Injective (INJ)launches onchain options for indices and commodities
Injective (INJ)said it has introduced a new onchain options product that brings calls and puts on real-world indices and commodities to its network, starting with six testnet markets and whitelisted access for early writers. The launch extends the project's recent push into synthetic exposure onchain and adds a capped, fully backed options structure that Injective says is designed to remove margin calls and liquidations.
Evidence and context
In its Oct. 27 announcement, Injective said every option is fully backed in native Injective USDC from the moment it is written, with collateral locked onchain until expiry. The company said the first cohort includes SICI, its Super Intelligence Compute Index, as well as indexes tied to the top 500 U.S. companies and top 100 U.S. technology companies, plus gold, silver and WTI crude oil. Injective described the contracts as European style and cash settled in USDC, with calls and puts capped so that the seller can lock the maximum payout upfront.
The project said the initial markets are live on testnet and that writing is open first to whitelisted participants. According to Injective, an institutional liquidity provider quotes both sides of each strike from launch, while the interface shows premium, maximum profit, maximum loss and breakeven before a trade is confirmed. The announcement also said options can be sold before expiry if both sides agree to clear risk early, although settlement at expiry is automatic.
Injective framed the product as infrastructure for developers, institutions and users, saying teams could use it to build white-label options exchanges or derivatives protocols without building the underlying stack from scratch. The announcement comes one day after Injective launched the Super Intelligence Compute Index on Oct. 26, 2026, which it says tracks the hourly rental price of five Nvidia GPUs. That sequence matters because the new options product is initially centered on the same SICI benchmark, giving the network a hedging layer around a newly launched compute index.
One example in the announcement illustrated how a SICI call spread would work: 100 capped calls with a $113 strike and $123 cap, each covering 0.01 times the index and priced at $0.03 per contract, would require a $3 premium in total. Injective said the position would pay $6 if SICI settled at $119 and would cap at $10 if the index reached $125, with a $116 breakeven. A matching put example showed the same premium and contract size for a $113 strike and $103 floor. These figures were presented by Injective as illustrative contract mechanics rather than observed market activity.
INJ was last quoted at $8.09 on Oct. 27, 2026, giving the token a market capitalization of $808.91 million and a 24-hour gain of 1.70%, according to the provided market data. Those figures describe the token only and do not by themselves demonstrate usage of the new options markets.