Best of · Ethereum · Updated
The best Interest Rate Derivatives dApps on Ethereum in 2026
We track 8 Interest Rate Derivatives dApps that run on Ethereum and have reviewed 7 of them in full. Our top pick is Pendle. Each one is scored on security, ease of use, fees and features.
Ranked list
- 1
Pendle
Interest Rate Derivatives · Ethereum
Pendle is a DeFi platform that splits yield-bearing assets into principal and yield tokens so users can lock in fixed yield or trade variable yield. It is well established, but the mechanics are harder than a plain swap or deposit.
ScoreScore 7.4 out of 10TVL — - 2
Spectra V2
Interest Rate Derivatives · Flare, Stellar, Ethereum +10
Spectra V2 is a DeFi protocol for fixing yield rates or trading future yield, now also offering curated MetaVaults. It has about $10.4M in TVL across 13 chains, but DefiLlama lists no audits.
ScoreScore 6.5 out of 10TVL $10.7M+7.3% - 3
Rho X
Interest Rate Derivatives · Ethereum, Arbitrum
Rho X is a crypto-native interest rate market where users can trade staking, lending and perpetual funding rates, or deposit into yield vaults. It is a niche derivatives venue with small TVL and no audits listed.
ScoreScore 6.0 out of 10TVL $584K+0.4% - 4
IPOR Derivatives
Interest Rate Derivatives · Arbitrum, Ethereum, Base
IPOR Derivatives is an on-chain interest rate swap protocol built around the IPOR rate index, and its app now leads with Fusion vault infrastructure. It is a specialist DeFi product with small TVL and few published details.
ScoreScore 6.0 out of 10TVL $484K−0.1% - 5
Spectra V1
Interest Rate Derivatives · Polygon, Ethereum
Spectra V1 is the earlier version of Spectra, previously known as APWine, which splits yield-bearing assets into fixed-rate principal tokens and variable-rate yield tokens. It is a niche tool with a small TVL and no audits listed on DefiLlama.
ScoreScore 5.8 out of 10TVL $172K−3.3% - 6
Hyperdrive
Interest Rate Derivatives · Ethereum, Linea, xDai +1
Hyperdrive is an automated market maker for trading fixed-rate yield and variable yield exposure. Its core idea is useful for rate-focused DeFi users, but key details on fees, markets, and audits are not published.
ScoreScore 5.5 out of 10TVL $66.0K−1.0% - 7
Voltz
Interest Rate Derivatives · Ethereum, Arbitrum, Avalanche
Voltz is a non-custodial automated market maker for interest-rate swaps, letting users take positions on fixed or variable returns. Its core product is clear, but current markets, fees and audit details are not established.
ScoreScore 5.4 out of 10TVL $223K−0.4% - 8
Tranche Finance
Interest Rate Derivatives · Ethereum, Polygon, Avalanche +1
Tranche Finance describes a way to split yield-generating DeFi assets into fixed-rate and variable-rate positions. Its core idea is clear, but current asset support, fees, and operating details are not published.
ScoreNot rated yetTVL $32.1K−0.5%
Interest Rate Derivatives dApps on Ethereum: the numbers
- Tracked
- 8
- Reviewed
- 8
- Total TVL
- $12.3M
- Avg. score
- 6.1/10
DappsAtlas tracks 8 interest rate derivatives dApps on Ethereum. Every one of them has a full review. The 7 that report TVL hold $12.3M between them, counting value on every chain they support. Spectra V2 dominates, with 87% of that total. The top five account for 99%, while the median interest rate derivatives dApp holds $223K.
By value locked, the largest interest rate derivatives dApps on Ethereum are Spectra V2 ($10.7M), Rho X ($584K) and IPOR Derivatives ($484K). On DappsAtlas scores, Pendle ranks first at 7.4/10, ahead of Spectra V2 (6.5) and Rho X (6.0). The 7 rated interest rate derivatives dApps average 6.1/10, and none scores 8 or above yet.
Many also deploy elsewhere, most often on Arbitrum (4), Base (3) and Avalanche (3). All 5 with a confirmed status are active. Over the last seven days, combined TVL rose 6.3%. Spectra V2 gained the most (+7.3%).
Largest by TVL
- 1
Spectra V2$10.7M
- 2
Rho X$584K
- 3IPOR Derivatives$484K
- 4
Voltz$223K
- 5
Spectra V1$172K
Highest rated
- 1
Pendle7.4
- 2
- 3
- 4IPOR Derivatives6.0
- 5
Method
How we ranked them
Reviewed dApps come first. Each DappsAtlas review scores security, ease of use, fees and features from 0 to 10 using public facts such as audits, documentation and on-chain data; the overall score orders the list, with total value locked as the tie-breaker. Projects we have not reviewed yet follow, ordered by total value locked. Scores are never sold.
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Frequently asked questions
What is the largest interest rate derivatives dApp on Ethereum by TVL?
Spectra V2 is the largest interest rate derivatives dApp on Ethereum by total value locked, with $10.7M across all the chains it supports. It is followed by Rho X ($584K) and IPOR Derivatives ($484K). TVL figures come from DefiLlama and change daily.
Which interest rate derivatives dApp on Ethereum has the highest DappsAtlas score?
Pendle has the highest score at 7.4/10, ahead of Spectra V2 (6.5) and Rho X (6.0). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.
How many interest rate derivatives dApps on Ethereum has DappsAtlas reviewed?
DappsAtlas tracks 8 interest rate derivatives dApps on Ethereum. Of these, 8 have a full review and 7 report value locked, $12.3M in total, counting value on every chain they support.
Which interest rate derivatives dApps on Ethereum grew the most this week?
Among interest rate derivatives dApps with at least $1M locked, Spectra V2 had the biggest 7-day TVL gain (+7.3%). Combined TVL moved +6.3% over the same seven days.
What is the average score for interest rate derivatives dApps on Ethereum?
The 7 rated interest rate derivatives dApps on Ethereum average 6.1 out of 10. Of these, 0 score 8 or higher and 0 score below 5.