Derive.xyz (formerly Lyra)

$ZEC trades like a top-10 coin. $761M in 24hr spot volume. A use case that never goes out of fashion and one of the strongest holder bases in crypto. Options are a natural next step. Who wants $ZEC options? DM us.

Welcoming our latest builder, @helloamper! Amper is a DeFi agent; type what you want and it’ll execute. Swaps, lending, perps, and now options are available via a chat interface.

The @Kinetiq_xyz community keeps showing up! 100,000 net kHYPE deposited in two weeks since we raised the cap, all earning kPoints on top of their options strategies.

1/ Yesterday, Polymarket and Kalshi announced perps. While CT argued about what it meant for Hyperliquid, sophisticated $HYPE holders quietly sold cash-settled put spreads.

TrueNorth x Derive Options Intelligence now builds you a trading plan. Powered by @DeriveXYZ options data, it reads the full options structure (call walls, put walls, max pain, GEX flip) and generates scenario-based plans with exact triggers and actions. Range play, regime flip, squeeze setup. Each one mapped to specific levels on your chart. No more staring at Greeks trying to figure out what to do. The plan is right there. DM @DeriveXYZ for an invite code to try it out.

Market ranging? Iron condors are printing. An iron condor profits when price stays within a range. You sell options on both sides, collect premium upfront, and win as long as price doesn't break out. Used to be a strategy only pros could execute. Now it's one click on Ecliptica. AI picks the strikes, builds the structure, manages the position. Collecting premium on @DeriveXYZ while ETH chops.

NOTIONAL VOLUME ON OPTIONS EXCHANGE DERIVE HAS INCREASED BY 170% MoM TO $2.7B FEES UP BY 90% MoM

🎙️ New @Edge_Pod 🤗 Why Onchain Options Are Finally Working: Derive's 90% Market Share and What's Next? 0:00 - Intro 2:27 - Betting on onchain options in 2021 4:10 - Largest onchain options exchange 5:28 - Building “the infinite payoff factory” 11:59 - Why they never pivoted to perps 14:00 - The inflection point 16:37 - How RFQ works for size 18:04 - Yieldmageddon 22:19 - Vaults to be built on Derive 24:17 - Is there an LP pool-style product? 25:17 - From Lyra's AMM to Derive's CLOB 28:20 - What markets are live today? 29:09 - Which networks Derive supports 30:26 - HYPE options driving new growth 31:36 - What if HL launched options? 35:53 - Options have strong network effects 39:17 - RWA options markets coming 44:14 - Who trades on Derive? 46:13 - Growth charts 48:43 - Why options are countercyclical 51:09 - All value flows to DRV 55:08 - Synthetix’s acquisition proposal 57:43 - How big can Derive get? 1:00:27 - What's next? 1:02:03 - Closing 🙏 Thanks to @DeriveXYZ CoFounder & CEO @itseneff for joining us!

Options are powerful. Options are also confusing as hell. Greeks, IV, term structure, skew, theta decay — most people give up before they even start. We just made it easier. Options Co-Pilot is live. Executes on @DeriveXYZ

NEW @gwartygwart show: Why Crypto Options Are So Slow To Mature w/ @itseneff, founder of @DeriveXYZ "Options markets are always the last vertical to mature in finance." → Capturing 90% on-chain market share → RFQ and institutional liquidity Brought to you by @ellipsis_labs

~$50B in USDC sitting on Ethereum earning less than a T-bill. We built something for that. 🟩 d2Earn — fixed-term deposits, fixed-term predictable yield. → Targets 6% APR, rate locked before you deposit → D2 is the single counterparty → Collateral publicly verifiable on @DeriveXYZ Launching within the next Alpha Strategies (HYPE++) epoch time frame. D2. EARN MORE @D2.Finance/introducing-d2earn-fixed-yield-on-usdc-backed-by-d2s-on-chain-platform-bcdd2fb633d6" target="_blank" rel="nofollow noopener">medium.com/@D2.Finance/in…

A record for $HYPE volume on Derive. $41M notional HYPE traded today, predominantly options. Capped off by a massive 800K HYPE butterfly, this evening.

Derive is partnering with @HarukoTech to integrate onchain options and derivatives data directly into institutional risk, P&L, and post-trade analytics workflows. Derive activity will now flow into the systems many funds and trading desks already use to monitor portfolio exposure.

$HYPE derivatives on Derive just crossed $500M in cumulative volume. A huge driver of that growth has been institutional flow from @FalconXGlobal, helping provide the deep liquidity and tight pricing needed for efficient options markets.

SOL options are now live on Derive. Traders can access onchain options markets for one of the most active ecosystems in crypto.

Some markets need better derivatives. Options are the perfect instrument. Long overdue.

Derive.xyz is the institutional-grade decentralized options exchange. 5+ years live, zero security or insolvency incidents. Self-custody with CEX-level execution. TL;DR: Self-custody. Deep liquidity. Lowest fees. Built for funds, desks, miners, institutional hedgers, and volatility traders. Why traders choose Derive: ➤ Institutional-grade execution: Sub-ms latency, 20m TPS ➤ Self-custodial & permissionless: Zero custody risk ➤ Lowest fees: Top-tier maker/taker [-0.5bp / 0.75bp] ➤ Deep liquidity: FalconX + top-tier Market Makers ➤ Block RFQ: Competitive pricing for large size ➤ Portfolio margining: Capital-efficient cross-asset margin ➤ 21+ collateral types: BTC, ETH, staked assets, yield assets ➤ Regulated MPC custody: Fireblocks, Anchorage, Copper, and ClearLoop-style mirroring We are Derive XYZ (formerly Lyra), the largest self-custodial options exchange, often described as "Deribit onchain." Derive has processed $22.3B+ in notional volume, generated over $7.85M in revenue, and bought back more than 1.5% of the $DRV token supply from said revenues. We currently hold about $1.3B in open interest, primarily in options, and deliver CEX-level execution with the advantages of self-custody and institutional MPC custody via partners like Fireblocks, Anchorage, Copper and more. Live for over five years without a security or insolvency incident, Derive is seeing accelerated growth following Deribit's sale to Coinbase, particularly from Asian desks seeking a neutral venue. Top-tier liquidity is supported by FalconX and other major market makers. RFQ provides highly competitive pricing for large block trades, while orderbook liquidity continues to deepen. Derive is also rolling out altcoin options, already supporting a broad range of collateral types (+21 collaterals) that CEXs don't offer. Institutions want to harvest volatility consistently through options. Derive is that venue. Derive is the only liquid market for $HYPE options and is launching $SOL and $ADA next. In 2026, Derive is positioned as the liquidity layer for volatility products, with more than 23 builders creating apps, tools, and experiences for onchain options, including retail options trading available via the App Store. This growing ecosystem is further supported by the new builder codes program, which gives founders a straightforward way to build unique volatility products without having to solve the liquidity problem, something that typically takes years to establish. Our key advantages Seamless onboarding Fully self-custodial and permissionless, onboarding takes less than 5 minutes. By leveraging smart contracts, Derive enables settlement of options contracts between counterparties with no intermediaries, legal agreements, or clearing houses. You simply need to send counterparties a link with the trade, and that flow will route 100% to you. Low Fees We provide lower fees than Deribit, and our new institutional fee tiers are 33% better than those of our main competitors. Specifically, our top tiers for maker/taker on the OB are [-0.5bp, 0.75bp] for options. Transparency Everything is transparent. All margin rules, liquidations, and risk parameters are publicly verifiable, with no hidden mechanisms. Unlike centralized exchanges, you are in control of your funds on Derive. As a decentralized exchange, you have full custody and control of your collateral and positions. Derive can never seize or misuse your funds. Additionally, our system handled the 10/10 event exceptionally well, proving the robustness of our risk management. Premier Custody Solutions Institutions can engage via regulated custodians, including Fireblocks, Anchorage MPC wallet (Proto), or controlled WalletConnect access. For large users concerned about depositing tens of millions into a smart contract, we offer off-exchange custody, allowing you to access DeFi while keeping your assets in cold storage at your preferred custodian. These assets can be held in a cold wallet, and a feed of this balance, read onchain, will be used to inform a mirrored (i.e. tokenized) balance of this asset on Derive. Consistent Yield through Vol Selling With the implosion of basis yields, funds are moving up the risk curve in search of yield. Options are becoming the go-to product for that purpose. Digital asset treasuries (DATs) and major holders are already using Derive to generate structured yield through volatility harvesting. White-glove service While we don't expect users to fully migrate immediately, this is the ideal time to diversify, and we'll do everything possible to make that transition seamless and ensure you get a good fill on the RFQ. Why options, and why now? Options are traditionally the last market to mature. As crypto becomes increasingly institutional, that time has arrived. Derive dominates 90% of the onchain options category, much like Deribit dominates CEX options. Most competitors have failed or given up because building deep, liquid, onchain options infrastructure is extremely difficult and takes time. Due to the natural fragmentation of liquidity, most options traders tend to converge around a single venue, turning options into a winner-takes-most market. Currently, that venue is Derive, and Derive is positioned to lead as the onchain category scales 100x. Derive.xyz Product Highlights ➤ Top-Tier Security: Fully self-custodial with 100% on-chain, audited smart contracts and a robust risk engine. ➤ High Throughput, Low Latency: CEX-quality performance for onchain options and perps. ➤ CLOB + RFQ: Trade spot, futures, and options through a fast orderbook and competitive block-trade RFQ system. ➤ Capital Efficiency: Portfolio margining, cross-asset collateral, and flexible settlement far beyond centralized venues. ➤ Onchain Transparency: All margin rules, liquidations, and risk parameters are publicly verifiable, with no hidden mechanisms. ➤ Deep Liquidity & Best Execution: Hybrid RFQ/orderbook model ensures tight pricing and large-size fills. ➤ Diverse Strategies: Options, perps, structured products, fixed/floating-rate lending. ➤ Institutional Custody: Fireblocks, Anchorage MPC (Proto), and restricted WalletConnect flows. ➤ Low Fees & Incentives: Class-leading execution costs, rebates, and $DRV rewards. ➤ Institutional Support: White-glove onboarding and custom custody integrations.

Onchain options have been getting some traction lately, we just posted a record $584M+ week. In this piece, @FalconXGlobal breaks down what’s driving the surge; institutional liquidity, RFQ block trading, and growing demand for options. Worth the read: x.com/FalconXGlobal/…