Not natively. Hyperliquid is a perpetual futures and spot venue. There are no listed calls or puts on the protocol’s own order book.
What perpetuals don’t give you
A perpetual gives linear exposure — profit and loss move roughly one-for-one with price. An option gives convex exposure with a defined maximum loss: you pay a premium, and that premium is the worst case.
That’s the scenario options exist for. A perpetual can be stopped out, but a stop isn’t a guarantee in a gap.
What traders use instead
Position sizing and stops, mostly — a small perpetual position with a hard stop approximates a long option imperfectly. Some hold options on centralised venues and hedge the delta with Hyperliquid perps, using the DEX for the leg where fees and execution are better.
Managing convexity without options
Dynamic leverage — reducing exposure as volatility rises rather than holding fixed size through a regime change — produces a return profile closer to a capped-downside trade without paying a premium.