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Hegic Review 2026: Peer-to-Pool Options on Arbitrum

Hegic is an on-chain options protocol that lets users buy ETH and WBTC calls and puts against a liquidity pool. It has about $9.3 million in TVL, but fees and product details are not public reviewed.

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.5/10

Good

Visit Hegic

Our verdict on Hegic

6.5/10

Hegic suits DeFi users who already understand options and want to trade ETH or WBTC calls and puts on Arbitrum without an order book. Its main strength is a focused peer-to-pool design with one-click strategies and listed audits. The main caveat is that fees, pricing and pool mechanics are not detailed publicly reviewed, and options can expire worthless. Beginners should read the documentation first and risk only small amounts.

Score breakdown

How Hegic scores

Security: 6.5/10
Ease of use: n/a
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 Hegic?

Hegic is an on-chain options trading protocol. DefiLlama describes it as a peer-to-pool system on Arbitrum where users can trade ETH and WBTC at-the-money and out-of-the-money calls and puts, along with one-click option strategies.

DefiLlama lists it under Options, on Arbitrum and Ethereum, with roughly $9.35 million in TVL, essentially flat over seven days. Two audits are listed and the protocol has a token, HEGIC.

Its homepage available for this review was minimal, so details such as fee schedules, strike ranges and pool design are not confirmed here.

How Hegic works

Options give the buyer the right, but not the obligation, to buy (a call) or sell (a put) an asset at a set price before a set time. The buyer pays a premium up front. If the market does not move the right way, the option expires and the premium is lost.

Hegic uses a peer-to-pool design. Instead of matching each buyer with a specific seller, buyers trade against a shared liquidity pool that takes the other side. Liquidity providers deposit funds into the pool and, in this model, earn premiums but carry the risk when options finish in the money.

Public sources mention at-the-money and out-of-the-money options on ETH and WBTC, plus one-click strategies that package positions. Details of pricing, collateral and settlement are not public reviewed.

6 features

Key features

Peer-to-pool options

Users buy options from a shared liquidity pool rather than matching with individual sellers, as in a peer-to-pool design.

ETH and WBTC markets

Public sources name ETH and WBTC as the assets for which options can be traded.

Calls and puts

Hegic lists at-the-money and out-of-the-money calls and puts, letting users take bullish or bearish views.

One-click strategies

The protocol advertises one-click option strategies, which bundle option positions into a single action.

Arbitrum deployment

The protocol is listed on Arbitrum and Ethereum, with Arbitrum highlighted as its trading venue.

Listed audits

DefiLlama lists two audits for the protocol, though their scope and findings are not detailed publicly.

Pros and cons

What we like

Focused on options, a specialised DeFi derivatives niche.
Peer-to-pool design lets buyers trade against shared liquidity without needing a counterparty match.
Offers calls and puts on ETH and WBTC, plus one-click strategies.
Runs on Arbitrum, where gas costs are generally lower than on Ethereum mainnet.
Two audits are listed on DefiLlama.
TVL of about $9.3 million shows ongoing capital in the protocol.

Watch out for

Options trading is complex and easy to misprice for beginners.
Liquidity providers take the opposite side of trades and can lose money when buyers profit.
Only ETH and WBTC are named as underlying assets.
Fee levels, strike and expiry ranges, and pool mechanics are not published publicly reviewed here.
Smart-contract risk applies, and two listed audits do not remove it.
Homepage was minimal, so some product details could not be verified.

Hegic fees

Fees are not published publicly reviewed. On options protocols, the main cost is normally the option premium paid by the buyer, and there may be additional protocol fees.

Users would see the quoted premium and any fees in the trading interface before confirming. Gas costs on Arbitrum or Ethereum also apply.

Is Hegic safe?

DefiLlama lists two audits, but the auditors, scope and findings are not public reviewed. Audits reduce risk but do not guarantee safety, and smart-contract bugs or oracle problems remain possible in any options protocol.

Hegic is non-custodial in the usual DeFi sense, meaning users interact from their own wallets. Liquidity providers face the risk that option buyers profit at the pool's expense. No incidents are mentioned publicly, and regulatory status is not stated. Check local rules on derivatives trading.

6 steps

How to get started with Hegic

1
Confirm you are on the official Hegic website and check that options trading is permitted where you live.
2
Connect a self-custody wallet that supports Arbitrum.
3
Bridge or hold ETH and the funds needed for premiums and gas on Arbitrum.
4
Choose ETH or WBTC, a call or put, and a strike and expiry from what the interface offers.
5
Review the premium and fees shown, and understand that the maximum loss on a bought option is typically the premium.
6
Start with a small position and read the documentation before using strategies.

Open Hegic

Who Hegic is for

Hegic is for experienced DeFi users who understand option premiums, strikes and expiries and want on-chain exposure to ETH or WBTC price moves. It may also interest liquidity providers who accept the risk of being on the other side of trades. It is not well suited to beginners who have not traded options before.

Hegic FAQs

What is Hegic?

Hegic is an on-chain options trading protocol. DefiLlama describes it as a peer-to-pool system on Arbitrum where users trade ETH and WBTC calls and puts and one-click option strategies.

Which blockchains does Hegic run on?

DefiLlama lists Hegic on Arbitrum and Ethereum. Its description focuses on Arbitrum as the trading venue, while the homepage title mentions Ethereum.

What can you trade on Hegic?

Public sources name ETH and WBTC as tradable assets. They also mention at-the-money and out-of-the-money calls and puts plus one-click strategies.

Does Hegic have a token?

Yes. HEGIC is the token listed on DefiLlama. Public sources reviewed do not describe its utility, supply or distribution, so check the official documentation before relying on it.

Is Hegic safe?

No protocol is risk-free. Two audits are listed on DefiLlama, but options can expire worthless, pool providers can lose funds, and smart contracts can have bugs. Only commit money you can afford to lose.

What does Hegic cost to use?

The project does not state fees. Users should check the trade interface for the premium and any other costs before confirming an order.

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