Best of · Ethereum · Updated Nov 6, 2026

The best Options dApps on Ethereum in 2026

We track 21 Options dApps that run on Ethereum and have reviewed 16 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
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%
3
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.
Read the Logium review Visit Logium(opens in a new tab)
ScoreScore 6.2 out of 10
TVL —
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.
Read the Thetanuts Finance review Visit Thetanuts Finance(opens in a new tab)
ScoreScore 6.0 out of 10
TVL $220K−1.9%
5
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%
6
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%
7
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.
Read the Opyn Convexity review Visit Opyn Convexity(opens in a new tab)
ScoreScore 5.8 out of 10
TVL $521K−1.1%
8
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%
9
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%
10
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%
11
Opyn Gamma
Options · Ethereum, Avalanche, Polygon
Opyn Gamma is Opyn’s DeFi derivatives project, whose current Markets page describes permissionless perpetual markets, automated liquidity and portfolio margin. Its design is ambitious, but access is marked as coming soon and key details such as fees and audit reports are not published on the homepage.
Read the Opyn Gamma review Visit Opyn Gamma(opens in a new tab)
ScoreScore 5.5 out of 10
TVL $935K−0.8%
12
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%
13
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%
14
FinNexus
Options · Ethereum, BNB Chain, Wanchain
FinNexus is a decentralized options protocol that offers pooled-liquidity options on BTC, ETH, BNB and other assets across Ethereum, BNB Chain and Wanchain. Its TVL is small and its homepage could not be checked, so treat it with caution.
Read the FinNexus review
ScoreScore 4.5 out of 10
TVL $232K0.0%
15
Auctus
Options · Ethereum
Auctus is an Ethereum options protocol with fully collateralized, ERC-20 option tokens. Its TVL is tiny at about $14.6K and the site looks dated, so treat it as a legacy or low-activity project.
Read the Auctus review Visit Auctus(opens in a new tab)
ScoreScore 4.5 out of 10
TVL $14.1K−0.5%
16
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%
17
Lien
Options · Ethereum
Lien is described as an Ethereum protocol for creating options and stablecoins from ETH. Its website currently shows unrelated casino content, so its current operation and user interface are unclear.
Read the Lien review Visit Lien(opens in a new tab)
ScoreNot rated yet
TVL $81.9K−0.9%
18
Siren
Options · Ethereum
Siren is described as a protocol for creating, trading, and redeeming fully collateralized options on Ethereum tokens. Its current operation, contract details, and relationship to SIREN market listings are unclear.
Read the Siren review
ScoreNot rated yet
TVL —
19
Hilo
Options · Ethereum
Hilo is described as an Ethereum token prediction market using binary options and the HILO token. Key details about fees, settlement, and safeguards are not known.
Read the Hilo review
ScoreNot rated yet
TVL —
20
Baex
Options · Ethereum
BAEX is described as a liquidity token for a blockchain-based binary options platform covering stocks, indices, and fiat currencies. Its current status, contract details, and trading terms are unclear.
Read the Baex review
ScoreNot rated yet
TVL —
21
Bitswing
Options · Ethereum
Bitswing was described as an Ethereum-based dApp for trading Bitcoin binary options. Its current status and key operating details are unclear.
Read the Bitswing review
ScoreNot rated yet
TVL —

Options dApps on Ethereum: the numbers

Tracked: 21
Reviewed: 21
Total TVL: $13.7M
Avg. score: 5.5/10

DappsAtlas tracks 21 options dApps on Ethereum. Every one of them has a full review. Across the 16 with TVL data, the combined value locked is $13.7M, counting value on every chain they support. Hegic dominates, with 66% of that total. The top five account for 89%, while the median options dApp holds $197K.

Ranked by TVL, Hegic ($9.11M), SOFA.org ($1.25M) and Opyn Gamma ($935K) lead the field. The best-rated is Hegic with 6.5/10, followed by SOFA.org (6.2) and Logium (6.2). That makes Hegic both the biggest and the best-rated. The 16 rated options dApps average 5.5/10, and none scores 8 or above yet.

Many also deploy elsewhere, most often on Arbitrum (11), BNB Chain (5) and Polygon (5). Of the 13 with a confirmed status, 12 are active and 1 is inactive or wound down. In the past week, total value locked rose 3.4%. SOFA.org gained the most (+48.9%).

Largest by TVL

1Hegic$9.11M
2SOFA.org$1.25M
3Opyn Gamma$935K
4Opyn Convexity$521K
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.

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Frequently asked questions

What is the largest options dApp on Ethereum by TVL?

Hegic is the largest options dApp on Ethereum by total value locked, with $9.11M across all the chains it supports. It is followed by SOFA.org ($1.25M) and Opyn Gamma ($935K). TVL figures come from DefiLlama and change daily.

Which options dApp on Ethereum has the highest DappsAtlas score?

Hegic has the highest score at 6.5/10, ahead of SOFA.org (6.2) and Logium (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 Ethereum has DappsAtlas reviewed?

DappsAtlas tracks 21 options dApps on Ethereum. Of these, 21 have a full review and 16 report value locked, $13.7M in total, counting value on every chain they support.

Which options dApps on Ethereum grew the most this week?

Among options dApps with at least $1M locked, SOFA.org had the biggest 7-day TVL gain (+48.9%). Combined TVL moved +3.4% over the same seven days.

What is the average score for options dApps on Ethereum?

The 16 rated options dApps on Ethereum average 5.5 out of 10. Of these, 0 score 8 or higher and 3 score below 5.

Ranked list