Onchain Finance · 03 / 8
The right, not the obligation
An option is the right to buy (a call) or sell (a put) at a set price by a set date. Buyers pay a premium for upside or protection; sellers collect it for taking the other side.
Volume, 30d · live
$88M
Onchain options volume · DefiLlama
Largest
Derive
93% of the category · $82M
Live from DefiLlama · 17 Oct 2026 20:19 UTC · refreshed hourly
Orderbook and RFQ
Market makers quote prices; traders hit them, often on an appchain.
Pool-written options
Liquidity providers pool collateral and sell options to traders.
Perpetual options
No expiry: premium streams over time, built on LP positions.
Ranked by options volume over 30 days, live from DefiLlama.
| # | Name | Volume 30d | Share | Volume 24h |
|---|---|---|---|---|
| 01 | Derive | $82M | 92.9% | $2M |
| 02 | Paradex Options | $4M | 4.7% | $41K |
| 03 | Aevo Options | $1M | 1.6% | $2,807 |
| 04 | CallPut | $390K | 0.4% | $8,930 |
| 05 | SOFA.org | $216K | 0.2% | $7,559 |
| 06 | Hegic | $43K | 0.0% | $1 |
| 07 | Panoptic | $20K | 0.0% | $315 |
| 08 | Thetanuts Finance | $12K | 0.0% | $197 |
Thin liquidity
Few strikes and wide spreads outside the majors.
Short volatility
Sellers earn small premiums and can lose big on sharp moves.
Settlement and oracles
Payouts depend on the price feed at expiry.
On Tempo
Not native to Tempo. Options settle in dollars, though, so stablecoin margin, sub-second finality and scoped keys for market makers are the relevant pieces.