DeFi · Category ranking
Best Options Vaults in 2026
13 Options Vaults ranked by DappsAtlas score and total value locked. Open any row for the full review.
- Listed
- 13
- Reviewed
- 13
- Page
- 1/1
Options vaults are DeFi protocols that package an options strategy into a smart contract. You deposit an asset such as ETH, BTC or HYPE, and the vault sells options against it, usually covered calls or cash-secured puts. The premium collected from option buyers is passed back to depositors as yield. The idea is to turn a long-term holding into an income stream without running the trades yourself.
These protocols typically work in weekly or other short cycles. At the start of a cycle, the vault chooses a strike price and expiry, sells the option to a market maker or auction participant, and pays out or accrues the premium. At expiry, the position settles and funds roll into the next round or become withdrawable. Revenue for the protocol usually comes from fees on deposits, performance fees on the premium earned, or withdrawal fees, and some newer vaults pay premium upfront rather than at the end of the cycle.
When comparing options vaults, look at the strategy and what you give up: capped upside on covered calls, or the chance of being assigned the asset on puts. Check the chain and the assets supported, the total value locked, and whether the product is still active. Rysk V12 leads this list by TVL, with Ribbon, Typus DOV and Hypersurface offering other chain and strategy choices. Also read the fee schedule and audit history, and remember that some entries, such as Katana, are no longer running. These products carry smart contract and market risk, and readers must be 18 or older (21 or older where required) and confirm that the activity is legal where they live.
Options Vaults at a glance
- Tracked
- 13
- Reviewed
- 13
- Total TVL
- $58.6M
- Avg. score
- 5.3/10
Largest by TVL
- 1
Rysk V12$50.6M
- 2
Ribbon$3.73M
- 3
Katana$1.34M
- 4
- 5
Typus DOV$921K
Highest rated
- 1
- 2
Rysk Premium6.5
- 3
- 4
Hypersurface5.8
- 5
| Chains | |||||
|---|---|---|---|---|---|
| 1 | Rysk V12Reviewed | Hyperliquid L1, Ethereum | $50.6M | −9.0% | 6.5 |
| 2 | Rysk PremiumReviewed | Hyperliquid L1, Ethereum | $81.1K | −14.3% | 6.5 |
| 3 | Typus DOVReviewed | Sui | $921K | −0.3% | 6.0 |
| 4 | HypersurfaceReviewed | Hyperliquid L1, Base | $408K | +8.0% | 5.8 |
| 5 | RibbonReviewed | Ethereum, Solana +2 | $3.73M | −3.4% | 5.5 |
| 6 | Ribbon EarnReviewed | Ethereum | $973K | −0.8% | 5.2 |
| 7 | Cega V1Reviewed | Solana, Ethereum +1 | $308K | +0.1% | 5.0 |
| 8 | Typus SafuReviewed | Sui | $118K | −3.3% | 4.5 |
| 9 | KatanaReviewed | Solana | $1.34M | −10.7% | 3.0 |
| 10 | Ribbon LendReviewed | Ethereum | $52.3K | +0.1% | — |
| 11 | OliveReviewed | Ethereum, Polygon +1 | $48.9K | +0.1% | — |
| 12 | Chest FinanceReviewed | Solana | $1.03K | −6.8% | — |
| 13 | Polynomial EarnReviewed | Optimism | $0 | — | — |
Ranked by DappsAtlas score, then total value locked. Click a column to re-sort this page. TVL data via DefiLlama.
Where they run
Options Vaults by chain
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Frequently asked questions
What is a DeFi options vault?
An options vault is a smart contract that pools deposits and runs a fixed options strategy on them, most often selling covered calls or cash-secured puts. Depositors receive the premium the vault collects, and in exchange they accept limits on upside or a risk of being assigned the asset at a set price.
Where does the yield in an options vault come from?
The yield is the premium paid by buyers of the options the vault sells. It is not a fixed interest rate. Premiums depend on market volatility, the strike price chosen and the expiry, so returns vary from one period to the next and can be zero or negative once losses on the underlying asset are counted.
Can you lose money in an options vault?
Yes. A covered-call vault can cap your gains in a strong rally, and if the asset falls sharply, the premium may not offset the loss in value. Smart contract bugs, oracle problems, and the failure of a counterparty or market maker are additional risks. Yield figures shown on a vault page are not guaranteed.
Which options vaults are active right now?
Rysk V12 and Rysk Premium both offer upfront options yield on Hyperliquid and Ethereum, and Hypersurface runs covered-call and cash-secured-put products on HyperEVM and Base. Typus DOV is on Sui, while Ribbon and Cega V1 span several chains. Size of deposits, chain, asset support and track record are worth comparing before you choose.
Are all the options vaults on this list still open to new deposits?
Some are. Katana, a Solana options vault protocol, has had its app offline since about 2023, and Typus Safu is a closed vault where existing positions can still be redeemed with no exit fee. Always check whether a protocol is still accepting deposits and being maintained before sending funds.
Are options vaults suitable for beginners, and are there age or legal limits?
No. Options vaults are DeFi products for crypto-curious users who understand the risks of derivatives and smart contracts. If you treat any of this as a form of gambling or speculation, you must be 18 or older (21 or older in some places), and you should check that these products are legal where you live. Only use money you can afford to lose.
What is the largest options vault by TVL?
Which options vault has the highest DappsAtlas score?
Rysk V12 has the highest score at 6.5/10, ahead of Rysk Premium (6.5) and Typus DOV (6.0). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.
How many options vaults does DappsAtlas track?
DappsAtlas tracks 13 options vaults. Of these, 13 have a full review and 12 report value locked, $58.6M in total.
What chains do most options vaults run on?
Ethereum is the most common, with 7 of 13 options vaults, followed by Solana (4) and Hyperliquid L1 (3). 46% are deployed on more than one chain.
Which options vaults grew the most this week?
Among options vaults with at least $1M locked, Katana the biggest drop (−10.7%). Combined TVL moved −8.3% over the same seven days.
What is the average score for options vaults?
The 9 rated options vaults average 5.3 out of 10. Of these, 0 score 8 or higher and 2 score below 5.