Rysk Finance (Rysk V12)
Options-selling yield in plain English: where the premium comes from, what you give up in return, and why your collateral is locked until expiry.
Rysk V12 lets you sell fully collateralized covered calls and cash-secured puts on HyperEVM and receive the option premium upfront in stablecoins. Positions settle automatically at 08:00 UTC on expiry and cannot be closed early yet; Rysk's docs publish no protocol fee on V12 trades.
- What
- Options
- Runs on
- HyperEVM
- Official site
- rysk.finance
- TVL on Hyperliquid
- $38.8M +1.2% 7d · #7 on Hyperliquid L1
- Fees
- Rysk V12: no protocol fee published; you receive the market maker's premium shown before you confirm. Rysk Premium (pooled vault): an option sale fee is taken from each premium and split with the curator; no live rate is published.
Checked against Rysk Finance's own site on November 4, 2026. Bookmark these instead of using search ads.
TVL by product (DefiLlama)
| Rysk V12 | Options Vault | $38.7M |
| Rysk Premium | Yield | $88.1K |
What Rysk is
Rysk Finance calls itself a DeFi volatility yield protocol. Its main product, Rysk V12, lets you sell options on HyperEVM, Hyperliquid’s smart-contract chain (it also runs on Ethereum mainnet). Selling an option means someone pays you now for the right to trade with you later at a fixed price, the strike. There are two kinds:
- Covered call (“sell higher”). You deposit an asset such as HYPE or ETH and pick a strike above today’s price. You get paid upfront. If the price at expiry is above the strike, your asset is sold at the strike; if not, you keep it.
- Cash-secured put (“buy lower”). You deposit stablecoins equal to the strike, below today’s price. You get paid upfront. If the price at expiry is below the strike, you buy the asset at the strike; if not, you keep your stablecoins.
Every position is fully collateralized, so there is no leverage and no liquidation. The upfront payment, the premium, arrives in USD stablecoins. It is priced by a request-for-quote (RFQ) auction in which market makers bid, and the APR the app shows is that premium annualized.
Options are European-style: only the price at 08:00 UTC on expiry matters, not whether the price touched your strike along the way. The contracts derive from Opyn’s Gamma design and settle physically, meaning you actually receive the asset or the stablecoins. The expiry price comes from the Stork oracle, cross-checked against Pyth.
Rysk also runs Rysk Premium, a curator-managed pool that writes options from pooled deposits. The older Rysk v1 on Arbitrum is withdraw-only.
What it costs
Rysk’s docs publish no protocol fee on V12 trades: you receive the premium quoted before you confirm. You pay HyperEVM gas in HYPE. Rysk Premium deducts an option sale fee from each premium it writes and splits it between the protocol and the curator; the docs’ worked example uses 5%, but says that is an example, not the live setting.
The real cost of selling options is what you give up. A covered call caps your upside: if HYPE rallies far past your strike, you still sell at the strike. A put can leave you buying an asset that keeps falling.
How to use it
- Get the asset (HYPE, ETH or a stablecoin such as USDT0) onto HyperEVM, plus a little HYPE for gas. Rysk’s docs suggest Unit deposits through the Hyperliquid app, or Across or deBridge.
- Open app.rysk.finance and connect your wallet.
- Choose Covered Calls or Cash-Secured Puts, then the asset and expiry.
- Pick a strike and size. The RFQ returns the best bid with its premium and APR.
- Deposit collateral and confirm. The premium arrives right away.
- At expiry, settlement is automatic; funds usually arrive within about two hours.
Risks
- Assignment. Calls can sell your asset below the later market price; puts can buy it above the later price.
- Locked collateral. You can’t close early yet, so you can’t react to big moves before expiry.
- Oracle risk. If Stork and Pyth disagree beyond a set threshold, processes halt. Collateral pricing has a 5-minute dispute window with a manual team check, and Pendle assets are priced through Pendle’s API.
- Contract risk in Gamma-derived contracts. Audit reports are linked, but the auditor is not named.
- Size caps limit how much you can open at once.
- Rysk Premium adds curator risk, a net asset value set offchain by a governor, withdrawal queues and possible price spreads.
- Bridging risk if you bridge assets to HyperEVM first.
Rysk’s points program started on August 29, 2025 with 1,000,000 points a week; the latest epoch in its published table is May 1 to May 8, and Rysk reserves the right to change past distributions.
Who it suits, and alternatives
Rysk suits holders who are happy to sell HYPE or ETH at a higher price, or buy at a lower one, and want to be paid upfront for waiting. If you want yield without giving up upside on a fixed date, compare Liminal’s delta-neutral funding strategies, Hyperbeat’s vaults, or simply staking HYPE through Kinetiq.
Live figures: DefiLlama (TVL on the Hyperliquid L1 chain; fees on Hyperliquid), refreshed 2026-11-04 10:16 UTC. We don't rank by who pays us. How we check facts.
Questions people ask
Where does Rysk's yield come from?
From the premium that market makers pay when you sell them a covered call or cash-secured put through Rysk's request-for-quote auction. The APR Rysk shows is that upfront premium annualized to the expiry date.
Can I close a Rysk position before expiry?
Not yet. Rysk's docs say collateral stays locked until expiry, and a secondary market for buying positions back is planned but not live.
When do Rysk options settle?
At 08:00 UTC on the expiry date, automatically. Rysk says funds usually reach your wallet within about two hours.
Does it matter if the price touches my strike before expiry?
No. Rysk's options are European-style, so only the oracle price at 08:00 UTC on expiry decides whether the option is exercised.
Who audited Rysk?
Rysk's security page links PDF audit reports for Rysk V12 (mk0 to mk3 and Lean Gamma), the Lean Gamma upgrade procedure and Rysk Premium, but does not name the auditor.