$1.44B of 30d onchain options notional is still clustered, with Derive at 79.2% of notional and 87.2% of premium. Demand looks more real where options attach to inventory or simple convex bets, Rysk covered calls for HYPE holders, Hyperion’s gated vault, and BTC Up/Down binaries, because CME’s $3T 2025 crypto derivatives year makes “onchain Deribit” a weak pitch after May 29, 2026.

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