I saw a post, 0x6adb has been making $550k in four months by selling puts and calls on hype, with an annualized return of 117%. Although it looks like a lot, it seems to be just tracking smart money on the chain. In reality, this is a dark pattern because the service provider tagged for options but didn't mark it as a business post...

Of course, this soft promotion is very clever, only mentioning the returns and annualized rate, all of which are true. The hidden point is that four months ago, $hype was at a low of 20, and you would have doubled your position since then, which is an annualized 300%. So if you actually ask this old brother 0x6adb, he might be regretful—his operations haven't earned more than hype, and he probably wouldn't call himself smart money.
Currently, there are already several options service providers on hyperevm. The one advertising here has low TVL, and they only talk about profits without mentioning the costs. That’s not a responsible attitude toward their investors and users. First impression: I don’t like it.
Every now and then, group members ask me about options, wanting to make more money. The day before yesterday, there was one, and today I saw this post, so I’ll talk about it.
Regarding fees and depth. Whether it’s CEX’s dual-token covered calls, on-chain covered options, or DEX market price/RFQ trades, the market makers for hype options are the same group. Prices are not much different, and beginners choosing covered calls won’t get liquidated.
Experts can place their own orders, but most of the time, the price moves first, giving your order a chance to fill. The advantage of using options on DEX is that you can choose longer cycles, and gamblers can leverage. Of course, leverage might lead to liquidation. The depth of options isn’t great, and during large price swings, liquidation prices can shift, even European-style covered options might liquidate.
For assets like hype that I hold long-term, my approach is to sell some short-term calls and puts to collect premiums, then use that to buy long-term calls. The market itself is also bullish on hype, so long-term calls are expensive, but I think the market is still too conservative and there’s room for speculation.
Also, note that the European options used on DEX are cash-settled. Often, if the counterparty’s collateral is USD, the profit from buying calls might not be fully payable. It depends on the actual position size. If the counterparty’s position is liquidated, you’re done—similar to the contract’s ADL.
Since we’re talking about contracts, let’s discuss the difference between buying call options and going long on futures contracts.
When you buy a call option, the money is paid to the counterparty selling the call. No matter where hype goes, that amount doesn’t change. The more hype rises by the settlement date, the more you earn; losses are fixed, and profits are “unlimited.”
In contrast, going long on a futures contract means both rises and falls affect your position. A decline can lead to liquidation, but if it rises, you can roll over your floating profits. Each has its pros and cons.
Whether it’s buying calls/puts, holding coins, or trading futures, each operation suits different market cycles. Selling puts and calls in a sideways market is fun, but when a big trend arrives, it’s like picking up coins in front of a bulldozer. Never put all your hype into selling puts—making some quick money now, but during a big surge, you’ll regret not having any in your pocket.