CallPut vs Hegic: Markets, liquidity and risk (2026)

CallPut and Hegic both offer non-custodial on-chain options, but they serve different trading needs. CallPut runs on Base and covers BTC and ETH alongside synthetic options referencing stocks and ETFs. It says trading is available around the clock, including when the referenced equity market is closed, although spreads may widen or trading may be limited. Hegic runs on Arbitrum and Ethereum, with Arbitrum highlighted as its trading venue, and names ETH and WBTC as its option assets. Its peer-to-pool design lets buyers trade against shared liquidity, and it advertises one-click strategies. The key distinction is breadth versus focus: CallPut combines crypto and synthetic equity exposure, while Hegic concentrates on two crypto assets. Stock and ETF options on CallPut are synthetic, not shares or broker-listed options, and provide no ownership, dividends or voting rights.

Neither protocol publishes specific fee rates. CallPut describes its fees as competitive and low-cost, but gives no rates; its execution price can reflect time to expiry, liquidity, spreads, fees and risk adjustments. It says users can review the full cost in the trading interface before confirming. Hegic does not publish fee levels either. The option premium is a central cost for buyers, and additional protocol fees may apply; its interface is where users can review the quote and any fees before confirming. Gas is separate from the option's quoted cost: CallPut users also pay Base network gas, while Hegic users pay gas on Arbitrum or Ethereum. Public sources do not establish which protocol is cheaper. Compare the actual quote, applicable fees and network gas for the specific trade before proceeding, since costs can depend on the market and transaction.

CallPut has no audits listed, and it does not name a team, security review or bug bounty. Its smart-contract risk should therefore be treated as unverified. The project also identifies market, volatility, liquidity, reference-data, oracle, smart-contract and regulatory risks. Hegic has two audits listed, but the auditors, scope and findings are not public. Those listings are useful to know about, but they do not guarantee safety or rule out contract bugs or oracle problems. Both protocols are non-custodial, so users interact from their own wallets; this does not remove the risks of using a contract or depositing into a pool. Liquidity providers on both models can lose when option buyers profit, with CallPut specifically noting counterparty-style risk in stressed markets. Check the relevant rules before trading derivatives. CallPut also says access may be restricted in some jurisdictions; do not use a protocol where it is not permitted.

CallPut is the broader choice if you want options linked to synthetic stocks and ETFs as well as BTC and ETH. It offers a stated $1 starting size, and option buyers' maximum loss is capped at the premium paid, with no forced liquidation described for buyers. Its smaller TVL—about $181,600—may limit liquidity for larger trades. CallPut says settlement uses a 30-minute TWAP, but its markets rely on its futures index, volatility curves and reference data. Hegic offers calls and puts on ETH and WBTC, including at-the-money and out-of-the-money options, plus one-click strategies. Its TVL is about $9.3 million, substantially higher than CallPut's, though TVL alone does not prove that every option will have suitable liquidity. Hegic's listed product details are more limited: strike and expiry ranges and pool mechanics are not published. Choose based on the assets and trade terms you need, not TVL alone.

Choose CallPut if synthetic stock and ETF options, round-the-clock access, and BTC or ETH options in one Base interface matter most. It is a better fit for experienced traders who understand synthetic markets and are comfortable with a small protocol, limited liquidity and no listed audits. Choose Hegic if your options focus is ETH or WBTC and you prefer a protocol with much higher TVL and two listed audits. Its peer-to-pool model and one-click strategies may suit traders looking for a focused crypto-options product, but fee rates and several product mechanics are not published. Neither is an obvious choice for a beginner: options are complex, pool liquidity providers take risk, and neither publishes specific fee rates. Before using either, check the live quote, gas cost, contract risks and local rules for derivatives trading.