Derive leads onchain options market as volume doubles to $5B

Key Summary

The onchain options market saw a 121.7% increase in September, with total notional volume reaching $4.829B. Derive, a platform formerly known as Lyra Finance, processed $3.8B in notional volume, accounting for 79% of the market. Its rival, Paradex, saw a significant surge after integrating Paradigm's RFQ system, while Hypercall also posted strong month-over-month gains, reaching an estimated 11.2% share of notional trading. Derive's dominance is attributed to its architecture and partnerships, which have helped maintain deep liquidity in the market.