Total Value Locked$295,081
TVL by Chain
OP Mainnet$295,065
Ethereum$15.29
Base$0.77
Arbitrum$0.03
Hyperliquid L1$0.00001
Mode$0
Blast$0
Key Metrics
Fees 30d$55,944
Fees 30d by chain
Derive Chain$55,944
Cumulative Fees$7.68m
Derive Chain$7.68m
Revenue 30d$26,199
Revenue 30d by chain
Derive Chain$26,199
Cumulative Revenue$953,112
Derive Chain$953,112
Holders Revenue 30d$0
Holders Revenue 30d by chain
Derive Chain$0
Cumulative Holders Revenue$0
Derive Chain$0
Perp Volume 30d$342.62m
Perp Volume 30d by chain
Derive Chain$342.62m
Cumulative Perp Volume$15.717b
Derive Chain$15.717b
Total RaisedUndisclosed
Feb 2, 2026Round: Investors: Variant
Protocol Information
Trade options, perps and spot on the most powerful self-custodial exchange.
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubFees: Gross trading fees charged to users across Derive markets (makerFees + takerFees) from stats-api.derive.xyz/fees over the requested period.View code on GitHubRevenue: Equal to Fees (gross trading fees subtracting rebates).View code on GitHubHolders Revenue: Fees going to governance token holdersView code on GitHubPerp Volume: Notional volume of all trades including leverage on the perp exchangeView code on GitHubCompetitors
Derive V2 history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Dec 15, 2023 to Oct 27, 2026.
All-time high TVL: $198.36m on Oct 6, 2026. All-time low TVL: $295,058 on Oct 27, 2026.
Daily TVL, Sep 28, 2026 to Oct 27, 2026
| Date | TVL |
|---|---|
| Sep 28, 2026 | $188.78m |
| Sep 29, 2026 | $185.29m |
| Sep 30, 2026 | $184.37m |
| Oct 1, 2026 | $187.88m |
| Oct 2, 2026 | $186.36m |
| Oct 3, 2026 | $187.01m |
| Oct 4, 2026 | $187.38m |
| Oct 5, 2026 | $195.87m |
| Oct 6, 2026 | $198.36m |
| Oct 7, 2026 | $120.5m |
| Oct 8, 2026 | $116.12m |
| Oct 9, 2026 | $480,476 |
| Oct 10, 2026 | $490,857 |
| Oct 11, 2026 | $497,143 |
| Oct 12, 2026 | $501,842 |
| Oct 13, 2026 | $427,587 |
| Oct 14, 2026 | $452,740 |
| Oct 15, 2026 | $438,018 |
| Oct 16, 2026 | $433,438 |
| Oct 17, 2026 | $434,537 |
| Oct 18, 2026 | $426,338 |
| Oct 19, 2026 | $423,992 |
| Oct 20, 2026 | $423,083 |
| Oct 21, 2026 | $295,202 |
| Oct 22, 2026 | $295,181 |
| Oct 23, 2026 | $295,114 |
| Oct 24, 2026 | $295,180 |
| Oct 25, 2026 | $295,142 |
| Oct 26, 2026 | $295,169 |
| Oct 27, 2026 | $295,058 |
TVL at each month end, Nov 2024 to Oct 2026
| Date | TVL |
|---|---|
| Nov 30, 2024 | $67.91m |
| Dec 31, 2024 | $115.94m |
| Jan 31, 2025 | $109.1m |
| Feb 28, 2025 | $88.31m |
| Mar 31, 2025 | $75.39m |
| Apr 30, 2025 | $72.29m |
| May 31, 2025 | $77.42m |
| Jun 30, 2025 | $73.27m |
| Jul 31, 2025 | $86.2m |
| Aug 31, 2025 | $87.9m |
| Sep 30, 2025 | $80.67m |
| Oct 31, 2025 | $75.49m |
| Nov 30, 2025 | $71.18m |
| Dec 31, 2025 | $69.79m |
| Jan 31, 2026 | $65.8m |
| Feb 28, 2026 | $67.96m |
| Mar 31, 2026 | $98.84m |
| Apr 30, 2026 | $120.85m |
| May 31, 2026 | $132.42m |
| Jun 30, 2026 | $110.51m |
| Jul 31, 2026 | $113.28m |
| Aug 31, 2026 | $159.39m |
| Sep 30, 2026 | $184.37m |
| Oct 27, 2026 (latest) | $295,058 |
TVL at each year end, Dec 31, 2023 to Dec 31, 2025
| Date | TVL |
|---|---|
| Dec 31, 2023 | $1.91m |
| Dec 31, 2024 | $115.94m |
| Dec 31, 2025 | $69.79m |
Fees, revenue and holders revenue by UTC calendar month, Nov 2024 to Oct 2026
| Month | Fees | Revenue | Holders revenue |
|---|---|---|---|
| Nov 2024 | $396,747 | - | - |
| Dec 2024 | $786,415 | - | - |
| Jan 2025 | $1.07m | - | - |
| Feb 2025 | $225,209 | - | - |
| Mar 2025 | $146,255 | - | - |
| Apr 2025 | $106,174 | - | - |
| May 2025 | $125,936 | - | - |
| Jun 2025 | $85,786 | - | - |
| Jul 2025 | $117,780 | - | - |
| Aug 2025 | $134,329 | - | - |
| Sep 2025 | $129,431 | - | - |
| Oct 2025 | $151,157 | - | - |
| Nov 2025 | $110,651 | - | - |
| Dec 2025 | $92,389 | $18,503 | $0 |
| Jan 2026 | $108,115 | $51,764 | $0 |
| Feb 2026 | $146,418 | $64,317 | $0 |
| Mar 2026 | $341,826 | $148,985 | $0 |
| Apr 2026 | $216,298 | $97,389 | $0 |
| May 2026 | $335,960 | $194,272 | $0 |
| Jun 2026 | $260,111 | $153,880 | $0 |
| Jul 2026 | $119,818 | $54,319 | $0 |
| Aug 2026 | $154,567 | $72,695 | $0 |
| Sep 2026 | $189,503 | $84,406 | $0 |
| Oct 2026 (to date) | $27,946 | $12,582 | $0 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/derive-v2
Frequently asked questions
What is Derive V2's TVL?
As of Oct 27, 2026, Derive V2 has $295,081 in total value locked. TVL has decreased 99.8% over the past 30 days.
What chains does Derive V2 operate on?
Derive V2 operates on 8 chains: OP Mainnet, Ethereum, Base, Arbitrum, and Hyperliquid L1 and 3 others. OP Mainnet holds the largest share at 100%.
How much has Derive V2 generated in fees and revenue?
Over the past 30 days, Derive V2 generated $55,944 in fees. Of that, $26,199 was protocol revenue. Based on the trailing year, the annualized rate is $2.26m in fees and $1.18m in revenue.
How does Derive V2's TVL compare to similar protocols?
Among Derivatives protocols tracked by DefiLlama, Derive V2 ranks #71 by TVL. The category holds $1.959b across 426 protocols, and Derive V2 accounts for <0.1% of that total. Similar protocols include Lynx, LogX V2, Aevo Perps, Contango V2, Vest Markets, RabbitX, Everstrike, Apex Omni, SYMMIO, and ApeX Pro.
How much perpetual futures volume does Derive V2 process?
Derive V2 processed $342.62m in perpetual futures volume over the past 30 days.