Derivatives · Review
ActiveDerive Review 2026: On-Chain Options, Perps and DRV Token
Derive is a decentralised exchange for crypto options, perpetual futures and spot trading, governed by the DRV token. Its V3 release moved custody to Ethereum L1 contracts, but fees and audit details are not published.
By the DappsAtlas editorial team · Updated
DappsAtlas score
6.8/10
Good
Our verdict on Derive
6.8/10Derive suits experienced traders who want options and perpetuals from a self-custody wallet. Its main strength is a broad derivatives product on Ethereum, reportedly a leader in on-chain options. The main caveat is the missing detail: audits, insurance and the fee schedule are not covered here, and one review site reports higher options fees than Deribit. Check these in the project's documentation before depositing.
Score breakdown
How Derive scores
- Security
- 6.5/10
- Ease of use
- 6.0/10
- Fees
- n/a
- Features
- 7.5/10
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 Derive?
Derive is a decentralised exchange for crypto options, perpetual futures and spot trading. Its token, DRV, is described as the governance and utility token of the platform. The token launched in 2023 and runs on Ethereum.
A recent report describes Derive as the clear leader in on-chain options, at a time when the sector is showing its strongest momentum in two years. Another report says Derive V3 has gone live, with custody moved to Ethereum L1 contracts.
DRV has a reported total supply of 1.5 billion, with roughly 737 million in circulation. Its price and market cap have moved a lot since its listing. The project's own site could not be reviewed, so details such as audits, team and fee tables are not covered here.
How Derive works
Derive runs an exchange where users trade options, perpetual futures and spot assets using crypto held in smart contracts rather than with a central company. Trades settle against on-chain accounts, so users keep control of their wallets and do not hand funds to an intermediary account.
Options let a buyer pay a premium for the right to buy or sell an asset at a set price before expiry. Perpetual futures track an asset's price without an expiry date and usually involve margin and leverage. If a leveraged position loses too much value, it can be liquidated.
Reports say Derive V3 moved custody to Ethereum L1 contracts. The DRV token is described as the governance and utility token of the exchange.
6 features
Key features
01
On-chain crypto options
Derive lists crypto options, which let traders hedge or speculate on price moves with defined risk for buyers.
02
Perpetual futures
Perpetual futures track an asset's price with no expiry date, giving traders leveraged exposure.
03
Spot trading
Spot trading sits alongside derivatives on the same exchange.
04
DRV governance token
DRV is described as the exchange's governance and utility token, with a reported total supply of 1.5 billion.
05
V3 with Ethereum L1 custody
V3 is reported to have moved custody to Ethereum L1 contracts, anchoring user funds to Ethereum.
06
Options market position
One report describes Derive as the clear leader in on-chain options during a period of strong momentum for the sector.
Pros and cons
What we like
- Offers options, perpetuals and spot trading in one place.
- Reported to be a leading venue for on-chain options.
- V3 is reported to hold custody in Ethereum L1 contracts.
- One review site reports lower perpetual fees than Deribit.
- DRV has a stated governance and utility role, and is listed on several exchanges.
Watch out for
- Options fees may be higher than on the leading centralized venue; one review site reports up to 3x more on options.
- Access is restricted in some countries; one review site counts four, and users must check their own eligibility.
- Audits, team and insurance arrangements are not covered, so smart-contract risk cannot be assessed here.
- Derivatives are leveraged and complex, so losses can exceed what newcomers expect.
- The DRV token has fallen well below its reported all-time high, and a large part of the 1.5 billion supply is still not circulating.
Derive fees
Derive's own fee schedule is not reproduced in the material available here, so users should check the live schedule in the app before trading. Trading fees, funding on perpetuals and network gas costs all affect total cost.
One review site that compared the schedules reports that Derive costs less than Deribit on perpetuals and up to three times more on options. This is a single-source comparison and may be out of date.
Is Derive safe?
Derive is non-custodial in the sense that trading runs through smart contracts, and V3 is reported to hold funds in Ethereum L1 contracts. That reduces counterparty risk compared with a centralized exchange, but it adds smart-contract risk. Public sources do not cover audits, bug bounties or an insurance fund, so readers should look for these in the project's documentation.
One review site reports that Derive is unavailable in four countries, so users should check that derivatives trading is legal and permitted where they live. Leveraged products can lead to rapid losses and liquidation. Trading is for adults only. Never risk money you cannot afford to lose.
6 steps
How to get started with Derive
- 1
Check that derivatives trading and the Derive platform are permitted where you live, and that you meet the age requirement.
- 2
Read the official documentation on fees, margin and liquidation rules before depositing anything.
- 3
Set up a self-custody Ethereum wallet and keep a little ETH for gas.
- 4
Connect the wallet to the official site, verifying the address carefully to avoid phishing copies.
- 5
Start with a small deposit and try spot or a simple options purchase, where the maximum loss is the premium paid.
- 6
Monitor margin and open positions regularly, and avoid leverage until you understand liquidation.
Who Derive is for
Derive is for traders who already understand options, margin and liquidation and prefer to trade from their own wallet. It is a poor fit for beginners, anyone who cannot accept leveraged losses, or users in restricted jurisdictions.
Derive FAQs
What is Derive?
Derive is a decentralised exchange for crypto options, perpetual futures and spot trading. Its governance and utility token is DRV, which launched in 2023 and runs on Ethereum.
What is the DRV token?
DRV is the governance and utility token of the Derive exchange. Reported supply figures show a total supply of 1.5 billion tokens, with roughly 737 million in circulation at the time of the figures cited.
How do Derive's fees compare with Deribit?
Derive's own fee schedule is not reproduced here. One review site reports that it costs less than Deribit on perpetuals and up to 3x more on options. Check the live fee schedule in the app before trading.
Is Derive safe?
Reports say Derive V3 moved custody to Ethereum L1 contracts. Trading still involves smart-contract risk, and the project's audit and insurance details are not covered, so users should read its documentation.
Is Derive available everywhere?
One review site says Derive is unavailable in four countries. The list is not given here, so check the project's terms of use and your local rules before connecting a wallet.
What is the difference between options and perps on Derive?
Options give the right, not the obligation, to buy or sell an asset at a set price by a set date. Perpetual futures track an asset's price with no expiry and often use leverage. Both can lose money quickly, so they suit experienced traders.
Compare
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ApeX Omni is a multichain decentralized perpetual futures exchange from ApeX Protocol, aimed at experienced leveraged crypto traders.
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DeFi Saver is a non-custodial tool for managing and automating leveraged lending positions across major DeFi protocols on Ethereum and layer-2 networks.
OKX is a major centralized crypto exchange for spot and derivatives trading, earn products and a Web3 wallet, with its own OKB token.
How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.