Derive Dominates Onchain Options Market with Ethereum and Solana Contracts
Derive has taken over the onchain options market with its dominance in Ethereum and Solana contracts, according to data from Delphi Digital's Cross-Venue Options Dashboard. The platform, formerly known as Lyra, currently accounts for approximately 95% of all onchain options premium volume.
On the Ethereum side, Derive's options open interest sits at $1.09 billion, while its Solana options book, which only launched in mid-March 2026, already shows about $36.3 million in open interest. The platform's total open interest stands at roughly $2.4 billion, with $262 million in 24-hour ETH volume alone.
The Delphi dashboard aggregates options data for BTC, ETH, SOL, and HYPE across five platforms, providing a panoramic view of crypto options trading activity. Despite Derive's dominance, onchain options still represent only about 4.3% of overall activity compared to centralized exchanges like Deribit, OKX, Bybit, and Binance.
Derive's path to onchain options dominance has been methodical, with the platform rebranding from Lyra and steadily expanding its product suite. The planned V3 upgrade, which involves migrating to a zkVM architecture on the Ethereum mainnet, is slated for mid-2026 and aims to increase throughput and appeal to institutional participants.