Luciferase; part of the gene cluster that mediates the fungal bioluminescence cycle (PubMed:30478037, PubMed:28508049). Uses the fungal luciferin 3-hydroxyhispidin as a substrate to produce an endoperoxide as a high-energy intermediate with decomposition that yields oxyluciferin (also known as caffeoylpyruvate) and light emission (PubMed:30478037, PubMed:28508049). The fungal bioluminescence cycle begins with the hispidin synthetase that catalyzes the formation of hispidin which is further hydroxylated by the hispidin-3-hydroxylase, yielding the fungal luciferin 3-hydroxyhispidin. The luciferase then produces an endoperoxide as a high-energy intermediate with decomposition that yields oxyluciferin and light emission. Oxyluciferin can be recycled to caffeic acid by caffeoylpyruvate hydrolase (PubMed:30478037) (Probable). 3-hydroxyhispidin + O2 = (E)-caffeoylpyruvate + CO2 + hnu 3-hydroxyhispidin + O2 = 4-[(E)-2-(3,4-dihydroxyphenyl)ethenyl]-1,7-dihydroxy-2,3,5-trioxabicyclo[2.2.2]oct-7-en-6-one Optimum pH is 8.0. Optimum temperature is 10 to 18 degrees Celsius. The availability of a complete eukaryotic luciferin biosynthesis pathway provides several applications in biomedicine and bioengineering. Belongs to the fungal luciferase family.