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🔷 Onchain Options — Market Intelligence
Comprehensive coverage of the onchain options market as of June 2026. After years of perps dominating decentralised derivatives, options venues are at an inflection point: premium volume hit a record $51M+ in March 2026 (per DefiLlama), Derive crossed $1.2B in open interest, and Coinbase's $2.9B acquisition of Deribit validated institutional demand. CME launched 24/7 crypto options on May 29 2026, and the decentralised derivatives market share has risen from ~2% to over 10% in two years.
This dashboard tracks notional volume, premium paid, fees, open interest, TVL and market structure across all major onchain venues — from CLOB/RFQ exchanges (Derive, Kyan, Paradex) to peer-to-pool AMMs (Hegic, Panoptic) and structured product vaults (SOFA.org, Stryke, Ribbon).
⚠️ Data Caveats: Notional volume = face value of underlying assets, not premium paid. CLOB/RFQ venues (Derive, Kyan, Paradex) use offchain matching — onchain data may undercount real activity. TVL is a weak metric for CLOB venues; volume and fees are more meaningful. Kyan runs zero trading fees + Krystals points rewards — reported volume is likely inflated by incentive activity. Sources: DefiLlama dimensional analytics.
📈 Open Interest — Outstanding Positions & Institutional Depth
Open interest (OI) measures the total value of outstanding, unsettled options positions — the best single proxy for market depth and institutional participation. A high OI relative to daily volume signals position-building (not just speculation); a falling OI alongside rising volume suggests churn and de-risking.
DefiLlama tracks OI for three options venues: Derive (~$46.5M), Paradex (~$9.4M), and Aevo (~$8.8M). Note: Derive's widely-cited March 2026 ATH of $1.2B OI is the protocol's own reported gross notional — the DefiLlama figure captures margin deposits on-chain and will differ from the full notional open interest. For the other two venues, OI figures may blend options + perps positions given their hybrid product mix.
The OI-to-30d-volume ratio is the key signal: Derive runs ~1:10 (OI vs notional), consistent with a delta-hedged institutional flow. Aevo runs higher, suggesting stickier long-dated positions relative to its current volume. Paradex's OI is disproportionately large vs reported notional — likely reflecting its RFQ model where large block trades settle onchain but don't continuously roll.
⚠️ OI Coverage Gap
Rysk, Kyan, Hegic, Panoptic, CallPut and other onchain options venues do not currently report OI to DefiLlama. For venues without OI, TVL (LP capital at risk) is the closest available proxy for capacity. The builder chart below shows all OI-reporting Options protocols over time.
📊 Market Leader: Derive (~85-90% of Onchain Notional)
Originally launched as Lyra in 2021 as an AMM-based options protocol, Derive rebuilt from scratch on its own OP Stack L2 as a gas-free CLOB — the architectural switch was decisive. It now accounts for the vast majority of onchain options notional volume.
March 2026 ATHs: $1.2B open interest, $585M weekly notional, $154M daily volume. A record $130M BTC options structure and first 1,000 BTC block trade confirmed institutional traction. FalconX (crypto prime brokerage) provides custody and market-making services. Weekly DRV buybacks (21.3M tokens repurchased) create consistent demand pressure.
Asset mix evolution: BTC dominated at 70%+ in March 2026. By May 2026, composition diversified to BTC 46%, ETH 29%, HYPE 26% — HYPE surpassed ETH in monthly volume, reflecting Derive's expansion into Hyperliquid ecosystem assets. Options remain the highest-margin product (90%+ gross margin, per Blockworks), even as perps have become an important revenue stream.
⚔️ The Challengers: Volume, Premium & Market Structure
Despite Derive's dominance, the competitive landscape is evolving fast. Rysk V12 ($148M 30d notional) holds a surprising #2 position via a hybrid AMM+RFQ model on Arbitrum and HyperEVM. CallPut ($79.8M 30d notional, +36.8x 30d) is an emerging dark-horse venue. Aevo ($42M notional) has been losing market share but retains a user base. Paradex (Starknet) underreports notional due to offchain matching but generates consistent fees ($37.8K/30d for its size).
Kyan is the most watched newcomer — fully opened May 4 2026 with zero fees + Krystals rewards. Volume will be artificially elevated by incentives. Track its 90-day trajectory once the points programme matures. Ithaca (Arbitrum) shows premium volume disproportionate to notional — suggesting structured/high-delta option structures rather than vanilla delta-hedged flow. SOFA.org offers the most differentiated model: ERC-20-wrapped barrier options across BNB, Arbitrum, Polygon and Sei with verifiable fee generation ($7K 30d fees).
🏦 Collateral & TVL — What It Means by Venue Type
TVL measures fundamentally different things across venue models. CLOB margin (Derive: ~$111M, Rysk: ~$35M) = trader margin deposits. AMM/pool liquidity (Hegic: ~$8.2M, Panoptic: ~$1.3M) = LP capital at risk. Vault AUM (Ribbon: ~$4M, Typus: ~$1.7M) = strategy capital deployed.
Key divergence: Derive TVL is down ~14% and Rysk down ~41% over 30 days — yet both show volume growth in the same period. This likely reflects portfolio margin efficiency gains (less capital needed per unit of risk), not capital flight. Kyan and Aevo also support portfolio margin, accelerating this trend across the CLOB segment.
💰 Fees & Revenue: Who Is Actually Monetising?
Fee data is sparse across onchain options — a reflection of how early-stage the monetisation landscape is. Derive is the clear leader ($647K 30d fees, 90%+ gross margins on options, per Blockworks). Paradex generates consistent fees ($37.8K/30d) relative to its reported volume, suggesting a higher fee-per-trade than CLOB peers. Kyan charges zero trading fees — no fee revenue expected until its tokenomics are finalised post-points-programme.
Hegic still charges fees but 30d volume has collapsed ~89% — a protocol in structural decline without a V3 refresh. SOFA.org ($7K/30d) stands out among structured product venues as the only one with consistent, verifiable yield-generating fee flows. Typus DOV generates small but real fees ($5.1K 30d) from vault strategies.
📋 Full Protocol Rankings — Onchain Options
Live rankings across all DefiLlama-tracked onchain options protocols. The first table uses the DefiLlama options dataset (options-native view). The second unified table allows multi-column sorting and filtering — including open interest where available. Sort by 30d notional, premium, fees, OI, TVL or volume change to identify which venues are gaining or losing market share. Note: Protocols with active incentive programmes (Kyan: Krystals; Derive: weekly DRV buybacks) may report inflated activity relative to organic demand.