Derive is the leading onchain options protocol and one of the few from the 2021 era that survived.

In 2023 the team scrapped their original AMM and rebuilt from scratch as a gasless order book exchange on its own OP Stack L2. Market makers quote directly on the book, execution is sub-second, and traders pay no gas.

Portfolio margin evaluates risk across your entire book using scenario analysis rather than margining each position in isolation. If you hold a long call and a short put on the same underlying, the system recognizes the offset and requires less collateral.

Derive also runs perpetuals and lending on the same L2 with cross-margin across all three products, so everything sits under one account.

Perp DEXs went from 2% to over 10% market share in two years. Onchain options are nowhere close. Bitcoin options OI surpassed futures OI for the first time in mid 2025.

Derivative income products manage over a hundred billion dollars. That's the gap Derive is building into.

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