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Best of · Ethereum · Updated

The best Options Vaults on Ethereum in 2026

We track 7 Options Vaults that run on Ethereum and have reviewed 5 of them in full. Our top pick is Rysk V12. Each one is scored on security, ease of use, fees and features.

Ranked list

  1. 1
    Rysk V12 logo

    Rysk V12

    Options Vault · Hyperliquid L1, Ethereum

    Rysk V12 is an options vault product that pays covered-call yield upfront on assets like ETH, BTC and HYPE. It offers large headline APRs, but public sources show no listed audits and the strategy caps upside.

    Read the Rysk V12 reviewVisit Rysk V12(opens in a new tab)
    ScoreScore 6.5 out of 10
    TVL $31.8M−13.4%
  2. 2
    Rysk Premium logo

    Rysk Premium

    Options Vault · Hyperliquid L1, Ethereum

    Rysk Premium is the institutional-facing arm of Rysk, a protocol that pays holders upfront for selling covered calls and cash-secured puts. Yields can look high, but they come from giving up upside or taking on downside, and no audits are listed.

    Read the Rysk Premium reviewVisit Rysk Premium(opens in a new tab)
    ScoreScore 6.5 out of 10
    TVL $83.1K−11.2%
  3. 3
    Ribbon logo

    Ribbon

    Options Vault · Ethereum, Solana, Avalanche +1

    Ribbon is a structured products protocol that runs options vaults to generate yield on assets like BTC and ETH. It has about $3.9M in TVL, and a reported $2.7M exploit is the main caution.

    Read the Ribbon reviewVisit Ribbon(opens in a new tab)
    ScoreScore 5.5 out of 10
    TVL $3.75M−2.0%
  4. 4
    Ribbon Earn logo

    Ribbon Earn

    Options Vault · Ethereum

    Ribbon Earn is the vault product of Ribbon Finance, a structured-products protocol on Ethereum that automates options strategies. Its TVL is only about $1M, so check that it is still operating before you rely on it.

    Read the Ribbon Earn reviewVisit Ribbon Earn(opens in a new tab)
    ScoreScore 5.2 out of 10
    TVL $981K+0.1%
  5. 5
    Cega V1 logo

    Cega V1

    Options Vault · Solana, Ethereum, Arbitrum

    Cega V1 was an options vault protocol that combined exotic option positions with bond elements to target yield. It is a small, early-generation product that later versions of Cega have reworked.

    Read the Cega V1 review
    ScoreScore 5.0 out of 10
    TVL $308K−0.0%
  6. 6
    Ribbon Lend logo

    Ribbon Lend

    Options Vault · Ethereum

    Ribbon Lend is associated with Ribbon Finance, which is described as a structured-products protocol. What Ribbon Lend itself offers is unclear, so its lending model and risks cannot be assessed.

    Read the Ribbon Lend reviewVisit Ribbon Lend(opens in a new tab)
    ScoreNot rated yet
    TVL $52.3K+0.0%
  7. 7
    Olive logo

    Olive

    Options Vault · Ethereum, Polygon, Arbitrum

    Olive is described as a multi-chain structured-products protocol, but its listed website presents bank payment software and does not establish a link to that protocol. The product details needed to assess or use the vaults remain unclear.

    Read the Olive reviewVisit Olive(opens in a new tab)
    ScoreNot rated yet
    TVL $49.0K−0.1%

Options Vaults on Ethereum: the numbers

Tracked
7
Reviewed
7
Total TVL
$37.0M
Avg. score
5.7/10

The DappsAtlas index lists 7 options vaults on Ethereum. Every one of them has a full review. Together they hold $37.0M in total value locked, counting value on every chain they support. Rysk V12 dominates, with 86% of that total. The five largest make up 100% of the total; the median is $308K.

By value locked, the largest options vaults on Ethereum are Rysk V12 ($31.8M), Ribbon ($3.75M) and Ribbon Earn ($981K). The best-rated is Rysk V12 with 6.5/10, followed by Rysk Premium (6.5) and Ribbon (5.5). That makes Rysk V12 both the biggest and the best-rated. The 5 rated options vaults average 5.7/10, and none scores 8 or above yet.

Beyond Ethereum, these options vaults most often also run on Hyperliquid L1 (2), Solana (2) and Arbitrum (2). All 3 with a confirmed status are active. Over the last seven days, combined TVL fell 11.9%. Rysk V12 dropped the most (−13.4%).

Largest by TVL

  1. 1Rysk V12 logoRysk V12$31.8M
  2. 2Ribbon logoRibbon$3.75M
  3. 3Ribbon Earn logoRibbon Earn$981K
  4. 4Cega V1 logoCega V1$308K
  5. 5Rysk Premium logoRysk Premium$83.1K

Highest rated

  1. 1Rysk V12 logoRysk V126.5
  2. 2Rysk Premium logoRysk Premium6.5
  3. 3Ribbon logoRibbon5.5
  4. 4Ribbon Earn logoRibbon Earn5.2
  5. 5Cega V1 logoCega V15.0

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 options vault on Ethereum by TVL?

Rysk V12 is the largest options vault on Ethereum by total value locked, with $31.8M across all the chains it supports. It is followed by Ribbon ($3.75M) and Ribbon Earn ($981K). TVL figures come from DefiLlama and change daily.

Which options vault on Ethereum has the highest DappsAtlas score?

Rysk V12 has the highest score at 6.5/10, ahead of Rysk Premium (6.5) and Ribbon (5.5). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.

How many options vaults on Ethereum has DappsAtlas reviewed?

DappsAtlas tracks 7 options vaults on Ethereum. Of these, 7 have a full review and 7 report value locked, $37.0M in total, counting value on every chain they support.

Which options vaults on Ethereum grew the most this week?

Among options vaults with at least $1M locked, Rysk V12 the biggest drop (−13.4%). Combined TVL moved −11.9% over the same seven days.

What is the average score for options vaults on Ethereum?

The 5 rated options vaults on Ethereum average 5.7 out of 10. Of these, 0 score 8 or higher and 0 score below 5.