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, 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.

🔷 Onchain Options — Market Intelligence

Notional Volume Market Share by Protocol

Premium Volume Market Share by Protocol

Monthly Notional Volume by Protocol

Monthly Premium Volume by Protocol

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.

📊 Market Leader: Derive (~85-90% of Onchain Notional)

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).

⚔️ The Challengers: Volume, Premium & Market Structure

Options Notional Volume — Challenger Protocols

Options Premium Volume — Challenger Protocols

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.

🏦 Collateral & TVL — What It Means by Venue Type

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.

💰 Fees & Revenue: Who Is Actually Monetising?

Monthly Fees by Options Protocol

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. 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.

📋 Full Protocol Rankings — Onchain Options

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 (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.

📈 Open Interest — Outstanding Positions & Institutional Depth

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.

⚠️ OI Coverage Gap

Open Interest by Options Protocol (Time Series)

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.

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Onchain Options

Public dashboard library