Best of · Arbitrum · Updated Nov 6, 2026

The best Options dApps on Arbitrum in 2026

We track 19 Options dApps that run on Arbitrum and have reviewed 19 of them in full. Our top pick is Hegic. Each one is scored on security, ease of use, fees and features.

1
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.
Read the Hegic review Visit Hegic(opens in a new tab)
ScoreScore 6.5 out of 10
TVL $9.11M+0.7%
2
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.
Read the Lyra review
ScoreScore 6.5 out of 10
TVL —
3
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.
Read the SOFA.org review Visit SOFA.org(opens in a new tab)
ScoreScore 6.2 out of 10
TVL $1.25M+48.9%
4
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.
Read the Stryke CLAMM review Visit Stryke CLAMM(opens in a new tab)
ScoreScore 6.2 out of 10
TVL $176K+0.7%
5
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.
Read the Flat Money V2 review Visit Flat Money V2(opens in a new tab)
ScoreScore 6.0 out of 10
TVL $1.04M−6.9%
6
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.
Read the Thetanuts Finance review Visit Thetanuts Finance(opens in a new tab)
ScoreScore 6.0 out of 10
TVL $220K−1.9%
7
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.
Read the TYMIO review Visit TYMIO(opens in a new tab)
ScoreScore 6.0 out of 10
TVL $197K−1.1%
8
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.
Read the Derive V1 review Visit Derive V1(opens in a new tab)
ScoreScore 6.0 out of 10
TVL $134K+0.1%
9
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.
Read the Deri V4 review Visit Deri V4(opens in a new tab)
ScoreScore 5.8 out of 10
TVL $7.16M−1.6%
10
Pods Finance
Options · Polygon, Ethereum, Arbitrum
Pods Finance is described as an on-chain options protocol, while its current documentation presents Peapods vaults that wrap ERC-20 assets and offer volatility-based strategies. The broad toolkit has potential, but product scope, fees, and audit details need closer clarification.
Read the Pods Finance review Visit Pods Finance(opens in a new tab)
ScoreScore 5.8 out of 10
TVL $389K+0.0%
11
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.
Read the Premia V2 review Visit Premia V2(opens in a new tab)
ScoreScore 5.8 out of 10
TVL $207K−0.9%
12
Rysk V1
Options · Arbitrum, Ethereum, Hyperliquid L1
Rysk V1 is the Arbitrum-era deployment of Rysk, an options protocol that pays users upfront yield for selling covered calls and cash-secured puts. TVL is small, and the project's current app has moved toward newer products on other chains.
Read the Rysk V1 review Visit Rysk V1(opens in a new tab)
ScoreScore 5.8 out of 10
TVL $193K+0.1%
13
Zomma Protocol
Options · zkSync Era, Arbitrum
Zomma Protocol is an on-chain options protocol on zkSync Era and Arbitrum that lets users trade European-style calls and puts with cross margin. Its TVL is small, so liquidity and ongoing activity are the main questions.
Read the Zomma Protocol review Visit Zomma Protocol(opens in a new tab)
ScoreScore 5.5 out of 10
TVL $79.8K+0.1%
14
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.
Read the Opium review Visit Opium(opens in a new tab)
ScoreScore 5.5 out of 10
TVL $73.4K+0.5%
15
GammaSwap Open Interest
Options · Arbitrum, Base, Ethereum
GammaSwap Open Interest lets traders take perpetual-options exposure funded by DEX-style liquidity, and its homepage now features short-term up or down markets. Its TVL is small, so treat it as a niche, higher-risk product.
Read the GammaSwap Open Interest review Visit GammaSwap Open Interest(opens in a new tab)
ScoreScore 5.2 out of 10
TVL $44.0K−3.6%
16
Premia V3
Options · Arbitrum
Premia V3 is a peer-to-pool options protocol on Arbitrum that offered vanilla options and strategy vaults. Its liquidity is now tiny and the team's attention has moved to Kyan, so treat it as a legacy product.
Read the Premia V3 review Visit Premia V3(opens in a new tab)
ScoreScore 5.0 out of 10
TVL $65.6K−87.7%
17
Oddz
Options · Avalanche, BNB Chain, Base +1
Oddz is a multi-chain derivatives front end that routes perps and options trades across other venues. Its on-chain TVL is small and its roadmap has not been visibly updated since 2024.
Read the Oddz review Visit Oddz(opens in a new tab)
ScoreScore 5.0 out of 10
TVL $59.2K+0.0%
18
OptionBlitz
Options · Arbitrum
OptionBlitz is a decentralised options platform on Arbitrum that offers binary, barrier and vanilla options, plus perpetuals, on crypto, metals, FX and stocks. It is aimed at experienced traders, and the main takeaway is that the product is high risk and that the sources reviewed offer little verifiable information about its legal status or fees.
Read the OptionBlitz review Visit OptionBlitz(opens in a new tab)
ScoreScore 4.5 out of 10
TVL $0
19
Cega V2
Options · Arbitrum, Ethereum
Cega V2 was a DeFi protocol selling exotic options structured products with fixed-yield USDC strategies on Arbitrum and Ethereum. Its team announced in November 2024 that it had been acquired and would shut down the platform.
Read the Cega V2 review
ScoreScore 3.5 out of 10
TVL $108K+0.1%

Options dApps on Arbitrum: the numbers

Tracked: 19
Reviewed: 19
Total TVL: $20.5M
Avg. score: 5.6/10

The DappsAtlas index lists 19 options dApps on Arbitrum. Every one of them has a full review. The 17 that report TVL hold $20.5M between them, counting value on every chain they support. Hegic is the clear leader, holding 44% of it. The five largest make up 92% of the total; the median is $193K.

By value locked, the largest options dApps on Arbitrum are Hegic ($9.11M), Deri V4 ($7.16M) and SOFA.org ($1.25M). On DappsAtlas scores, Hegic ranks first at 6.5/10, ahead of Lyra (6.5) and SOFA.org (6.2). That makes Hegic both the biggest and the best-rated. The 19 rated options dApps average 5.6/10, and none scores 8 or above yet.

Many also deploy elsewhere, most often on Ethereum (11), BNB Chain (6) and Base (5). Of the 14 with a confirmed status, 13 are active and 1 is inactive or wound down. Over the last seven days, combined TVL fell 1.0%. SOFA.org gained the most (+48.9%), while Flat Money V2 dropped the most (−6.9%).

Largest by TVL

1Hegic$9.11M
2Deri V4$7.16M
3SOFA.org$1.25M
4Flat Money V2$1.04M
5Pods Finance$389K

Highest rated

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.

Guides

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Frequently asked questions

What is the largest options dApp on Arbitrum by TVL?

Hegic is the largest options dApp on Arbitrum by total value locked, with $9.11M across all the chains it supports. It is followed by Deri V4 ($7.16M) and SOFA.org ($1.25M). TVL figures come from DefiLlama and change daily.

Which options dApp on Arbitrum has the highest DappsAtlas score?

Hegic has the highest score at 6.5/10, ahead of Lyra (6.5) and SOFA.org (6.2). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.

How many options dApps on Arbitrum has DappsAtlas reviewed?

DappsAtlas tracks 19 options dApps on Arbitrum. Of these, 19 have a full review and 17 report value locked, $20.5M in total, counting value on every chain they support.

Which options dApps on Arbitrum grew the most this week?

Among options dApps with at least $1M locked, SOFA.org had the biggest 7-day TVL gain (+48.9%) and Flat Money V2 the biggest drop (−6.9%). Combined TVL moved −1.0% over the same seven days.

What is the average score for options dApps on Arbitrum?

The 19 rated options dApps on Arbitrum average 5.6 out of 10. Of these, 0 score 8 or higher and 2 score below 5.

Ranked list