Derive
Derivatives · Option Vaults · DRV
Derive (rebranded from Lyra) is an on-chain options and structured-products protocol with an options AMM and automated vaults, deployed on its own OP-stack chain alongside Optimism, Arbitrum and Base.
On-chain options and structured products (formerly Lyra).
DRV price
$0.1096
-2.9% 24h
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Derive and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Hyperliquid | Dominant high-performance on-chain perpetuals venue running its own L1 with a fully on-chain order book. | Both operate a dedicated app-chain with an order-book trading model and on-chain settlement for crypto derivatives. | Hyperliquid focuses on perpetual futures on its own L1; Derive centers on options and structured products with cross-margin across options and perps on an OP-Stack rollup. |
| 2 | GMX | Liquidity-pool-based perpetuals and spot DEX on Arbitrum and Avalanche. | Both are on-chain derivatives protocols where a liquidity pool can act as counterparty to traders. | GMX offers perps/spot via a shared liquidity pool; Derive's core product is options with an AMM-plus-CLOB and a portfolio-margin risk engine. |
| 3 | Aevo | Options and perpetuals exchange on a custom OP-Stack rollup, spun out of Ribbon Finance. | Very close analogue: on-chain options plus perps on a dedicated OP-Stack rollup with an order-book model and structured-product roots. | Both target the same options+perps niche; they differ mainly in liquidity, token design and margin implementation. |
| 4 | Dopex | Decentralized options protocol on Arbitrum using single-staking option vaults. | Both provide decentralized options exposure and vault-based option-selling strategies for LPs. | Dopex relies on option vaults / SSOV mechanics on Arbitrum; Derive runs a full AMM+CLOB options market with cross-margin on its own chain. |
| 5 | Ribbon Finance | Pioneer of DeFi structured products and automated option-selling vaults (now merged into Aevo). | Both offer automated option-vault / structured-product strategies to passive depositors. | Ribbon focused on vaults that sold options into external markets; Derive operates the underlying options venue itself. |
| 6 | Jones DAO | Yield, liquidity and options strategy vaults on Arbitrum. | Both in Derivatives (Option Vaults). | Strategy vaults that combine options, hedging and liquidity provisioning to deliver risk-adjusted yield with minimal user management. |