interacting with the contract that exactly what it's doing.
I'll admit it's not the easiest to read.
You have to be a little bit of like have some blockchain know-how to go through the past transactions.
But in the interim, before we roll out a nicer, clearer, like, hey, this is what happened, like, it's a good way to see and verify exactly what's happening.
Yeah, sometimes I remember I was like, why is my transaction coming through? And you're like, well, you got liquidated.
So that was actually a bug on day one. You were one of our OG OGs. And on day one, when you got liquidated, the front end didn't know you got liquidated. So it still showed you had some money, but we've since fixed that. So sorry about that.
I didn't know you got liquidated, so it still showed you had some money.
But we've since fixed that.
So sorry about that.
Oh, it's okay.
It's okay.
I mean, might as well.
Next time, I have the tricks now, so I shouldn't get liquidated anymore.
Or so I hope.
We'll see.
We'll see what happens.
So that's very cool, man.
I'm really excited about the future of OpFun.
And I know right now you're doing mostly Bitcoin.
I think we got to talk about what people love is outside of winning or losing, you're always
getting points, right? Like that's, that's, can you tell us a little more about the point system
and how that's going to play in the future? Maybe, I don't know what you can share there.
There are points and that is all that we
will share. All right. There are points. That's all we know. Perhaps there's going to be something
with those points one day, right? Can I tease that out? Plus you're going to do something with them.
Ease that out.
Plus you're going to do something with them.
Yeah.
Okay, cool.
I'll do something with the points eventually.
And, you know, a lot of people have asked, and I know it's already so volatile, but is
there any chance that you guys will be implementing another token than Bitcoin or another coin
than Bitcoin?
You know, maybe Fartcoin or Solana
or Hype, I don't know, something that has perhaps even more volatility than Bitcoin.
For sure.
The next asset we will for sure support and it will likely roll out in the coming weeks.
We're prioritizing like the UX upgrades first to make sure that you guys all
have the information you need to get more confidence in your trading. But after that,
the next priority is rolling out Hype as an asset you can trade with 1,000x leverage for one minute.
That has been by far the most requested asset from the hyper liquid community, which kind of makes sense.
It's actually the asset I want to trade the most with the 1000X leverage.
But beyond that, we can support any asset where there is a market on hyper liquid for it.
We use the hyper liquid core purpose Exchange as the Oracle price feed that is telling us whether
Bitcoin is going up or down and is driving that graph you see on the front end.
So HIP3 is very exciting for us in particular because that will allow anyone to set up a
Purpose Market price feed for any asset, whether it's on-chain or off-chain.
So you can imagine in the coming weeks, coming months,
when that goes live on mainnet,
you could probably trade with 1,000x leverage on assets beyond even crypto assets.
Are you guys planning to introduce even the HIP3 assets?
Is that something that you would consider?
We will do whatever on the front end that users want to trade.
So if you guys all want to trade Barcoin and SPX, we'll roll those out.
If you guys want to trade CRCL stock or
Tesla stock, we'll roll that out. We think the platform
should be in the hands of the people who use it.
Man, that's crazy.
Imagine trading, I don't know, yeah, some sort of thousand X leverage meme coin that
launched, I guess, last night.
I'd be excited to do that.
I don't know.
I feel like that could be
really fun. I think our gut feeling is we wanted to start with more deeply liquid assets. So we
started with Bitcoin. Hype is extremely liquid. Assets like Ethereum and Solana are like super
liquid, where we feel confident that the price of those assets won't be manipulated by a
market participant.
With a new meme coin, it's a little scary.
It's kind of like the pump fun problem of like, there might be a run pull that wrecks
you.
So I think that'll be a slower rollout.
I think eventually, like we view the platform as like ultimately to full permissionlessness, which means that if you,
for example, were like, I launched a Rektgang token and wanted to trade with
you could probably, we'll probably open it up for you eventually to just easily deploy a new market
for trading with 1000x leverage on an option, we probably will have
to make a decision whether on the front end we show that for like illiquid assets, because
we don't want our users to explicitly get wrecked by some like mean point red bull.
But like, yeah, I think the protocol itself, the core underlying tech should be open to
for anyone to do what they want with it.
Yeah, would you be concerned, I guess, you know, we saw it with Jelly Jelly on Hyperliquid.
Would you be concerned for some sort of market manipulation at that point, you know, through
OpBund, if they control most of the supply, right?
Like they can go long or short, whatever.
go long or short, whatever.
That's exactly the confidence.
That's exactly the concern.
With low volatility
meme coins, which is why
we're probably going to focus for a while
on the bigger, more liquid
assets.
I think the problem with Jelly Jelly
and Hyperliquid was the fact
that the HLP
vault was effectively
market-making on that asset.
We don't have a similar style vault.
So if someone created a market and it got rubbed, it's kind of like, do your own research
at your own risk.
Like if you're trading on that market, it doesn't like, there's no contagion to the
broader platform, which feels good for us.
But yeah, I think on the assets we show on the Optifun front end where we want users to have a great experience, we will probably keep that towards the higher quality assets that you can trade with 1000x leverage.
Nice. I'm excited. Yeah. I mean, you know, what is the biggest win you've seen so far? Oh, I just got wrecked, but it's so cool because I got the graphics,
so I'm going to use the graphics.
We're both gambling on Optifun while we are having this space,
which is hilarious.
I mean, you got it.
You got to do it.
You got it.
For the culture.
Yeah, anybody go on Optifun, deposit some USDTO.
This is on Hyper EVM, so there's no native USDC.
I guess there's no native USDC on HyperCore either, but
I like that you guys went with USDT0 because I feel like
a lot of people have adopted it as the
most reliable stablecoin right now.
Yeah, I think we're early in the HyperEVM ecosystem.
Right now, blocks are relatively small.
They're not the fastest,
but we know the HyperLiquid team is working towards
an extremely fast and performant chain.
And one of the problems with HyperEVM right now
is exactly what you described, the stablecoin problem.
There's a couple different stablecoins, and there hasn't been that clear of a winner yet.
We think it's going to be USDTO, simply because it's Tether working with Layer Zero,
two massive companies working with Hyperliquid. But Hyperliquid, core to their ethos, doesn't pick winners.
So there's opportunities for others to build cool new stablecoins on HyperEDM.
If another stablecoin were to win, we'd probably support it.
We're not trying to reinvent the wheel or compete on the stablecoin market or pick winners ourselves.
We view it as we're building a platform to service
users who want to trade with 1000x leverage. Whatever stablecoin meets our kind of security
requirements and liquidity requirements on HyperEVM, we're happy to support. And today that asset is
USDTO. So that's what you get to use. And lots of people have USDT on other chains,
so it makes it pretty easy to bridge it over to hybrid VM.
I just won this time.
So very cool.
I got both graphics.
I've actually never answered your question
on what's the biggest win I've seen.
Yeah.
I've seen someone earn a 15x return in one minute.
That is crazy.
Yeah.
And, you know, this is why this question about all these other coins came about is, you know, 15x in a minute is absolutely ridiculous.
But one of the things with OpFund is you can't really stay in the trade, right?
Like after a minute, it's done.
And I know a lot of the DGens, you know, they want more than 15X.
I know 15X is ridiculous, but you know how they are.
They want more than 15X over a day or two days,
but over one minute, I mean, after more than 15X.
That's why I was asking about what about, about you know like meme coins that are so volatile
uh that that move you know perhaps five percent within within a minute uh which with a thousand
x leverage you know that then you're at what five thousand x or whatever it is i don't know
what money that gives you uh But something ridiculous like that,
that'd be really cool.
But again, or you get wrecked
almost within a millisecond.
Yeah, I think the return possibility
will be higher as we roll in
more volatile assets.
Hype is more volatile than Bitcoin.
Bitcoin is kind of the old stable
of the crypto world.
It is volatile relative to a lot of other assets that exist in the world, but relative to like
crypto altcoins, it's like not that volatile. So there should be kind of more possibility for
extreme returns. The other thing we're thinking about, and one user suggested this,
is like an auto rolling feature where for the next 100 minutes, it places the same trade.
You could decide what that trade is, whether it's long or short. And every period, as long as you
don't bust it, it keeps doing that for you. So you have the possibility of like compounding over multiple cycles without
having to click and enter the trade every time.
So if that's something people want,
then it sounds exciting to maybe for a whole day,
just like bet every single period in some automated way.
Like we'd certainly roll it out.
Yeah. Something like that. That'd be fun.
Just to make it even more degenerate, I guess.
There's always a way.
So I want to ask you, you know, you guys are offering this.
Works well.
I mean, lots of upgrades coming up in the near future to make, like you said, UI UX better.
Perhaps some back-end stuff.
Working on this, how do you guys make money?
There's no token right now.
I believe there is a small fee that you guys take, correct?
Or am I wrong?
Yeah, we're not making a ton of money off of this right now.
We do charge a maker-taker fee.
So 5% of the option premium is about kind of what we earn.
So if you think about that,
when you're trading with 1,000X leverage,
divide that number by 1,000,
and then like times 5%,
that's like about what we're making.
And that basically is going right now
to sustaining the core team to continue to develop it.
I think in the future,
we're thinking about like some interesting things we can do, like
increase user engagement by doing a, maybe a daily fee drop, where if you show up to
the platform at a certain time every day, you, you get a, you, you get a mini airdrop
of the fees and you can use that to go place your, your next set of bets.
Uh, all of that are things that are things that we're thinking about.
I won again.
So love it.
You can take the 5%.
People are happy with fees when they have a big win and are not happy with fees.
So fees, perhaps, you know, like you mentioned,
it's not much.
You're taking like a small cut right there.
And there's this point system
that perhaps will turn into a token,
but you really don't want to talk about that
from my understanding.
And yeah, that's pretty much how this platform
is running in a sustainable fashion.
And I think you guys already, like you mentioned, have 50 million in volume or something like that within, what, a week?
Yeah, first week, actually.
I think DeFi Llama is lagging a little bit.
We're currently sitting at 84 million of volume.
So it's pretty clear that y'all are a bunch of DJs.
There's no other way to say it.
That's crazy, man.
84 million within a week.
So, you know, to me, that is a successful app.
Obviously, there's a lot of leverage here.
But still, to me, it's quite impressive for something that is so fresh, so new.
And the concept is very different.
You're not going to say, oh, this is the fun of hyperliquid.
No, this is the fun of off funds on hyperliquid.
100%.
And our goal, as a core team, we hate the idea of forking another protocol and launching it on new chain,
which seems to happen on every new chain that launches. Do we need another Uniswap? Do we need
another Aave? Probably not. Those are good platforms. What we need with new chains like
Hyperliquid is people to explore fundamentally new things that haven't existed
before and see if they resound with users both in crypto and not in crypto in some way
that grows the pie for everyone. It's not a cool game to play to try to steal Aave's users.
It's a cool game to bring 100,000 new crypto users into crypto because your product is something
unique that's never
been offered before and gets people excited about blockchains. So that's what we're doing.
Yeah, absolutely. So, you know, we talked about the points, perhaps the new tokens,
the UI UX improvement. Thank you for the rec gang PNL cards. Go check them out,
P&L cards, go check them out, by the way.
by the way, post them on social media. It was really fun.
Post them on social media.
It was really fun.
The share button is rolling out soon.
We had some issues with Twitter's API,
but when that's resolved,
you'll be able to share it directly from the app.
Very cool.
And perhaps, you know,
initially you had the referral codes.
I think everybody in REC has referral codes now.
If you need a referral code, come into our Discord.
We got loads of them.
Wondering, you know.
Loads of them.
Yeah, man.
People in the opt-in Discord would be happy to head over there
because there's been some fiending for referral codes.
I mean, yeah, come in our Discord because everybody's gambling so much
and it gives you codes, right? And then they gamble more.
Glad to see the codes are flowing.
Yeah, the money's flowing, so the codes are flowing.
I wanted to know, this to me seems like also
a cool thing to be done on mobile and perhaps
even an app.
I don't know if that's the direction that you guys are going for, you know, kind of making it very, very DGEN friendly.
I'm almost seeing like a minute, right?
Like I'm on the toilet, you know, and then I'm like, shit, I want to do something.
And then I kind of go long or whatever.
Anyways, go ahead on that.
Yeah. So right now you can, you can use it on mobile through mobile browser.
It's not the best experience, like mobile browser for crypto sucks.
We know it. And we are working on kind of an app in conjunction.
There's a lot that we need to build.
So we will certainly be busy for the months ahead,
rolling out all these things for kind of users as they request them.
But yeah, I fully agree.
Like the first thing that actually the very first feedback I got from a user
was I would love to do this while I'm sitting on the toilet
or walking to the water cooler at work to place a quick bet because the platform is inherently like perfect for that. You don't
carry exposure past the minute. So when you're between things, you're like riding the train or
whatever, or in the car, you do a quick one minute bet, you get feedback of like, hey, did I win or
lose? Okay, I can move on to the next thing
that I'm already doing. So yes, mobile is 100% a priority. It's a question of whether
the Apple and Android app store accept this level of degeneracy in their domain.
But we'll make sure that regardless, whether it's hosted in that, whether you can download it in
the app store or whether you can just get it on
our website and install it directly,
you will have access to a good mobile experience with a good built-in mobile
wallet.
Nice. Yeah. I'm excited for that.
And it seems great minds think of the same thing,
playing off fun on the toilet. It's going to be a thing.
So yeah.
And eventually I guess someone already had suggested a way of
rolling over the the gains or perhaps making like a five minute game i don't know if that's
even possible could you maybe by reducing the leverage uh yeah we we can make it uh five minutes
or 30 seconds we'd probably have to think about whether the leverage comes down and we don't want to bring
the leverage down. So like, that's like the last sacrifice we want to make. But yeah, I think we
chose the one minute period sort of as a, as, as a vibe feel one minute, a thousand X leverage felt
right. But we actually don't know without experimenting whether five minutes or 30 seconds is more fun
for people or more useful. So I think you can expect to see us experiment with that in the
coming weeks and months. But for right now, one minute seems to be working. So the bigger fish
to fry are like making sure the UX is a lot better and more stable and all
these things and making sure there's a mobile experience that's great, rolling out other
assets.
And then from there, we'll start to think about, okay, like, should we, should we try
30 seconds?
Should we try five minutes and see?
So I guess I put it back to the rec gang community and the op fund community, which
and the opt fund community, which there's a ton of overlap at this point.
there's a ton of overlap at this point.
If you'd want to see five minutes or 30 seconds or some other timeframe,
do let us know.
We listened to all your comments and you guys are very actively shaping the
direction of the product.
Absolutely.
And yeah, right now I like the one minute.
I think the one minute is fun, but I'm just kind of, again,
thinking about if I want, you know, after a month or something,
you know, maybe I'd like to spice things up.
You know, you mentioned having other tokens
and perhaps rolling over the games, having, you know,
the option to go a little longer.
Maybe I can pick, you know, or even shorter, right?
Like 10 seconds.
I don't know if that's even feasible.
Another question along this vein is, should we do 2000X leverage?
Oh, boy.
Oh, boy, you got me excited.
I mean, I need to change the title of the space to 2000 now.
Like, imagine.
Like, honestly, I don't even use a thousand x so but i would love to have the option
to the the option is is what we're going for i think uh yeah i i think a thousand x is like
more than enough for the volatility of bitcoin. But if you, for example, start thinking about less volatile assets,
like, for example, Google Stock.
Google Stock is less volatile than Bitcoin.
If we were to introduce Google Stock,
like, should maybe you trade that with 2,000 X-Legers to get the same thrill?
You know, one that is actually legit legit is gold i feel like a lot of people trade gold with you know 100x quite
comfortably uh so totally gold yeah and hyper liquid doesn't offer enough leverage for pax g
that they have right now like honestly it's just not that interesting.
So I fully agree.
As it's like gold and oil and things like that, like maybe we crank the knob and make
them 5,000 X leverage.
We have to do the math on like what the volatility looks like and how we can manage like liquidations.
But yeah, our goal is to be the platform where you have the opportunity to take as much leverage as you possibly want so that you can control your own destiny in terms of wealth creation or destruction.
Yeah, hopefully creation.
But yeah, going 5,000 X or even like, you know, what about, you know, Hyperliquid?
Again, like just maybe there's a middle ground here.
And I don't know, maybe it's a different product.
But right now going, I don't know, is it 5 or 10X on PAX-G on Hyperliquid, which is extremely not fun.
But 100 or 200X can be something that many, many people would want to enter and hold that position.
So using, I guess, your tech and your math, could there be another product?
Or I don't know, it could be part of the OpFun family.
But just kind of cranking up the leverage a little more than what Hyperliquid already offers.
Is that something that y'all, or it loses too much the generacy and then it's kind of
not what you guys were about?
No, for sure.
It's something to think about.
I think there's a reason why we can offer 1000x leverage and Hyperliquid doesn't.
And it's not that we're inherently smarter than them.
I can almost guarantee you Jeff is a lot smarter than me.
So the reason is it's inherent to how perpetual futures work versus options.
So perpetual futures, perpetual is in the name.
Your exposure is as long as you want it or can sustain it.
So when there's a liquidation, they need to make sure that you're not too levered
so that they can offset the risk so the platform doesn't take a loss. And that doesn't turn into
this like compounding bad debt that like flows through the perpetual contract in perpetuity.
With us, because options are settled every minute, and it's a clean slate every minute,
we can allow for like much higher leverage. Because at the end of the minute and it's a clean slate every minute, we can allow for much higher leverage
because at the end of the minute, everything's settled, wiped out, and you get a clean slate
to start again.
So if we wanted to make more leverage than hyperliquid over a similar horizon, I think
the hyperliquid folks are quite smart there on what the max amount of leverage is for
a perpetual position for a specific asset.
We can crank the numbers for one minute.
But yeah, I think like in general, it's hard to make a perpetual market for extremely high leverage.
Maybe one of the gigabrains out there can figure that out and we can talk about rolling that out.
Yeah, yeah.
Maybe not perpetual, but perpetual but you know maybe like
a day or something right like oh there's war news or whatever and gold for sure yeah i mean uh zero
dte or basically one day options are like extremely popular on robin hood and we can definitely see a
world where we can maybe double or triple the amount of leverage you get on Hyperliquid and do it over that time horizon if that's like a product people want.
That's part of the experimentation of timeframe versus leverage to find the sweet spot that resonates with kind of the core users of Optline.
Nice. Sounds fun and exciting.
Very cool. users of op fun nice sounds fun and exciting very cool all right so i'm gonna tell the people the community you know one give the op fun account a follow give ryan a follow join their discord if
you have questions play play it you know if you lose you still get points we don't know what the
points mean but i'm expecting something eventually someday or maybe it's just for show, but who knows, right?
And they have these really cool P&L cards, right?
Even if you win, well, I guess you get to share the P&L cards,
or if you get wrecked, you get to share the P&L cards.
There's some cool wrecked art there.
I appreciate that once again.
Anything else you want to share with the community
you want to let them know that we haven't talked about today?
No, I think we covered all the major points.
We're big supporters of the Rect Gang community
and have felt the support of the Rect Gang community
towards Ops Fund.
So excited to do spaces like this
and probably more in the future.
As you guys play with Ops Fund and you want to see new features, UI changes, run into bugs,
definitely open support tickets on Discord.
We read through all of them and get back quickly.
So we would love the feedback in helping shape the product in the direction that you want it to go.
And I guess most importantly, have fun while trading. Nice. Love it. Thank you again for your time. Appreciate you building
something different, something unique, something fun on Hyperliquid and including us. Thanks for
the audience tuning in and listening. This space is recorded. So if you just join now,
you can always listen to the beginning uh through the recording
and uh on that note ryan i hope we can get another space going maybe in six months or a year
when you're raking in more fees than pump fun on up fun that wouldn't that be cool
that'd be great all right man thanks again for your time your time. We will meet in the order book.
Oh, there we go.
Let's meet there.
Okay. Thanks, everybody.
And enjoy the rest of your day.
Thanks again, Ryan.
Cheers.
