Options · Alternatives
The best Shield alternatives in 2026
Shield is a decentralized perpetual options exchange on BNB Chain for DeFi traders who want on-chain options without rolling positions. If Shield is not the right fit, these 12 reviewed Options options are the closest matches, ranked by DappsAtlas score. Read our full Shield review
At a glance
Shield vs the alternatives
| dApp | Score | TVL | Chains |
|---|---|---|---|
| Not rated yet | $0 | 1 | |
| Score 6.2 out of 10 | $1.25M | 4 | |
| Score 5.5 out of 10 | $73.4K | 4 | |
| Score 5.8 out of 10 | $7.16M | 12 | |
| Score 6.0 out of 10 | $220K | 14 | |
| Score 5.8 out of 10 | $207K | 5 | |
| Score 6.5 out of 10 | $9.11M | 2 | |
| Lyra | Score 6.5 out of 10 | — | 2 |
| Score 6.2 out of 10 | $176K | 6 | |
| Score 6.2 out of 10 | — | 1 | |
| Score 6.0 out of 10 | $1.04M | 2 | |
| Score 6.0 out of 10 | $197K | 2 | |
| Score 6.0 out of 10 | $134K | 3 |
Ranked
Top Shield alternatives
- 1
SOFA.org
Options · Ethereum, Arbitrum, BNB Chain +1
SOFA.org is a nonprofit, open-source DeFi project offering options and structured products across four chains. It is small by TVL, and its fees are not clearly published.
ScoreScore 6.2 out of 10TVL $1.25M+48.9% - 2
Opium
Options · Ethereum, Polygon, Arbitrum +1
Opium is a DeFi protocol for creating, settling and trading derivatives, and it markets itself as tradable DeFi insurance. Its TVL is small, so treat it as a niche, low-liquidity product.
ScoreScore 5.5 out of 10TVL $73.4K+0.5% - 3
Deri V4
Options · Linea, BNB Chain, zkSync Era +9
Deri V4 is a decentralized derivatives protocol that offers gas-free everlasting options, meaning calls and puts with no expiry date. It is a niche product for experienced traders, and no audits are listed for it.
ScoreScore 5.8 out of 10TVL $7.16M−1.6% - 4
Thetanuts Finance
Options · Ethereum, Base, Robinhood Chain +11
Thetanuts Finance is a multi-chain on-chain options protocol, listed since late 2021 and originally focused on altcoin options. Its current TVL of roughly $227,000 is small, so liquidity is the main thing to check.
ScoreScore 6.0 out of 10TVL $220K−1.9% - 5
Premia V2
Options · Arbitrum, Optimism, Ethereum +2
Premia V2 is a DeFi options market that prices trades from supply and demand in liquidity pools. Its TVL is small, and the team's homepage now focuses on newer products.
ScoreScore 5.8 out of 10TVL $207K−0.9% - 6
Hegic
Options · Arbitrum, Ethereum
Hegic is an on-chain options protocol that lets users buy ETH and WBTC calls and puts against a liquidity pool. It has about $9.3 million in TVL, but fees and product details are not public reviewed.
ScoreScore 6.5 out of 10TVL $9.11M+0.7% - 7
Lyra
Options · Optimism, Arbitrum
Lyra Finance is an on-chain options protocol that prices trades through an AMM instead of an order book, with liquidity pools on Optimism and Arbitrum. It suits experienced derivatives users, and the main caveats are complexity and smart-contract risk.
ScoreScore 6.5 out of 10TVL — - 8
Stryke CLAMM
Options · Arbitrum, Robinhood Chain, Sonic +3
Stryke CLAMM is an on-chain options protocol that sells options against concentrated liquidity positions. It is an evolution of Dopex, but its current TVL is small and no audits are listed.
ScoreScore 6.2 out of 10TVL $176K+0.7% - 9
Logium
Options · Ethereum
Logium is a peer-to-peer options protocol on Ethereum where users bet on whether a Uniswap token's price will rise or fall over a fixed period. It does not hold user funds, but it is a high-risk, short-term product with no published liquidity figures.
ScoreScore 6.2 out of 10TVL — - 10
Flat Money V2
Options · Arbitrum, Optimism
Flat Money V2 is a DeFi protocol on Arbitrum and Optimism that lets users supply liquidity to no-expiry covered calls and earn funding and option premium. It is a small, audited niche product, and its yield depends on market conditions.
ScoreScore 6.0 out of 10TVL $1.04M−6.9% - 11
TYMIO
Options · Arbitrum, Ethereum
TYMIO is a non-custodial DeFi app on Arbitrum and Ethereum that pays yield for setting time-limited buy or sell orders on ETH, WBTC or USDC. It is small and young, so treat it as a niche tool and not a core holding.
ScoreScore 6.0 out of 10TVL $197K−1.1% - 12
Derive V1
Options · Ethereum, Arbitrum, Optimism
Derive V1 is the original generation of the options protocol now branded Derive. It runs on Ethereum, Arbitrum and Optimism, but the project has moved its focus to V3 and published migration steps for V1 vault liquidity.
ScoreScore 6.0 out of 10TVL $134K+0.1%