GammaSwap Open Interest Review 2026: Perpetual Options

GammaSwap Open Interest is the options product within the GammaSwap protocol, a DeFi project listed on Arbitrum, Base and Ethereum. A public tracker describes it as a way to trade perpetual options using DEX liquidity. It has been listed since April 2024 and has its own token, GS.

The homepage now presents GammaSwap V2 as a place to trade 5-minute and 15-minute up or down prediction markets. Users pick a direction and trade short-duration crypto markets onchain. How this V2 offering relates to the earlier perpetual-options design is not explained on the page.

Total value locked is about $46,000, down roughly 2.5% over seven days at the time of the data. That is small for an options protocol and suggests limited liquidity. Two audits are listed in a public tracker, though the homepage does not name the auditors.

GammaSwap builds on the liquidity already sitting in AMM-style pools. Liquidity providers supply a 50/50 token pair to a GammaPool, which is derived from an automated market maker pool. Traders can then use that liquidity to take perpetual-options exposure, meaning option-like payoffs that do not expire on a fixed date.

The idea is that the options market borrows depth from DEX liquidity instead of needing separate market makers. Liquidity providers earn returns from the activity, and they take on the risk that the positions built from their liquidity lose value.

The current homepage describes GammaSwap V2 as short-duration up or down markets. A user picks a direction on a crypto asset over a 5- or 15-minute window and trades onchain. The page text does not detail settlement or pricing, so readers should check the documentation.

The homepage does not publish a fee schedule. Trading fees, borrow or funding costs and liquidity-provider rewards would normally appear in the app when you open a position or deposit, and in the project documentation.

On top of protocol charges you pay network gas on Arbitrum, Base or Ethereum. Gas is usually lowest on the layer-2 networks, but it is not a fee the project sets.

Two audits are listed for the protocol in a public tracker, but the homepage does not name the auditors or summarise findings. Smart-contract risk remains for any protocol that combines AMM pools with options and borrowing mechanics. Liquidity providers can lose value if pool positions move against them.

The project does not publish licensing or regulatory information on its homepage. Short-duration up or down markets may be treated as betting in some jurisdictions, so check that they are allowed where you live. Online gambling-style products are for adults only (18+), and you should set limits and never risk money you need.

This is aimed at experienced DeFi users who already understand options, AMM liquidity and impermanent loss, and who are comfortable with small, niche protocols. It is not suited to beginners or anyone who needs deep liquidity and a long track record.