The author argues crypto options have failed to scale—still under 1% of perp DEX volume versus traditional markets where options trade three times futures—because sellers lack cheap hedges. A 10x perp had a 47% chance of liquidation over 180 days even when the trade eventually worked. Venues like Hypercall, Derive, Paradex and Rysk each solve the seller problem differently. September 2026 was on-chain options' best month: roughly $5 billion notional, $85 million premium, still about 7% of Deribit's volume, with Derive holding over 90% of premium.

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Thread · 4 events · started 29 Jun 12:53 · last update 20 Oct 11:43
  1. UpdateDerive records its highest-ever trading volume day at over $500 million3 acc.
  2. UpdateDerive says monthly trading volume reached $4.5 billion as it targets growth against Deribit2 acc.
  3. UpdateDerive reports nearly 75% of on-chain options volume2 acc.
  4. UpdateDerive says it held over 90% of onchain options market share over the past 30 days2 acc.
  5. Leviathan published this article

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Cited posts

  • @0x7_anderson 𝗔𝗻𝗱𝗲𝗿𝘀𝗼𝗻First reportOn X ↗

    $DRV Billion-dollar weekly volume, with 88% in options, shows that onchain options liquidity is maturing and concentrated on Derive — a clear trading opportunity in BTC/ETH/HYPE options, with competitive spreads and institutional RFQ execution. . ~90% dominance of the onchain… https://t.co/kzUKOmh5c6

  • @nickforster Nick Forster | DeriveOn X ↗

    Over the last 30 days, Derive has remained over 90% of the onchain options market. In that same time frame, we’ve done about 5% of Deribit’s options volumes, up from 0.1% a year ago. It’s difficult to build momentum in this category because of the uniquely strong network effects…

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