Ask about Hegic · freeTotal Value Locked$8.97m
TVL by Chain
Arbitrum$8.11m
Ethereum$867,063
Key Metrics
Fees 30d$27,112
Fees 30d by chain
Arbitrum$39,927
Fees 7d$3,202
Arbitrum$5,439
Fees 24h$3,612
Arbitrum$3,612
Cumulative Fees$3.42m
Arbitrum$8.37m
Revenue 30d$27,112
Revenue 30d by chain
Arbitrum$39,927
Revenue 7d$3,202
Arbitrum$5,439
Revenue 24h$3,612
Arbitrum$3,612
Cumulative Revenue-$256,593
Arbitrum$5.38m
Holders Revenue 30d$27,112
Holders Revenue 30d by chain
Arbitrum$39,927
Holders Revenue 7d$3,202
Arbitrum$5,439
Holders Revenue 24h$3,612
Arbitrum$3,612
Cumulative Holders Revenue-$256,593
Arbitrum$5.38m
Options Premium Volume 30d$52,028
Options Premium Volume 7d$12,990
Options Premium Volume 24h$5,044
Cumulative Options Premium Volume$11.4m
Options Notional Volume 30d$1.22m
Options Notional Volume 7d$272,502
Options Notional Volume 24h$56,293
Cumulative Options Notional Volume$372.78m
Market Cap$14.24m
$HEGIC Price$0.013
Fully Diluted Valuation$14.24m
$HEGIC Volume 24h$31.92
CEX Volume$0
DEX Volume$213.08(667.54% of total)
Treasury$65.16m
Majors$41.59m
Stablecoins-$1.3m
Own Tokens$1.92m
Others$22.95m
Protocol Information
Hegic is an on-chain peer-to-pool options trading protocol on Arbitrum. You can trade ETH and WBTC ATM / OTM Calls / Puts & One-click Option Strategies on Hegic
Audits:
Methodology
TVL: TVL for Hegic is calculated using the HEGIC tokens deposited into Stake & Cover pool on Arbitrum and pools liquidity in USDC, ETH and WBTCView code on GitHubFees: Net premiums retained by the Hegic Stake & Cover pool: everything users pay into the Operational Treasury to open options/strategies, minus everything the treasury pays out on settlement.View code on GitHubRevenue: The same as Fees, the Stake & Cover pool keeps all of its net premiums.View code on GitHubHolders Revenue: 100% of net premiums accrue to HEGIC Stake & Cover pool participants.View code on GitHubOptions Premium Volume: Sum of value paid buying and selling options on the exchangeView code on GitHubOptions Notional Volume: Sum of the notional value of all options that have been traded on the exchangeView code on GitHubTreasury: Value of tokens owned by the protocolHacks
Date: Apr 25, 2020
Amount: $28,537
Classification: Protocol Logic
Technique: Deposit Logic Flaw
Hegic's options contract had a typographical error using options.length instead of optionIDs.length, locking user funds after options expired. The developers ignored security audit warnings from Trail of Bits about critical flaws and rushed the contract to mainnet without fixes. Funds were recovered and users were refunded.
Chains: Ethereum
Language: Solidity
Target Type: DeFi Protocol
Competitors
Hegic history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Oct 10, 2020 to Nov 9, 2026.
All-time high TVL: $112.97m on Jan 9, 2021. All-time low TVL: $1.26m on Oct 10, 2020.
Daily TVL, Oct 11, 2026 to Nov 9, 2026
| Date | TVL |
|---|---|
| Oct 11, 2026 | $9.4m |
| Oct 12, 2026 | $9.51m |
| Oct 13, 2026 | $9.35m |
| Oct 14, 2026 | $9.57m |
| Oct 15, 2026 | $9.27m |
| Oct 16, 2026 | $9.31m |
| Oct 17, 2026 | $9.23m |
| Oct 18, 2026 | $9.22m |
| Oct 19, 2026 | $9.23m |
| Oct 20, 2026 | $9.35m |
| Oct 21, 2026 | $9.38m |
| Oct 22, 2026 | $9.35m |
| Oct 23, 2026 | $9.19m |
| Oct 24, 2026 | $9.19m |
| Oct 25, 2026 | $9.03m |
| Oct 26, 2026 | $8.98m |
| Oct 27, 2026 | $8.94m |
| Oct 28, 2026 | $9.39m |
| Oct 29, 2026 | $9.26m |
| Oct 30, 2026 | $9.17m |
| Oct 31, 2026 | $9m |
| Nov 1, 2026 | $9m |
| Nov 2, 2026 | $9.25m |
| Nov 3, 2026 | $8.93m |
| Nov 4, 2026 | $9m |
| Nov 5, 2026 | $9.6m |
| Nov 6, 2026 | $9.16m |
| Nov 7, 2026 | $9.19m |
| Nov 8, 2026 | $9.11m |
| Nov 9, 2026 | $8.96m |
TVL at each month end, Dec 2024 to Nov 2026
| Date | TVL |
|---|---|
| Dec 31, 2024 | $13.4m |
| Jan 31, 2025 | $21.66m |
| Feb 28, 2025 | $17.25m |
| Mar 31, 2025 | $11.71m |
| Apr 30, 2025 | $16.29m |
| May 31, 2025 | $17.79m |
| Jun 30, 2025 | $15.66m |
| Jul 31, 2025 | $19.04m |
| Aug 31, 2025 | $23.55m |
| Sep 30, 2025 | $18.53m |
| Oct 31, 2025 | $16.54m |
| Nov 30, 2025 | $12.26m |
| Dec 31, 2025 | $12.42m |
| Jan 31, 2026 | $11.09m |
| Feb 28, 2026 | $8.72m |
| Mar 31, 2026 | $9.26m |
| Apr 30, 2026 | $9.95m |
| May 31, 2026 | $9.6m |
| Jun 30, 2026 | $8.22m |
| Jul 31, 2026 | $9.21m |
| Aug 31, 2026 | $9.59m |
| Sep 30, 2026 | $9.82m |
| Oct 31, 2026 | $9m |
| Nov 9, 2026 (latest) | $8.96m |
TVL at each year end, Dec 31, 2020 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2020 | $80.81m |
| Dec 31, 2021 | $13.84m |
| Dec 31, 2022 | $9.3m |
| Dec 31, 2023 | $14.71m |
| Dec 31, 2024 | $13.4m |
| Dec 31, 2025 | $12.42m |
Fees, revenue and holders revenue by UTC calendar month, Dec 2024 to Nov 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Dec 2024 | $93,929 | $93,929 | $93,929 |
| Jan 2025 | $35,941 | $35,941 | $35,941 |
| Feb 2025 | $62,777 | $62,777 | $62,777 |
| Mar 2025 | $61,145 | $61,145 | $61,145 |
| Apr 2025 | $22,143 | $22,143 | $22,143 |
| May 2025 | -$147,243 | -$147,243 | -$147,243 |
| Jun 2025 | -$2,644 | -$2,644 | -$2,644 |
| Jul 2025 | -$55,486 | -$55,486 | -$55,486 |
| Aug 2025 | -$296,542 | -$296,542 | -$296,542 |
| Sep 2025 | $45,266 | $45,266 | $45,266 |
| Oct 2025 | $107,884 | $107,884 | $107,884 |
| Nov 2025 | $101,304 | $101,304 | $101,304 |
| Dec 2025 | $17,820 | $17,820 | $17,820 |
| Jan 2026 | -$46,734 | -$46,734 | -$46,734 |
| Feb 2026 | $33,373 | $33,373 | $33,373 |
| Mar 2026 | -$76,002 | -$76,002 | -$76,002 |
| Apr 2026 | $23,270 | $23,270 | $23,270 |
| May 2026 | $30,090 | $30,090 | $30,090 |
| Jun 2026 | $10,101 | $10,101 | $10,101 |
| Jul 2026 | $3,765 | $3,765 | $3,765 |
| Aug 2026 | -$65,255 | -$65,255 | -$65,255 |
| Sep 2026 | -$44,619 | -$44,619 | -$44,619 |
| Oct 2026 | -$2,676 | -$2,676 | -$2,676 |
| Nov 2026 (to date) | $18,391 | $18,391 | $18,391 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/hegic
Frequently asked questions
What is Hegic's TVL?
As of Nov 9, 2026, Hegic has $8.97m in total value locked. TVL has decreased 5.7% over the past 30 days.
What chains does Hegic operate on?
Hegic operates on 2 chains: Arbitrum and Ethereum. Arbitrum holds the largest share at 90.3%.
How much has Hegic generated in fees and revenue?
Over the past 30 days, Hegic generated $27,112 in fees. Of that, $27,112 was protocol revenue. Based on the trailing year, the annualized rate is -$16,373 in fees and -$16,373 in revenue.
What is the HEGIC token price and valuation?
HEGIC is currently trading at $0.013. Its circulating market capitalization is $14.24m, ranking it #1,255. Its fully diluted valuation is $14.24m. Supply currently stands at 1.078b circulating, 1.078b total supply, 1.078b maximum supply.
How has HEGIC performed recently?
HEGIC is down 8% over the past 7 days and down 8.5% over the past 30 days. Its all-time high is $0.64, reached on Feb 13, 2021. The token is currently 97.9% below that level.
How does Hegic's TVL compare to similar protocols?
Among Options protocols tracked by DefiLlama, Hegic ranks #2 by TVL. The category holds $195.85m across 74 protocols, and Hegic accounts for 4.6% of that total. Similar protocols include SOFA.org, Siren, Pods Finance, Cega V1, Thetanuts Finance, Premia V2, TYMIO, Derive V1, Cega V2, and Opium.
Does Hegic have a treasury?
Hegic has a tracked treasury currently valued at $65.16m. Its holdings include $41.59m in major assets, $1.92m in its own tokens, $22.95m in other assets.
Has Hegic ever been exploited?
Hegic has 1 recorded security incident. The most recent incident occurred on Apr 25, 2020 and involved $28,537. It was classified as Protocol Logic.