Luciferase; part of the gene cluster that mediates the fungal bioluminescence cycle (PubMed:30478037). 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 (By similarity). 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 The availability of a complete eukaryotic luciferin biosynthesis pathway provides several applications in biomedicine and bioengineering. Belongs to the fungal luciferase family.