Options · Alternatives
The best Thetanuts Finance alternatives in 2026
Thetanuts Finance is a multi-chain on-chain options and perpetuals protocol, focused on altcoin options, for DeFi users comfortable with derivatives. If Thetanuts Finance is not the right fit, these 12 reviewed Options options are the closest matches, ranked by DappsAtlas score. Read our full Thetanuts Finance review
At a glance
Thetanuts Finance vs the alternatives
| dApp | Score | TVL | Chains |
|---|---|---|---|
| Score 6.0 out of 10 | $220K | 14 | |
| Score 6.2 out of 10 | $1.25M | 4 | |
| Score 6.5 out of 10 | $9.11M | 2 | |
| Score 5.5 out of 10 | $73.4K | 4 | |
| Score 5.8 out of 10 | $7.16M | 12 | |
| Score 5.5 out of 10 | $184K | 1 | |
| Score 6.0 out of 10 | $1.04M | 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 | $197K | 2 | |
| Score 6.0 out of 10 | $134K | 3 | |
| Score 5.8 out of 10 | $521K | 1 |
Ranked
Top Thetanuts Finance 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
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% - 3
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% - 4
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% - 5
CallPut
Options · Base
CallPut is a non-custodial options protocol on Base that offers synthetic stock, ETF, BTC and ETH options around the clock. It is new and small, with no listed audits, so it suits experienced traders who accept the risk.
ScoreScore 5.5 out of 10TVL $184K−0.1% - 6
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% - 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
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% - 11
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% - 12
Opyn Convexity
Options · Ethereum
Opyn Convexity is an Ethereum options protocol with European, cash-settled contracts that auto-exercise at expiry. It is a small, older part of the wider Opyn family, and suits users who already understand options risk.
ScoreScore 5.8 out of 10TVL $521K−1.1%