DeFi · Category ranking
Best Options dApps in 2026
45 Options dApps ranked by DappsAtlas score and total value locked. Open any row for the full review.
- Listed
- 45
- Reviewed
- 45
- Page
- 1/1
Options dApps are DeFi protocols that let people trade calls and puts, or earn income by selling them, through smart contracts instead of a broker or exchange. A call gives the right to buy an asset at a set price and a put gives the right to sell. This category covers pool-based markets, vaults that sell covered calls, and newer designs such as everlasting options with no expiry.
Most of these protocols use a liquidity pool or vault as the counterparty. Liquidity providers deposit assets and take the other side of trades, while buyers pay a premium. The protocol usually earns money by taking a small fee on trades, premiums or settlement, and part of that goes to liquidity providers. Some, like Deri V4 and Flat Money V2, add funding payments, and others, like Stryke CLAMM, sell options against concentrated liquidity.
When comparing, look at TVL and liquidity depth, which affect pricing and how easily you can exit. Check the chains supported, the assets offered (Hegic focuses on ETH and WBTC, while Thetanuts Finance leans toward altcoins), the option style and settlement method, the fees, and whether the project is still maintained. Hegic, SOFA.org and Stryke CLAMM are among the higher-scoring names here. Options are high risk, and readers must be 18+ (21+ where required) and should confirm that this activity is legal where they live.</br>
Options dApps at a glance
- Tracked
- 45
- Reviewed
- 45
- Total TVL
- $23.4M
- Avg. score
- 5.3/10
Largest by TVL
- 1
Hegic$9.11M
- 2
Deri V4$7.16M
- 3
SOFA.org$1.25M
- 4
Flat Money V2$1.04M
- 5
Opyn Gamma$935K
Highest rated
- 1
- 2Lyra6.5
- 3
- 4
Stryke CLAMM6.2
- 5
Logium6.2
| Chains | |||||
|---|---|---|---|---|---|
| 1 | HegicReviewed | Arbitrum, Ethereum | $9.11M | +0.7% | 6.5 |
| 2 | LyraReviewed | Optimism, Arbitrum | — | — | 6.5 |
| 3 | SOFA.orgReviewed | Ethereum, Arbitrum +2 | $1.25M | +48.9% | 6.2 |
| 4 | Stryke CLAMMReviewed | Arbitrum, Robinhood Chain +4 | $176K | +0.7% | 6.2 |
| 5 | LogiumReviewed | Ethereum | — | — | 6.2 |
| 6 | Flat Money V2Reviewed | Arbitrum, Optimism | $1.04M | −6.9% | 6.0 |
| 7 | Thetanuts FinanceReviewed | Ethereum, Base +12 | $220K | −1.9% | 6.0 |
| 8 | TYMIOReviewed | Arbitrum, Ethereum | $197K | −1.1% | 6.0 |
| 9 | Derive V1Reviewed | Ethereum, Arbitrum +1 | $134K | +0.1% | 6.0 |
| 10 | Deri V4Reviewed | Linea, BNB Chain +10 | $7.16M | −1.6% | 5.8 |
| 11 | Opyn ConvexityReviewed | Ethereum | $521K | −1.1% | 5.8 |
| 12 | Pods FinanceReviewed | Polygon, Ethereum +1 | $389K | +0.0% | 5.8 |
| 13 | Premia V2Reviewed | Arbitrum, Optimism +3 | $207K | −0.9% | 5.8 |
| 14 | Rysk V1Reviewed | Arbitrum, Ethereum +1 | $193K | +0.1% | 5.8 |
| 15 | BaseVolReviewed | Base | $33.8K | +0.1% | 5.8 |
| 16 | Opyn GammaReviewed | Ethereum, Avalanche +1 | $935K | −0.8% | 5.5 |
| 17 | Dual FinanceReviewed | Solana | $227K | −1.2% | 5.5 |
| 18 | CallPutReviewed | Base | $184K | −0.1% | 5.5 |
| 19 | Zomma ProtocolReviewed | zkSync Era, Arbitrum | $79.8K | +0.1% | 5.5 |
| 20 | OpiumReviewed | Ethereum, Polygon +2 | $73.4K | +0.5% | 5.5 |
| 21 | Carmine OptionsReviewed | Starknet | $90.6K | +0.4% | 5.2 |
| 22 | GammaSwap Open InterestReviewed | Arbitrum, Base +1 | $44.0K | −3.6% | 5.2 |
| 23 | PsyOptionsReviewed | Solana | $535K | −4.6% | 5.0 |
| 24 | Premia V3Reviewed | Arbitrum | $65.6K | −87.7% | 5.0 |
| 25 | OddzReviewed | Avalanche, BNB Chain +2 | $59.2K | +0.0% | 5.0 |
| 26 | FinNexusReviewed | Ethereum, BNB Chain +1 | $232K | 0.0% | 4.5 |
| 27 | TON HedgeReviewed | TON | $25.3K | +0.0% | 4.5 |
| 28 | AuctusReviewed | Ethereum | $14.1K | −0.5% | 4.5 |
| 29 | OptionBlitzReviewed | Arbitrum | $0 | — | 4.5 |
| 30 | BumperReviewed | — | — | — | 4.5 |
| 31 | Cega V2Reviewed | Arbitrum, Ethereum | $108K | +0.1% | 3.5 |
| 32 | Flat Money V1Reviewed | Base | $10 | +0.5% | 3.5 |
| 33 | SupervolReviewed | Soneium | — | — | 3.5 |
| 34 | LienReviewed | Ethereum | $81.9K | −0.9% | — |
| 35 | Margin ZeroReviewed | Sonic | $27.7K | −6.4% | — |
| 36 | DeltaThetaReviewed | BNB Chain, Polygon | $1.70K | −0.9% | — |
| 37 | ShieldReviewed | BNB Chain | $0 | — | — |
| 38 | EuphoriaReviewed | MegaETH | — | — | — |
| 39 | SirenReviewed | Ethereum | — | — | — |
| 40 | HiloReviewed | Ethereum | — | — | — |
| 41 | BaexReviewed | Ethereum | — | — | — |
| 42 | YolorektReviewed | — | — | — | — |
| 43 | BitswingReviewed | Ethereum | — | — | — |
| 44 | GakexReviewed | Tron | — | — | — |
| 45 | Pokpok ProtocolReviewed | Base | — | — | — |
Ranked by DappsAtlas score, then total value locked. Click a column to re-sort this page. TVL data via DefiLlama.
Where they run
Options dApps by chain
- 1Ethereum2147%
- 2Arbitrum1942%
- 3BNB Chain920%
- 4Base920%
- 5Polygon613%
- 6Optimism49%
- 7Sonic37%
- 8Avalanche37%
- 9Robinhood Chain24%
- 10Blast24%
- 11Hyperliquid L124%
- 12Fantom24%
- 13Polygon zkEVM24%
- 14zkSync Era24%
- 15Solana24%
Guides
DeFi guides
DeFi
BloctoSwap on Flow: Review, Shutdown Status and DeFi OptionsBloctoSwap was the first automated market maker on the Flow network, and it closed alongside the Blocto wallet in December 2025. This guide explains how it worked, what the shutdown means for anyone who used it, and how to evaluate DeFi options on Flow today.
DeFi
Tron vs Uniswap-Style DEXes: How to Compare DeFi Options in 2026Tron's DeFi activity is growing, but one exchange launch tells you little on its own. This guide explains how to compare TRON-based and Ethereum-style decentralized exchanges on fees, liquidity, security and risk.
DeFi
Why DeFi Adoption and Token Conviction Are Growing in 2026Conviction in DeFi tokens usually rests on a few visible signals: real lending and trading volume, stablecoin growth, and tokenized assets reaching institutions. This guide explains what drives adoption, how token value connects to actual usage, and which risks should temper enthusiasm.
DeFi
Aave V3 and DeFi Mainstream Adoption: What It Means in 2026Aave V3 is one of the largest non-custodial lending markets in DeFi, and its design is a serious attempt to serve ordinary users, not just traders. This guide explains what would have to change for it to reach mainstream use, and how a newcomer can judge the protocol today.
Crypto gambling
Best Crypto Casino Sites in 2026: Compare Your OptionsCompare crypto casinos by the kind of play they offer, from broad casino-and-sportsbook platforms to dice games and poker. Learn how to check availability, licensing, payments, and risk before depositing.
Wallets and tools
Best Crypto Credit Cards in 2026: Compare Your OptionsThe best crypto card depends on whether you want to borrow, earn crypto rewards, or spend crypto you already own. Compare genuine credit cards with debit and collateral-backed cards before weighing rewards, fees, eligibility and risk.
Frequently asked questions
What is a DeFi options protocol?
A DeFi options protocol is a set of smart contracts that lets you buy or sell options, which are contracts giving the right to buy or sell an asset at a set price by a set date. You connect a wallet, and the contracts handle pricing, collateral and settlement without a broker. Hegic, Opyn Convexity and Derive V1 are examples.
What are the main risks of trading on-chain options?
Option buyers pay a premium and can lose all of it if the option expires worthless. Sellers and liquidity providers can lose much more than the premium if the market moves sharply against the pool. On top of that come smart contract bugs, thin liquidity and pricing errors, so only use money you can afford to lose.
How do options vaults earn yield?
Selling covered calls or cash-secured puts through vaults, as with Rysk V1 or Thetanuts Finance, earns premium up front, but you can be assigned or give up upside if the market moves. Yield is compensation for taking that risk, not free income. Read how each vault works before depositing.
What are everlasting options?
Everlasting options, used by Deri V4 and Flat Money V2, have no fixed expiry date, so you can hold a position for as long as you meet margin needs. Instead of a single expiry, a funding payment is usually charged to keep the price close to the option's fair value. They differ from the European-style, cash-settled options at Opyn Convexity.
Are all the options dApps on this list still active?
Some are inactive or have been replaced. At the time of writing, Cega V2 is listed as having announced a shutdown, Derive V1 is succeeded by Derive V3, and Premia V3 is overshadowed by a newer platform. Some others have a very small TVL. Check a protocol's official channels and recent activity before depositing anything.
Are on-chain options suitable for beginners, and is it legal?
No. Options on these protocols can be speculative and high risk, and they are not suitable for most beginners. You should be 18 or older (21 or older in some places), and you should check that trading derivatives or gambling-like products is legal where you live. Never try to bypass geo-restrictions, age checks or KYC rules.
What is the largest options dApp by TVL?
Which options dApp has the highest DappsAtlas score?
How many options dApps does DappsAtlas track?
DappsAtlas tracks 45 options dApps. Of these, 45 have a full review and 31 report value locked, $23.4M in total.
What chains do most options dApps run on?
Which options dApps grew the most this week?
Among options dApps with at least $1M locked, SOFA.org had the biggest 7-day TVL gain (+48.9%) and Flat Money V2 the biggest drop (−6.9%). Combined TVL moved −1.0% over the same seven days.
What is the average score for options dApps?
The 33 rated options dApps average 5.3 out of 10. Of these, 0 score 8 or higher and 8 score below 5.