Networks

Aevo is a decentralized derivatives exchange offering options and perpetual futures via a high-throughput central limit order book on a custom EVM rollup. It evolved from Ribbon Finance's options stack.

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.

Dopex is an Arbitrum-native decentralized options protocol whose Single Staking Option Vaults (SSOVs) let users write and buy options with pooled liquidity, automating options yield strategies.

Drift is the leading Solana-native perps DEX. It combines an on-chain orderbook (DLOB) with an AMM (vAMM) fallback so liquidity providers and just-in-time market makers can both serve fills.

dYdX is the original decentralized perps pioneer. V4 runs on its own Cosmos appchain with decentralized, validator-driven order matching and strong BTC/ETH perp liquidity targeted at professional traders.

Ethena Labs issues USDe, a crypto-native synthetic dollar, and related products including sUSDe (yield), USDtb (Treasury-backed), and the ENA governance token.

Gains Network (gTrade) offers synthetic leveraged trading backed by gToken LP vaults; it supports very high leverage (up to 150x) across crypto, forex, and equities/indices, accessible to retail with low minimums.

GMX uses multi-asset liquidity pools (GLP V1, GM V2) where LPs are the counterparty to traders; oracle-based pricing means zero price-impact trades up to pool depth. V2 added isolated-market GM pools.

Hyperliquid is a purpose-built L1 with a fully on-chain CLOB — ~200k orders/sec throughput, sub-second finality, and the deepest on-chain perp liquidity in 2026 (typically >70% of on-chain perp volume). HyperEVM extends programmability.

Jones DAO is an Arbitrum-native protocol offering automated yield and options strategy vaults that abstract complex derivatives positions into one-click, auto-managed deposits.

Neutra Finance offers automated delta-neutral strategy vaults that pair yield-bearing positions with short hedges to target market-neutral returns on Arbitrum.

Rage Trade is an Arbitrum-native derivatives protocol offering delta-neutral vaults (e.g. recycling GLP yield while hedging its market exposure) and omnichain perpetual-futures liquidity.

Ribbon Finance pioneered automated DeFi Option Vaults (DOVs) that run covered-call and put-selling strategies to generate yield. Ribbon has since merged into Aevo; RBN persists as a legacy / transitioning token.

Synthetix is a derivatives liquidity protocol where SNX stakers back a pooled debt that mints synthetic assets and powers perpetual-futures markets (Synthetix Perps / V3) across Optimism, Base, Ethereum and Arbitrum.