Ask about Cleave · freeCleave
Total Value Locked$95.78
TVL by Chain
Ethereum$95.78
Protocol Information
Cleave is an options protocol that splits one asset into a capped covered-call side for yield and an upside call side for leverage, with no margin calls or liquidations.
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubCompetitors
Cleave history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Jul 7, 2026 to Oct 20, 2026.
All-time high TVL: $110 on Sep 23, 2026. All-time low TVL: $70 on Jul 9, 2026.
Daily TVL, Sep 21, 2026 to Oct 20, 2026
| Date | TVL |
|---|---|
| Sep 21, 2026 | $106 |
| Sep 22, 2026 | $109 |
| Sep 23, 2026 | $110 |
| Sep 24, 2026 | $107 |
| Sep 25, 2026 | $107 |
| Sep 26, 2026 | $107 |
| Sep 27, 2026 | $108 |
| Sep 28, 2026 | $106 |
| Sep 29, 2026 | $107 |
| Sep 30, 2026 | $107 |
| Oct 1, 2026 | $107 |
| Oct 2, 2026 | $108 |
| Oct 3, 2026 | $107 |
| Oct 4, 2026 | $108 |
| Oct 5, 2026 | $109 |
| Oct 6, 2026 | $108 |
| Oct 7, 2026 | $104 |
| Oct 8, 2026 | $103 |
| Oct 9, 2026 | $100 |
| Oct 10, 2026 | $100 |
| Oct 11, 2026 | $100 |
| Oct 12, 2026 | $102 |
| Oct 13, 2026 | $100 |
| Oct 14, 2026 | $100 |
| Oct 15, 2026 | $97 |
| Oct 16, 2026 | $98 |
| Oct 17, 2026 | $97 |
| Oct 18, 2026 | $97 |
| Oct 19, 2026 | $97 |
| Oct 20, 2026 | $96 |
TVL at each month end, Jul 2026 to Oct 2026
| Date | TVL |
|---|---|
| Jul 31, 2026 | $77 |
| Aug 31, 2026 | $97 |
| Sep 30, 2026 | $107 |
| Oct 20, 2026 (latest) | $96 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/cleave
Frequently asked questions
What is Cleave's TVL?
As of Oct 20, 2026, Cleave has $95.78 in total value locked. TVL has decreased 8.8% over the past 30 days.
What chains does Cleave operate on?
Cleave operates on Ethereum. Ethereum holds the largest share at 100%.
How does Cleave's TVL compare to similar protocols?
Among Options protocols tracked by DefiLlama, Cleave ranks #55 by TVL. The category holds $213.25m across 73 protocols, and Cleave accounts for <0.1% of that total. Other leading protocols include Derive V3 Options, Hegic, Panoptic V2, SOFA.org, Ribbon Earn, Opyn Gamma, Opyn Convexity, Siren, Pods Finance, and Cega V1.