Derive.xyz

Today was our largest HYPE trading day, with almost $70M in HYPE options volume. Since launching in Dec 2025, we’ve seen: • $1.63B total notional traded • $720M in HYPE options volume • $27M of HYPE & kHYPE used as collateral In under 6 months, HYPE is challenging ETH for Derive’s second-largest market.

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The day isn’t over, but @DeriveXYZ has already hit a new all-time high in $HYPE options volume at $53M, roughly 50% above the prior ATH. Today’s tape has been defined by a sharp increase in trade size, led by two massive June 26 prints: - 250k HYPE Jun. 26 $60 call buy - 249.5k HYPE Jun. 26 $32 put buy Each represented roughly $12M of underlying notional. Beyond those outright positions, several of the next-largest trades were put-call packages, suggesting flow was not just directional, but also driven by traders buying convexity through more structured long-vol positioning.

@Chuzi_Defi It was part of last week's buyback

@DeriveXYZ did that 79,203 get added to this week's fill?

Weekly Buyback #67 Complete 392,650 DRV was purchased at an average price of $0.08. Derive DAO has bought back a total of 24,320,464 DRV. Buybacks are now allocated 35% of protocol fees (up from 25%).

Trader lays out a $24M short strangle on $HYPE 📉 Sold 250,000x Jun 26 $32 Put @ $0.13 📈 Sold 250,000x Jun 26 $60 Call @ $1.00 Thesis: HYPE stays range-bound through June. Sell both sides, collect premium.

Note: the previous week's buyback was underreported by 79,203 DRV.

Hearing that Derive's $HYPE options markets are the reference point for most of the OTC options activity globally. Charts are uponly since launch - and with $HYPE breaking out of range/decoupling from the majors - I'm expecting a lot more trading activity and volatility to come. Options are pricing a ~10% chance of $70 HYPE by end of June 👀

@PolynomialFi @ethereum @base @solana 🥳

Openstock is live. You can now subscribe to a Hong Kong AI IPO with USDC and a wallet. Deposits open on @ethereum, @base and @solana. First vault: SDMC. $877M HKEX listing. $3M cap. 10 hour window.

If you followed @derivativemonky's article you were already watching $78K before BTC got there. Now it comes down to whether buyers can defend it. More from him and @moritzpike in Vol Desk: t.me/vol_desk x.com/deriveinsights…

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前天40抄的 $HYPE 远期 call 9月底到期 一觉睡醒已浮盈

Appreciate @a1research__ for the in-depth writeup! They nail why options are inevitable onchain; because they turn price, time and risk into programmable building blocks for traders, vaults and asset managers. x.com/a1research__/s…

~$15.5M notional of bullish $HYPE call flow traded through Derive RFQ today 👀 • 100,000x May 16 $44 Calls • 50,000x May 22 $45 Calls • 50,000x May 29 $42 Calls • 75,000x Sep 25 $52 Calls Whales positioning for Coinbase upside.

Builder highlight: @StradleXYZ Recently added execution alongside aggregation so users see the best prices across venues AND trade them. The simplified payoff structures help users visualise their trades. x.com/stradlexyz/sta…

@bitcoinearly We have over $1B OI so at least $200m

@DeriveXYZ How much is it in dollar terms?

HYPE OI has now surpassed ETH, making it the second-largest asset on Derive by open interest.

As the Crypto CLARITY Act approaches the Senate Banking Committee, Derive traders are leaning toward upside exposure across major crypto assets. Over the next 4 weeks of expiries on Derive: • HYPE calls account for ~1.09M long contracts • ETH calls account for ~18.9K long contracts • BTC call positioning is running ~56% net long • HYPE put positioning remains elevated with ~571K short-side contracts outstanding Traders expect higher volatility and potentially renewed institutional flows if U.S. market structure becomes clearer.

Weekly Buyback #66 Complete 206,997 DRV was purchased at an average price of $0.09. Derive DAO has bought back a total of 23,848,611 DRV. Note: Starting this week, buybacks are now allocated 35% of protocol fees (up from 25%).