Active

Deri V4 Review 2026: Gas-Free Everlasting Options

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.

+4 more

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.8/10

Mixed

Visit Deri V4

Our verdict on Deri V4

5.8/10

Deri V4 suits experienced derivatives traders who want options without expiry dates and are comfortable with an AMM-style pricing model. Its main strength is the everlasting options design, offered gas-free across twelve chains. The main caveat is that no audits are listed, fees are not clearly published, and the concept is complex. Beginners should read the docs thoroughly and start small, if at all.

Score breakdown

How Deri V4 scores

Security: 4.5/10
Ease of use: 5.5/10
Fees: n/a
Features: 6.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Deri V4?

Deri V4 is the options-focused version of Deri Protocol, a decentralized derivatives platform that started in 2021. Its main product is everlasting options: calls and puts you can hold long or short with no expiry date, traded without paying gas per trade according to the homepage.

The protocol describes itself as a way to exchange risk exposure precisely and capital efficiently, for hedging, speculating or arbitrage, all on chain. It also offers perpetual futures, and its documentation mentions a product called Deri Lite and DERI liquidity mining.

Deri V4 is deployed on twelve chains, including Arbitrum, Base, Linea, BNB Chain, zkSync Era, Scroll, Blast and Sonic. Total value locked is about 7.7 million dollars, and the product has been tracked since late November 2023. Its native token is DERI.

How Deri V4 works

Deri uses a Proactive Market Making design, an automated market maker approach for derivatives. Instead of matching buyers and sellers in an order book, traders take positions against a shared liquidity pool, and prices are set by the protocol's pricing model.

Everlasting options remove the expiry date from standard options. A trader can go long or short a call or put at a chosen strike and hold it indefinitely. A funding mechanism, paid between the two sides, keeps the position price in line with the value of an option that would expire, so the contract does not need to be rolled.

Liquidity providers supply capital to the pool and earn fees or incentives, but they take the other side of trader positions and carry the associated risk. The protocol is deployed on multiple chains, and the tracking data shows about 7.7 million dollars in total value locked.

7 features

Key features

Everlasting options

Calls and puts that have no expiry date, so positions can be held without rolling contracts. Funding payments take the place of expiry.

Long and short positions

Users can go long or short calls and puts and choose target strikes, which allows hedging as well as speculation.

Gas-free trading

The homepage markets trading as gas-free, lowering the per-trade cost barrier for active traders.

Proactive Market Making

Pricing uses a Proactive Market Making approach, an AMM-style design where trades execute against a liquidity pool rather than an order book.

Perpetual futures

The protocol also covers perpetual futures, and the docs mention a Deri Lite product alongside options.

Multi-chain deployment

The tracking data lists twelve networks, including Arbitrum, Base, Linea, BNB Chain and Blast.

Liquidity mining

The docs reference DERI liquidity mining and funding strategies, so liquidity providers can earn incentives for supplying capital.

Pros and cons

What we like

Everlasting options remove expiry, so traders do not need to roll positions.
Gas-free trading is advertised on the homepage, which suits active traders.
Available on twelve chains, including major layer 2 networks like Arbitrum and Base.
The protocol has been live since 2021 and the V4 product has been tracked since late 2023.
Supports both long and short calls and puts with selectable strikes, useful for hedging.

Watch out for

No audits are listed for Deri V4 in the tracking data, so users have no published third-party review of the contracts to rely on.
Everlasting options and Proactive Market Making are harder to understand than spot trading, and mispricing risk is real for beginners.
Liquidity is pooled, so liquidity providers can lose money when traders profit against the pool.
The DERI token trades at a very low price with thin reported 24-hour volume on one exchange, which suggests limited market activity.
The fee schedule, team details and regulatory status are not published on its homepage available.
Spreading across a dozen chains can fragment liquidity and add bridging and wallet complexity.

Deri V4 fees

Deri V4 does not state a trading fee schedule in its homepage available. The homepage emphasizes gas-free trading, but that refers to network gas rather than all costs.

Users of everlasting options should expect funding payments between long and short holders, and possible protocol trading fees or spreads. These would be shown in the trading interface and documentation before a trade is confirmed.

Is Deri V4 safe?

The tracking data lists no audits for Deri V4. Users should check the official documentation for audit reports and bug bounty information before depositing funds. The protocol is non-custodial in principle, but smart contract bugs, oracle errors and pricing model failures are real risks for any on-chain derivatives platform.

Team details and regulatory status are not published in its homepage available. Derivatives trading may be restricted in some countries, so check local rules. Leveraged products can lose all deposited capital, so only trade with money you can afford to lose.

6 steps

How to get started with Deri V4

1
Read the Deri documentation, especially the sections on everlasting options and Deri Lite, so you understand funding and settlement.
2
Choose a supported network such as Arbitrum, Base or Linea, and fund a compatible wallet with the required collateral.
3
Connect your wallet on the official Deri site and check the URL carefully to avoid imitation sites.
4
Select an options market, pick a call or put and a target strike, and review the quoted price and funding terms.
5
Start with a small position and set a loss limit, since derivatives can lose value quickly.
6
Monitor open positions and funding payments, and close or adjust before your margin is at risk.

Open Deri V4

Who Deri V4 is for

Deri V4 is for experienced DeFi traders who understand options, funding payments and AMM-based pricing and want long-term hedges or directional bets without expiry. It also suits liquidity providers who accept the risk of taking the other side of trades. It is not a good fit for beginners or anyone unwilling to risk losing deposited capital.

Deri V4 FAQs

What are everlasting options on Deri?

Everlasting options are options contracts that do not expire. Instead of settling on a fixed date, positions stay open and holders pay or receive a funding payment that keeps the price anchored to the underlying option value. Deri describes them as options you can go long or short without expiry dates.

Is Deri V4 really gas-free?

The homepage describes trading as gas-free, so users do not pay network gas per trade in the way they would on a typical on-chain DEX. How this is implemented and what other costs apply is not detailed, so check the docs and trading interface.

Which blockchains does Deri V4 support?

The tracking data lists Linea, BNB Chain, zkSync Era, Supra, Arbitrum, Base, Taiko, Sonic, Manta, Scroll, Polygon zkEVM and Blast. Availability of each product can differ by chain, so confirm in the app.

What is the DERI token for?

DERI is the protocol's own token, listed in the tracking data. The documentation also refers to DERI liquidity mining. The exact utility and emission details are not covered.

Has Deri V4 been audited?

The tracking data lists no audits for Deri V4. That does not mean none exist, but a user cannot confirm them from this data. Check the official docs for audit reports before depositing funds.

Is Deri V4 safe for beginners?

Derivatives are leveraged and can lead to rapid losses, including loss of the full amount you deposit. Options and perpetuals are complex, so only use funds you can afford to lose and check the rules in your jurisdiction.

Compare

Deri V4 alternatives

All alternatives

SOFA.org

Options

SOFA.org is a nonprofit, open-source DeFi protocol offering on-chain options and structured products on Ethereum, Arbitrum, BNB Chain and Polygon.

TVL $1.25M+48.9%Ethereum · Arbitrum · BNB Chain +1

Hegic

Options

Hegic is an on-chain peer-to-pool options protocol on Arbitrum for trading ETH and WBTC calls, puts and one-click strategies.

TVL $9.11M+0.7%Arbitrum · Ethereum

Opium

Options

Opium is a multi-chain DeFi protocol for creating, settling and trading derivatives, marketed as tradable DeFi insurance for hedging risk.

TVL $73.4K+0.5%Ethereum · Polygon · Arbitrum +1

Pods Finance

Options

Pods Finance is described as an options AMM, while Peapods documents ERC-20 vaults and volatility strategies for DeFi users.

TVL $389K+0.0%Polygon · Ethereum · Arbitrum

CallPut

Options

CallPut is a non-custodial options protocol on Base offering synthetic stock, ETF, BTC and ETH options for experienced onchain traders.

TVL $184K−0.1%Base

Flat Money V2

Options

Flat Money V2 is a DeFi protocol on Arbitrum and Optimism where users provide liquidity to everlasting covered calls to earn funding and option premium.

TVL $1.04M−6.9%Arbitrum · Optimism