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Rysk V1 Review 2026: Upfront Options Yield on Arbitrum

Rysk V1 is the Arbitrum-era deployment of Rysk, an options protocol that pays users upfront yield for selling covered calls and cash-secured puts. TVL is small, and the project's current app has moved toward newer products on other chains.

By the DappsAtlas editorial team · Updated Nov 5, 2026

DappsAtlas score

5.8/10

Mixed

Visit Rysk V1

Our verdict on Rysk V1

5.8/10

Rysk V1 suits experienced DeFi users who understand covered calls and cash-secured puts and want premium income on assets they already hold. Its main strength is a clear, upfront-yield structure with visible APR ranges across many assets. The main caveat is the combination of small TVL on the V1 deployment, no listed audits and capped upside or forced buying when prices move past the strike. Treat it as a high-risk strategy and size positions accordingly.

Score breakdown

How Rysk V1 scores

Security: 4.5/10
Ease of use: 6.5/10
Fees: n/a
Features: 6.0/10

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 Rysk V1?

Rysk V1 is the early Arbitrum deployment of Rysk, a DeFi protocol that lets users earn upfront premiums on crypto assets through covered calls and cash-secured puts. DefiLlama has listed it since February 2023 under options, with a short description focused on returns uncorrelated to the market.

The project raised a $1.4 million pre-seed round announced in January 2023, according to a press release in public reporting. At that time it described itself as an on-chain market maker for DeFi derivatives.

The current Rysk homepage presents a broader product: markets for assets such as LHYPE, WBTC, WETH, wstETH, XAUT and PURR, mostly on HyperEVM and Ethereum mainnet, with maximum APRs shown from about 24% to 88%. The V1 entry itself holds roughly $193K in TVL and no token is listed for it.

How Rysk V1 works

Rysk packages options selling as a yield product. In a covered call, a user deposits an asset such as WETH and the protocol sells a call option on it. The buyer pays a premium immediately, and that premium is the user's upfront yield. If the price stays below the strike, the user keeps the asset and the premium.

A cash-secured put works the other way round. The user locks cash collateral and receives a premium for agreeing to buy an asset at a set strike price. If the price stays above the strike, the user keeps the premium. If it falls below, the user ends up buying the asset at the strike.

Search snippets describe an earlier Rysk design as an on-chain options exchange that used dynamic delta hedging to aim for sustainable yield. V1 on Arbitrum is tracked under the options category with a small TVL. The current homepage focuses on upfront yield vaults across HyperEVM and Ethereum mainnet.

6 features

Key features

Upfront yield

Users receive the option premium at the start of the position, instead of waiting for yield to accrue over time.

Covered calls

The app offers covered calls on assets such as WETH, WBTC and wstETH, where the user earns a premium for agreeing to sell at a set price.

Cash-secured puts

Users can also sell puts backed by stable cash collateral, earning a premium for agreeing to buy at a set price.

Displayed APR ranges

The homepage shows maximum and minimum APR for each asset, so users can compare strategies before committing.

Broad asset list

The current app supports liquid staking and wrapped assets such as wstETH, rETH, weETH and kHYPE, plus XAUT, a gold-backed token.

Dashboard and points

The interface includes a dashboard, a points page and a leaderboard alongside the core earn markets.

Pros and cons

What we like

Clear premise: earn the option premium upfront by writing covered calls or cash-secured puts.
Wide asset list on the current app, including liquid staking tokens and a gold-backed token.
Displays maximum and minimum APR for each market so returns can be compared.
Has been listed since early 2023 and raised a disclosed $1.4 million pre-seed round.
Structured products avoid the need for users to manage options positions themselves.

Watch out for

Covered calls cap upside: if the asset rallies past the strike, the user gives up gains above it.
Cash-secured puts can leave the user holding the asset after a price drop, at the strike price.
The V1 deployment on Arbitrum holds only about $193K in TVL, which suggests limited liquidity.
DefiLlama lists no audits for this entry, and the project's homepage does not link audit reports.
Headline APRs shown on the app are ranges whose top end is only reached under certain conditions.
Fees, team details and licensing are not published on the pages reviewed.

Rysk V1 fees

Rysk does not publish a fee schedule in the pages reviewed. The app displays maximum and minimum APR for each asset instead, and these figures are the main cost-and-return indicator shown.

Users should also expect network gas fees on the chain they use, and possible costs of wrapping or bridging assets. Check the app's quote and the project's documentation before depositing.

Is Rysk V1 safe?

DefiLlama lists no audits for Rysk V1. A search result refers to a 2022 smart contract audit page for the Rysk options exchange, but the auditor and findings are not stated in the information reviewed. Users should read any audit reports directly before depositing.

Options vaults carry smart-contract risk, market risk and counterparty or pricing risk. Funds are held in on-chain contracts rather than with a custodian, so a contract bug could cause losses. Rysk does not publish its team, regulatory status or incident history on the pages reviewed. Check that options-style products are legal in your jurisdiction.

6 steps

How to get started with Rysk V1

1
Check that using DeFi options products is permitted where you live.
2
Decide which asset you want to hold and whether you prefer a covered call or a cash-secured put.
3
Connect a compatible wallet to the Rysk app and choose the chain that matches your asset.
4
Compare the displayed maximum and minimum APR for the market you picked.
5
Read the strike and expiry terms, and consider what happens if the price moves past the strike.
6
Deposit a small amount first and monitor the position from the dashboard.

Open Rysk V1

Who Rysk V1 is for

Rysk suits DeFi users who already hold assets like ETH, BTC or liquid staking tokens and are comfortable giving up some upside for premium income. It is not designed for beginners or for anyone who cannot accept smart-contract and market risk.

Rysk V1 FAQs

What is Rysk V1?

Rysk is a DeFi options protocol that lets users earn upfront premiums on crypto assets by writing covered calls and cash-secured puts. V1 is the earlier version, tracked on Arbitrum, with a small amount of value still locked.

How does Rysk earn yield?

A user deposits an asset and the protocol sells an option against it, so the premium is paid at the start. In return, the user accepts the risk that the asset is sold at the strike price, or bought at the strike in the case of a put.

Is Rysk risk-free yield?

No. Selling covered calls caps the upside, and cash-secured puts can leave you holding an asset that has fallen in price. Smart-contract risk also applies, and DefiLlama lists no audits for this entry.

Which chains does Rysk support?

DefiLlama tracks Rysk V1 on Arbitrum. The current app lists markets on HyperEVM and Ethereum mainnet, such as LHYPE, WBTC, WETH and XAUT.

Does Rysk V1 have a token?

DefiLlama lists no token for Rysk V1. Public reporting mentions a RYSK token described as a governance and participation asset on HyperEVM, but the V1 listing itself shows none.

What fees does Rysk charge?

Fees are not published on the pages reviewed. Users should check the app's quotes and the project's documentation before depositing.

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