Hegic vs SOFA.org: focused options or broader products? (2026)

Hegic is the narrower product: it lets users buy ETH and WBTC calls and puts from a shared liquidity pool. It also lists at-the-money and out-of-the-money options and one-click strategies. That makes it the more direct fit if you want a focused options protocol and the assets it names are the ones you want to trade.

SOFA.org covers options too, but adds structured products and an Automator product aimed at options trading and yield generation. A product post also describes a trend-style offering tied to a BTC price range. The precise mechanics of these products are not published, so you should inspect their terms before deciding. In short, Hegic is easier to characterize by its stated markets; SOFA.org offers a wider product mix.

Hegic is deployed on Arbitrum and Ethereum. Its description highlights Arbitrum as a trading venue, while Ethereum is also available. SOFA.org has a broader listed footprint: Ethereum, Arbitrum, BNB Chain and Polygon. If chain choice is a deciding factor, SOFA.org gives you more listed networks; check that the product you want is available on your chosen chain.

Hegic's TVL is about $9.3 million, compared with about $1.47 million for SOFA.org. That is a meaningful difference in reported protocol-level capital, but TVL does not tell you the depth of a specific market, the price you will receive, or whether a particular trade can be filled as expected. SOFA.org's TVL has also been described as volatile week to week. Compare the actual product and trade conditions rather than treating TVL as a guarantee of liquidity.

Neither protocol publishes a clear fee schedule. For Hegic, the option premium is the central cost a buyer faces, and additional protocol fees may apply. For SOFA.org, premium markups, protocol fees, settlement fees and any performance fees on products such as Automator are not published. That makes it difficult to compare costs from headline information alone.

Before placing a trade, review the price shown in the interface and confirm whether it includes every protocol or product charge. Network gas is also a cost on either protocol; the amount depends on the chain and transaction, and no fixed figure is published here. Do not assume a wider chain choice or a one-click strategy means a cheaper trade. If the total cost is unclear, pause until you can verify it for the specific product.

Both protocols have two audits listed, but the auditors, scope and findings are not published. An audit is not a guarantee that a contract is safe. Smart-contract bugs and oracle problems remain possible, and SOFA.org also carries settlement risk tied to its on-chain products. Hegic's shared pool has a distinct risk for liquidity providers: option buyers can profit at the pool's expense.

Both are non-custodial in the sense that users interact through their own wallets, but that does not remove the risk of losing funds. Options and structured products can be difficult to price and can lose value; SOFA.org's product loss-protection details are not published. Read product terms and audit reports where available, and check the rules on derivatives where you live. Neither protocol's stated audit count should be treated as a safety ranking.

Choose Hegic if your goal is to trade ETH or WBTC calls and puts through a focused options product, and you value its higher reported TVL relative to SOFA.org. That TVL does not guarantee market depth, so check the actual quote and pool conditions before committing funds. Hegic's fees and detailed product parameters are not published, which limits advance cost comparisons.

Choose SOFA.org if you want a broader set of structured products or need a deployment on BNB Chain or Polygon as well as Ethereum or Arbitrum. Its lower TVL and unclear fees call for careful checks of product pricing and settlement terms. Neither is a clear choice for a beginner based on the published product details: options are complex, and both carry contract and market risk.