{"/learning-folder/best-defi-options-protocols-in-2027":{"version":1,"title":"Derive.xyz | Trade Onchain Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Best DeFi Options Protocols in 2026","Ready to Trade Smarter?"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":["Derive utilizes TradingView charting technology to display crypto options quotes and provide tools for technical analysis of BTCUSD, ETHUSD, and other perps pairs performance. Through TradingView charts allow you to dive deeper into crypto market research all while using multiple indicators and drawing tools to capture trends and predict price movements."],"h5":[],"h6":[],"p":["Trade","About","DRV","Stats","Insights","Enter App","A hands-on breakdown of the leading decentralized options platforms — what they do, how they differ, and which one fits your trading style.","DeFi options are finally having their moment. After years of being overshadowed by perpetual futures and spot DEXs, onchain options protocols have matured to the point where they're genuinely competitive with centralized alternatives. Portfolio margin, professional market makers, institutional-grade order books, and a growing range of underlying assets have transformed what was once an experimental niche into a legitimate trading venue.","But with multiple protocols approaching the problem from different angles, choosing the right one matters. Here's a detailed look at the best DeFi options protocols in 2026 — what each one does well, where it falls short, and who it's best suited for.","Derive","Chain: Derive Chain (OP Stack rollup on Ethereum)Assets: BTC, ETH, HYPE, and expanding altcoin coverageKey features: Order book + AMM hybrid, Portfolio Margin, RFQ for block trades, perpetuals, structured products, multi-asset collateral","Derive (formerly Lyra) is the most established and feature-complete onchain options protocol. Originally launched in 2021 as Lyra on Optimism, it rebranded to Derive in August 2024 and migrated to its own OP Stack rollup — the Derive Chain — for dedicated throughput and lower latency.","What sets Derive apart is the breadth of its offering. It isn't just an options protocol — it's a full derivatives exchange supporting options, perpetuals, spot, and structured products, all unified under a single margin system. The protocol's risk engine handles margin, clearing, liquidations, and settlement onchain, which means everything is verifiable and trustless.","Portfolio Margin is a standout feature. Derive recognizes the risk-reducing nature of hedged positions (spreads, covered calls, delta-neutral strategies) and reduces collateral requirements accordingly. This makes it practical to run sophisticated multi-leg strategies onchain — something that was essentially impossible on earlier DeFi options platforms that required 100% collateralization.","The protocol also supports multi-asset collateral, allowing traders to deposit USDC, ETH, wBTC, stETH, and even HYPE as margin. This flexibility means you don't have to sell your holdings to trade derivatives — you can use them as collateral and maintain your exposure.","Derive's recent integration with HyperEVM brought HYPE as both collateral and an options-tradable asset, making it one of the first platforms where Hyperliquid ecosystem participants can trade HYPE options without moving assets off the Hyperliquid chain.","Who it's for: Traders who want a full-featured, institutional-grade derivatives experience onchain. Ideal for options sellers running income strategies, spread traders who benefit from portfolio margin, and DeFi-native traders who want options on assets (like HYPE) that aren't available on centralized exchanges.","Considerations: Liquidity is growing but still behind centralized venues like Deribit for very large BTC/ETH trades. The RFQ system helps for block-sized orders.","Aevo","Chain: Aevo Rollup (custom EVM rollup on Ethereum)Assets: BTC, ETH, and select altcoinsKey features: Off-chain order book, on-chain settlement, pre-launch token options","Aevo takes a hybrid approach: it runs an off-chain order book for speed and efficiency, with all settlements happening onchain. This architecture gives it CEX-like responsiveness while maintaining the transparency and settlement guarantees of Ethereum.","Aevo gained attention for offering pre-launch token options — allowing traders to speculate on tokens before they were officially live. This carved out a niche for traders looking for early exposure to new assets. The platform has a clean, professional interface that will feel familiar to anyone who's used Deribit.","Who it's for: Traders who prioritize execution speed and a CEX-like experience within a DeFi wrapper. Good for directional options traders on major assets.","Considerations: The off-chain order book means you're trusting Aevo's infrastructure for order matching, which is less decentralized than fully onchain alternatives. Asset coverage is more limited than some competitors.","Panoptic","Chain: Ethereum, with multi-chain expansionAssets: Any asset with a Uniswap V3 poolKey features: Perpetual options, oracle-free, built on top of Uniswap V3 LP positions","Panoptic takes a radically different approach. Instead of traditional options with fixed expiries and strike prices, Panoptic builds perpetual options on top of Uniswap V3 concentrated liquidity positions. The insight is that providing concentrated liquidity in a narrow range on Uniswap is economically equivalent to selling a short put — Panoptic formalizes this equivalence and creates a full options market around it.","The result is oracle-free options that derive their pricing entirely from the underlying Uniswap pool, with instant settlement and no expiration dates. This is conceptually elegant and solves some of the hardest problems in DeFi options — specifically, the reliance on external oracles and the fragmentation of liquidity across multiple expiry dates.","Who it's for: DeFi-native traders and LPs who understand Uniswap V3 mechanics and want to express options-like views without traditional options infrastructure. Particularly interesting for tail-risk hedging and volatility strategies on any Uniswap-listed asset.","Considerations: The perpetual options model is different from what traditional options traders expect. There are no standard Greeks in the conventional sense, and the learning curve is steeper for traders coming from traditional options. Liquidity is dependent on the underlying Uniswap pool.","Derive Chain (OP Stack rollup on Ethereum).","Rysk","Opyn (Squeeth)","Chain: EthereumAssets: ETH (via Squeeth — squared ETH exposure)Key features: Power perpetuals, perpetual options exposure without expiry","Opyn was one of the pioneers of DeFi options, launching in 2019. Its most notable innovation is Squeeth (Squared ETH) — a \"power perpetual\" that provides perpetual exposure to ETH² (ETH squared). In practical terms, Squeeth gives you convex, long-gamma exposure to ETH without the need to manage rolls, expiries, or strike selection.","Buying Squeeth is like holding a perpetual at-the-money straddle: you benefit from volatility in either direction, paying a continuous funding rate (similar to a rolling options premium) to short sellers for this exposure. It's a simplified way to express a volatility view.","Who it's for: Traders who want volatility exposure on ETH without the complexity of managing individual options positions. Useful for hedging concentrated ETH positions or speculating on volatility spikes.","Considerations: Limited to ETH. The power perpetual model is novel but niche — it doesn't give you the precision of choosing strikes and expiries. Funding rates can erode returns during low-volatility periods.","Chain: HyperEVM (Hyperliquid ecosystem)Assets: HYPE-focusedKey features: Volatility income vaults, covered call and cash-secured put strategies, institutional options infrastructure on Hyperliquid","Rysk is a newer entrant that's carving out a specific niche: providing options vault infrastructure on the Hyperliquid ecosystem. Rather than being a full options exchange, Rysk operates as a \"volatility income protocol\" that enables established options strategies — particularly covered calls and cash-secured puts — to execute fully onchain through automated vaults.","Rysk gained significant attention in early 2026 when Hyperion DeFi (NASDAQ: HYPD), a publicly traded Hyperliquid treasury company, partnered with Rysk to launch institutional-grade options vaults using their HYPE holdings as collateral. This represents one of the first examples of a public company deploying onchain options strategies through DeFi infrastructure.","Who it's for: HYPE holders and Hyperliquid ecosystem participants who want yield-generating options strategies without manually managing positions. Institutional and treasury participants looking for automated, transparent options vaults.","Considerations: Narrow focus on the Hyperliquid ecosystem. Not a general-purpose options exchange — more of a structured products layer.","Thetanuts Finance","Chain: Multi-chain (Ethereum, Arbitrum, BSC, others)Assets: BTC, ETH, and various altcoinsKey features: Options vaults, automated yield strategies, structured product focus","Thetanuts focuses on making options accessible through pre-packaged vault strategies. Rather than requiring users to understand options pricing and Greeks, Thetanuts offers vaults that automatically run yield-generating strategies like covered calls and put selling. Users deposit assets, and the vault handles the rest.","This \"vault-first\" approach lowers the barrier to entry for options-based yield generation. Thetanuts has expanded across multiple chains and supports a wider range of assets than most options-focused protocols.","Who it's for: Passive yield seekers who want options-based returns without active management. Good for users who understand the risk-return profile of selling options but don't want to manage positions manually.","Considerations: Vault strategies are pre-defined — you can't customize strikes, expiries, or position sizing the way you can on a full options exchange. Returns depend on market conditions and can underperform in strongly trending markets (when covered calls cap your upside).","How to Choose","Your choice depends on what you're trying to do:","If you want the most complete onchain options trading experience — with an order book, portfolio margin, multi-leg strategies, and a growing list of assets — Derive is the clear leader. It's the closest thing to a professional options exchange that exists in DeFi.","If you prioritize execution speed and want a CEX-like feel, Aevo is worth a look, though you give up some decentralization with its off-chain order book.","If you're a DeFi-native builder or LP who thinks in terms of Uniswap positions and AMM mechanics, Panoptic offers a genuinely novel approach to options that doesn't exist anywhere else.","If you just want volatility exposure on ETH without managing complex positions, Opyn's Squeeth is the simplest entry point.","If you hold HYPE and want yield-generating strategies automated for you, Rysk or Derive (which supports HYPE natively) are your best options.","If you want passive, vault-based options yield across multiple chains, Thetanuts makes it easy.","The Bigger Picture","DeFi options are still early. Decentralized platforms account for a small fraction of total crypto options volume, with the vast majority still flowing through Deribit (soon to be integrated with Coinbase). But the trajectory is unmistakable: the infrastructure is improving, liquidity is growing, and the unique advantages of DeFi — self-custody, composability, permissionless access, and transparency — are attracting traders who value those properties.","The crypto options market itself is expanding rapidly. Options currently make up roughly 3% of the total crypto derivatives market, compared to traditional finance where options volumes exceed spot volumes. If crypto options grow to even a fraction of that relative size, the opportunity for DeFi options protocols is enormous.","The protocols listed here represent the frontier of that opportunity. Whether you're an active trader, a yield seeker, or a builder looking to compose options into new products, there's never been a better time to explore DeFi options.","Derive utilizes TradingView charting technology to display crypto options quotes and provide tools for technical analysis of BTCUSD, ETHUSD, and other perps pairs performance. Through TradingView charts allow you to dive deeper into crypto market research all while using multiple indicators and drawing tools to capture trends and predict price movements.","Trade Now","I consent to receive marketing updates","Company","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal"],"codeblock":[],"url":"/learning-folder/best-defi-options-protocols-in-2027"},"/learning-folder/defi-options-vs-cex-options":{"version":1,"title":"Derive.xyz | Trade Onchain Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["DeFi Options vs CEX Options: A Complete Comparison","Ready to Trade Smarter?"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":["Derive utilizes TradingView charting technology to display crypto options quotes and provide tools for technical analysis of BTCUSD, ETHUSD, and other perps pairs performance. Through TradingView charts allow you to dive deeper into crypto market research all while using multiple indicators and drawing tools to capture trends and predict price movements."],"h5":[],"h6":[],"p":["Trade","About","DRV","Stats","Insights","Enter App","Centralized exchanges dominate crypto options volume today. But DeFi is catching up fast. Here's how the two stack up — and when each one makes sense.","Crypto options trading is booming. The overall crypto derivatives market hit a record $8.94 trillion in monthly volume in 2025, and options are the fastest-growing segment within it. But where you trade options — on a centralized exchange (CEX) or a decentralized protocol (DeFi) — fundamentally changes the experience.","Deribit, acquired by Coinbase for $2.9 billion in 2025, commands roughly 85% of all crypto options open interest. Meanwhile, DeFi options protocols like Derive, Aevo, and Panoptic are building the infrastructure for an alternative: options trading that's permissionless, self-custodial, and composable with the rest of onchain finance.","This guide breaks down the real differences so you can decide which approach fits your trading style","The Custody Question","This is the most fundamental difference, and it affects everything else.","CEX options require you to deposit funds into the exchange's custody. When you send USDC or BTC to Deribit, Binance, or OKX, those assets sit in the exchange's wallets. You trust the exchange to honor your positions and allow withdrawals. The collapse of FTX in 2022 — where users lost billions held in exchange custody — is a stark reminder of what this trust can cost.","DeFi options operate through smart contracts where your collateral is held in non-custodial contracts on the blockchain. You maintain control of your assets through your own wallet. No single entity can freeze your funds, block your withdrawals, or misappropriate your collateral. Margin, clearing, liquidations, and settlement all happen trustlessly onchain.","For traders who prioritize self-sovereignty, this alone can be the deciding factor. For traders who prioritize convenience and are comfortable with counterparty risk, CEX custody may feel simpler.","Access and Onboarding","CEX options require full identity verification (KYC) before you can trade. On Deribit, you need to complete personal verification including a government-issued ID, and you may be restricted based on your jurisdiction — U.S. residents, for instance, cannot use Deribit. Binance and OKX have similar restrictions. Beyond KYC, some exchanges also require you to pass an options knowledge assessment or maintain minimum account balances.","DeFi options are generally permissionless. You connect a wallet, deposit collateral, and start trading. No identity verification, no approval process, no minimum account size. This makes DeFi options accessible to traders globally, including in jurisdictions underserved by centralized platforms. The tradeoff is that this openness also means less regulatory protection if something goes wrong.","Liquidity and Spreads","This is where CEXs still have a significant edge.","CEX options — particularly on Deribit — benefit from deep institutional liquidity. Around 80% of Deribit's volume comes from institutional clients including hedge funds, market makers, and proprietary trading firms. This translates to tight spreads, deep order books, and the ability to execute large trades without significant slippage. For BTC and ETH options at major strikes and near-dated expiries, Deribit's spreads are among the tightest in the industry.","DeFi options have been historically limited by thinner liquidity. Early AMM-based options protocols often had wide spreads and struggled with large orders. However, this is improving rapidly. Protocols like Derive have moved toward order book models with professional market makers providing quotes, resulting in materially tighter spreads. Derive also supports RFQ (Request for Quote) for institutional-sized block trades. That said, for extremely large positions (10,000+ ETH options, for example), CEXs still generally offer better execution.","For most retail and mid-sized traders, the liquidity gap has narrowed considerably. For large institutional flows, CEXs retain an advantage — though the DeFi side is closing the gap with RFQ infrastructure and portfolio margin.","Product Range and Features","CEX options on Deribit offer a mature, full-featured experience: BTC and ETH options (plus SOL and others recently added), dated futures, perpetuals, volatility futures, block trades, combos (multi-leg orders), portfolio margin, and colocation services for low-latency trading. The product suite has been refined since 2016 and caters to professional traders.","DeFi options are catching up. Derive now offers options, perpetuals, and structured products with portfolio margin, cross-margin, and multi-asset collateral. The protocol supports options on BTC, ETH, and a growing list of altcoins — including assets like HYPE that aren't available on most centralized options exchanges. One area where DeFi shines is composability: because everything is built on smart contracts, developers can build automated strategies on top of options protocols — covered call vaults, delta-neutral yield strategies, and structured products that would require manual execution (or custom OTC deals) in the CEX world.","Margining and Capital Efficiency","CEX options typically offer two margin modes: standard margin and portfolio margin. Deribit's portfolio margin model is well-regarded and allows traders with hedged positions (like option spreads) to significantly reduce their collateral requirements compared to standard margin.","DeFi options have historically required 100% collateralization — every option sold needed to be fully backed by collateral, making them extremely capital-inefficient. This was one of the biggest barriers to DeFi options adoption. Modern protocols have solved this problem. Derive, for example, offers both Standard Margin and Portfolio Margin modes. Portfolio Margin on Derive recognizes the risk-reducing nature of hedged positions and reduces collateral requirements accordingly — comparable to what you'd find on a CEX. This is a major advancement for DeFi and makes sophisticated strategies like spreads, iron condors, and covered calls practically viable onchain.","Transparency and Auditability","CEX options are opaque by nature. You can see the order book and your own positions, but you can't verify the exchange's total liabilities, their insurance fund's actual holdings, or whether they're engaging in proprietary trading against their customers. You rely on trust, audits, and regulatory oversight.","DeFi options are fully transparent. Every trade, every position, every liquidation, and every settlement is recorded onchain and can be verified by anyone. The protocol's insurance fund, total open interest, and system health are all publicly visible in real time. For traders who value transparency and verifiability, this is a fundamental advantage that no amount of CEX polish can replicate.","Speed and Execution","CEX options operate on centralized matching engines optimized for low latency. Deribit's infrastructure is colocated in LD4 (London), and professional market makers can achieve sub-millisecond execution. For high-frequency strategies or latency-sensitive trading, CEXs have a clear edge.","DeFi options operate at blockchain speed, which — while dramatically improved — still involves block confirmation times. On optimized L2 chains and rollups, this can be under one second, but it's still slower than a colocated CEX connection. For most options strategies (which are inherently less latency-sensitive than high-frequency perp trading), this difference is negligible. But for professional market makers running delta-hedging algorithms that need sub-second execution, CEXs remain the preferred venue.","Fees","CEX options fees vary but are generally competitive on major exchanges. Deribit charges 0.03% of the underlying for options trades (capped at 12.5% of the option price), with maker-taker fee tiers for high-volume traders.","DeFi options fees vary by protocol. Some charge a percentage of the option premium, others charge a flat fee per contract. On many DeFi protocols, fees are comparable to or lower than CEX fees, especially for smaller trades. However, you also need to account for gas fees (transaction costs on the underlying blockchain), though on L2 rollups these are minimal — often cents or fractions of a cent per transaction.","Regulation and Risk Profile","CEX options are increasingly regulated. Deribit secured a VARA license in Dubai and is seeking MiFID licensing in Europe. This provides traders with some regulatory protections but also comes with restrictions — KYC requirements, jurisdictional limitations, and potential for government-ordered account freezes.","DeFi options operate outside traditional regulatory frameworks. This means more freedom but also more personal responsibility. There's no FDIC insurance, no regulatory recourse if a smart contract fails, and no customer support team to call if something goes wrong. Your risk management is entirely your own. Smart contract audits, protocol insurance (like Nexus Mutual), and established track records are the closest thing to guarantees in DeFi.","Side-by-Side Summary","Factor CEX Options (e.g., Deribit) DeFi Options (e.g., Derive)     Custody Exchange-held Self-custodial (smart contracts)   Access KYC required, jurisdictional limits Permissionless, global   Liquidity Deep, institutional-grade Improving rapidly, RFQ available   Margin Standard + Portfolio Standard + Portfolio   Transparency Limited (trust-based) Full onchain verifiability   Speed Sub-millisecond (colocated) Sub-second (L2 rollups)   Composability None Full (smart contract integrations)   Asset range BTC, ETH, SOL (limited) BTC, ETH + long-tail altcoins   Regulation Licensed, regulated Permissionless, unregulated   Counterparty risk Exchange solvency Smart contract risk","When to Use Which","DeFi options make sense when:","You're trading very large institutional sizes and need the deepest possible liquidity. You're running latency-sensitive strategies that require sub-millisecond execution. You're in a jurisdiction where regulatory compliance is required and you prefer the protections that come with a licensed exchange. You're comfortable with custodial risk in exchange for a more familiar trading experience.","You want to maintain self-custody of your assets at all times. You want to trade options on assets not available on CEXs (like HYPE or newer tokens). You want to compose options strategies with other DeFi protocols — automated vaults, yield strategies, or custom structured products. You're in a jurisdiction where CEX access is restricted. You value transparency and want to verify every aspect of the protocol's operation. You want to start trading without KYC or approval processes.","The Convergence","The distinction between CEX and DeFi options is blurring. Coinbase's acquisition of Deribit signals that major centralized players are moving into options. Meanwhile, DeFi protocols are adopting order book models and institutional-grade features that were once exclusive to CEXs. Derive's portfolio margin system, RFQ infrastructure, and institutional-focused features are examples of DeFi meeting institutional standards.","The future likely isn't one or the other — it's both, with traders choosing based on their specific needs. But the trajectory is clear: more and more options activity will move onchain as DeFi infrastructure matures, liquidity deepens, and the advantages of self-custody and composability become harder to ignore.","The question isn't whether DeFi options will capture meaningful market share — it's how quickly.","Derive utilizes TradingView charting technology to display crypto options quotes and provide tools for technical analysis of BTCUSD, ETHUSD, and other perps pairs performance. Through TradingView charts allow you to dive deeper into crypto market research all while using multiple indicators and drawing tools to capture trends and predict price movements.","Trade Now","I consent to receive marketing updates","Company","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal"],"codeblock":[],"url":"/learning-folder/defi-options-vs-cex-options"},"/learning-folder/defi-options":{"version":1,"title":"Derive.xyz | Trade Onchain Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["What Are DeFi Options and How to Trade Them","Ready to Trade Smarter?"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":["Derive utilizes TradingView charting technology to display crypto options quotes and provide tools for technical analysis of BTCUSD, ETHUSD, and other perps pairs performance. Through TradingView charts allow you to dive deeper into crypto market research all while using multiple indicators and drawing tools to capture trends and predict price movements."],"h5":[],"h6":[],"p":["Trade","About","DRV","Stats","Insights","Enter App","A complete guide to decentralized options trading — what they are, why they matter, and how to get started.","Options are one of the most powerful financial instruments in traditional markets, with an estimated 137 billion contracts traded globally in 2023 alone. Now, decentralized finance is bringing that same power to crypto—  without the gatekeepers, approvals, or custodial risk of centralized platforms.","If you've been trading spot or perps and want to level up your toolkit, DeFi options are worth understanding. This guide covers what they are, how they work under the hood, and how you can start trading them today.","What Are Options? A 60-Second Primer","An option is a contract that gives you the right — but not the obligation — to buy or sell an asset at a specific price before a specific date.","There are two types:","Call options give you the right to buy an asset at a set price (the \"strike price\"). You buy calls when you think the price is going up.","Put options give you the right to sell an asset at a set price. You buy puts when you think the price is going down — or when you want insurance against a drop.","The buyer pays a premium upfront for this right. That premium is the maximum amount you can lose. The seller (or \"writer\") of the option collects the premium but takes on the obligation to deliver if the contract is exercised.","This asymmetry is what makes options unique: your downside is capped at the premium you paid, but your upside can be multiples of that. Compare this to perpetual futures, where a leveraged position can be liquidated entirely.","What Makes DeFi Options Different?","DeFi options work on the same principles as traditional options, but they operate on blockchain infrastructure through smart contracts instead of centralized exchanges. This creates several important differences:","No intermediaries. In traditional finance, options trading requires a broker, a clearinghouse, and often pre-approval based on your net worth and trading experience. DeFi options are executed directly through smart contracts — code handles the creation, settlement, and clearing of every contract.","Permissionless access. DeFi options platforms are generally open to anyone with a crypto wallet. There's no KYC requirement, no minimum account balance, and no geographic restrictions (beyond what individual protocols enforce). You don't need to be an \"approved options trader.\"","24/7 availability. Unlike traditional markets that trade during set hours, DeFi options markets operate around the clock. Prices are updated algorithmically or by market makers who quote continuously.","Self-custody. Your assets remain in your own wallet or in a non-custodial smart contract throughout the trade. You're not trusting a centralized entity with custody of your funds.","Transparency. Every option contract, its parameters, and its settlement are visible on-chain. You can verify the state of any position at any time.","Programmability. Because DeFi options are smart contracts, developers can compose them with other protocols to create structured products, automated strategies, and yield-generating vaults that would be difficult or impossible in traditional markets.","How DeFi Options Work Under the Hood","When you trade a DeFi option, here's what typically happens:","You connect your wallet to a DeFi options protocol and deposit collateral (usually a stablecoin like USDC, or the underlying asset like ETH).","You select your trade. Choose the underlying asset (BTC, ETH, etc.), whether you want a call or put, the strike price, and the expiration date.","The smart contract creates the option. Based on your inputs, the protocol prices the option using its pricing model (often a variant of Black-Scholes adapted for crypto) or via market makers who provide quotes.","You pay the premium. The premium is locked by the smart contract.","At expiration (or earlier, depending on the protocol), the contract settles. If the option is \"in the money\" (profitable), the smart contract automatically calculates and distributes the profit. If it's \"out of the money,\" the premium is forfeited.","Different protocols handle this flow in different ways. Some use an automated market maker (AMM) where you trade against a liquidity pool. Others use an order book model where market makers quote prices and you trade against them directly. The order book approach generally offers tighter spreads and better pricing for larger trades.","Why Trade DeFi Options?","There are four core use cases that drive options trading, and all of them apply in DeFi:","Hedging. If you hold a large ETH or BTC position, you can buy put options as insurance against a price drop. If the market falls, your puts increase in value, offsetting losses on your underlying holdings. This is the equivalent of buying insurance for your portfolio.","Speculation with defined risk. Buying a call option on an asset you're bullish on gives you leveraged exposure — a small price move in the underlying can produce a large percentage gain on your option. Unlike perps, your maximum loss is limited to the premium you paid. No liquidation risk.","Income generation. If you already hold crypto, you can sell (write) covered call options against your position. You collect premiums from buyers, generating yield on your holdings. This \"covered call\" strategy is one of the most popular options strategies in both traditional and DeFi markets, with annualized premiums often ranging from 7–15% depending on volatility.","Volatility trading. Options give you the ability to trade volatility itself, not just price direction. Strategies like straddles and strangles profit when the market makes a big move in either direction — something uniquely suited to crypto's volatile nature.","The DeFi Options Landscape in 2026","The DeFi options market is still small relative to centralized options trading. Deribit (now owned by Coinbase) dominates centralized crypto options with roughly 85% market share, processing over $1 trillion in total volume in 2024 alone. DeFi options protocols account for less than 1% of total crypto options volume — but that gap is closing.","Several protocols have emerged as leaders in the space:","Derive (formerly Lyra) is the leading onchain options protocol, built on Ethereum using the OP Stack. Derive pioneered the options AMM model and has since evolved into a full-featured exchange with an order book, portfolio margin, cross-margin, multi-asset collateral, and support for options, perpetuals, and structured products. The protocol crossed $100 million in TVL and has processed over $1.5 billion in notional volume. Derive supports options on BTC, ETH, and a growing list of altcoins including HYPE.","Opyn was one of the first DeFi options protocols on Ethereum, introducing oTokens (ERC-20 tokens representing options positions) and the concept of \"perpetual options\" with their Squeeth product.","Aevo operates a hybrid model with an off-chain order book and on-chain settlement, focusing on a CEX-like trading experience in a decentralized wrapper.","Panoptic takes a different approach, building perpetual, oracle-free options on top of Uniswap V3 liquidity positions.","How to Start Trading DeFi Options: Step by Step","Here's how to get started, using Derive as an example (though the general flow is similar across protocols):","Step 1: Set up a wallet. You'll need a Web3 wallet like MetaMask, Rabby, or Coinbase Wallet. Make sure it's funded with the collateral you plan to use (USDC, ETH, wBTC, etc.).","Step 2: Connect to the protocol. Visit the protocol's web app (e.g., app.derive.xyz) and connect your wallet. No account creation or KYC is required.","Step 3: Deposit collateral. Transfer your assets into the protocol's smart contract. On Derive, a Standard Margin subaccount is created automatically on your first deposit.","Step 4: Navigate to the options chain. You'll see available strike prices and expiration dates laid out in an options chain — similar to what you'd see on a traditional brokerage. Each cell shows the current bid and ask price for that specific option.","Step 5: Place your trade. Select the option you want (call or put, strike price, expiry), choose your order size, and submit. On order book-based protocols, you can place limit orders for better pricing.","Step 6: Monitor and manage. Track your positions, Greeks (delta, gamma, theta, vega), and P&L in the protocol's interface. You can close positions before expiry or let them settle automatically.","Pro tip: If you plan to trade spreads, covered calls, or other multi-leg strategies, look for protocols that offer Portfolio Margin — this significantly reduces collateral requirements by recognizing the hedged nature of your positions.","Risks to Understand","DeFi options trading carries real risks that you should understand before committing capital:","Smart contract risk. Your funds are held in smart contracts. If there's a bug or exploit, you could lose your deposit. Stick to audited, battle-tested protocols.","Liquidity risk. DeFi options markets are still developing. Spreads can be wider than on centralized exchanges, especially for less liquid assets or far-dated expiries. This means you may pay more to enter and exit positions.","Volatility risk. Crypto markets are extremely volatile. While options cap your downside when buying, selling options exposes you to potentially unlimited losses (for uncovered positions).","Complexity. Options are inherently more complex than spot or perp trading. Understanding Greeks, volatility surfaces, and multi-leg strategies takes time. Start small, paper trade if possible, and build your knowledge gradually.","Oracle and pricing risk. Some protocols rely on price oracles to settle options. Oracle manipulation or delays can affect settlement accuracy, though leading protocols have robust safeguards against this.","The Bottom Line","DeFi options represent one of the largest untapped opportunities in crypto. The total notional value of global options traded annually exceeds $1 quadrillion — and DeFi currently captures a tiny fraction of even the crypto options market. As protocols mature, liquidity deepens, and more traders discover the benefits of onchain options, this space is poised for significant growth.","Whether you're looking to hedge existing positions, speculate with defined risk, or generate yield on your holdings, DeFi options give you tools that simply didn't exist in crypto a few years ago — all without giving up custody of your assets.","The best way to learn is to start. Pick a protocol, deposit a small amount, and make your first trade. The options chain might look intimidating at first, but once you execute a few trades, the mechanics become intuitive fast.","Derive utilizes TradingView charting technology to display crypto options quotes and provide tools for technical analysis of BTCUSD, ETHUSD, and other perps pairs performance. Through TradingView charts allow you to dive deeper into crypto market research all while using multiple indicators and drawing tools to capture trends and predict price movements.","Trade Now","I consent to receive marketing updates","Company","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal"],"codeblock":[],"url":"/learning-folder/defi-options"},"/learning-folder/best-place-to-trade-hyperliquid-\\(hype\\)-options":{"version":1,"title":"Derive.xyz | Trade Onchain Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Best Place to Trade Hyperliquid (HYPE) Options","Ready to Trade Smarter?"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":["Derive utilizes TradingView charting technology to display crypto options quotes and provide tools for technical analysis of BTCUSD, ETHUSD, and other perps pairs performance. Through TradingView charts allow you to dive deeper into crypto market research all while using multiple indicators and drawing tools to capture trends and predict price movements."],"h5":[],"h6":[],"p":["Trade","About","DRV","Stats","Insights","Enter App","HYPE is one of the hottest tokens in crypto. Here's where and how you can trade options on it — and why that matters for your portfolio.","Hyperliquid has become one of the defining projects of this crypto cycle. The decentralized perpetual futures exchange, built on its own high-performance Layer 1 blockchain, has grown from a niche perps platform into an ecosystem pulling in billions in daily trading volume — rivaling Binance and Coinbase on some days. Its native token HYPE reached an all-time high of $59.30 in September 2025, and even after corrections, it remains a top-15 cryptocurrency by market cap with a fully diluted valuation exceeding $28 billion.","With that kind of size and volatility, HYPE holders and traders naturally want access to options — to hedge risk, generate yield, or speculate on price moves with defined downside. But where can you actually trade HYPE options? The answer isn't as obvious as you'd expect.","The Bottom Line","DeFi options represent one of the largest untapped opportunities in crypto. The total notional value of global options traded annually exceeds $1 quadrillion — and DeFi currently captures a tiny fraction of even the crypto options market. As protocols mature, liquidity deepens, and more traders discover the benefits of onchain options, this space is poised for significant growth.","Whether you're looking to hedge existing positions, speculate with defined risk, or generate yield on your holdings, DeFi options give you tools that simply didn't exist in crypto a few years ago — all without giving up custody of your assets.","The best way to learn is to start. Pick a protocol, deposit a small amount, and make your first trade. The options chain might look intimidating at first, but once you execute a few trades, the mechanics become intuitive fast.","Derive utilizes TradingView charting technology to display crypto options quotes and provide tools for technical analysis of BTCUSD, ETHUSD, and other perps pairs performance. Through TradingView charts allow you to dive deeper into crypto market research all while using multiple indicators and drawing tools to capture trends and predict price movements.","Trade Now","I consent to receive marketing updates","Company","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal"],"codeblock":[],"url":"/learning-folder/best-place-to-trade-hyperliquid-\\(hype\\)-options"},"/apac-bd":{"version":1,"title":"Derive.xyz | Trade Onchain Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Careers"],"h2":["APAC Business Development Lead - Derive XYZ"],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Trade","About","DRV","Stats","Insights","Enter App","Join Derive.xyz, the leading on-chain options platform, and build the future of self-custodial crypto trading with our world-class team.","Location: Singapore / Hong Kong / Remote (APAC)","Type: Full-time","Category: Partnerships, Institutional Sales","Type:Type: Full-time","About Derive XYZ","Derive XYZ is the leading onchain options exchange, built to bring the crypto options market fully onchain. With institutional-grade infrastructure, a transparent CLOB, smart contract-based risk engine, and sub-millisecond execution, Derive is redefining how traders hedge, speculate, and generate yield in DeFi.","With over $500M in open interest and billions in trading volume, Derive is becoming the self-custodial alternative to Deribit, combining CeFi-grade liquidity with DeFi transparency.","Role Overview","We’re looking for a Business Development Lead for the APAC region to expand Derive’s footprint across Asia by connecting with traders, funds, market makers, and strategic partners.","You will be the front line for Derive in the region, growing liquidity, building partnerships, and representing the brand at key events and within trading networks.","Responsibilities","Identify and onboard institutional, prop, and high-volume traders to Derive’s onchain options platform","Build relationships with market makers, OTC desks, and family offices across Asia","bring taker flow onto the exchange by building relations with whales, miners, and funds","Collaborate with the growth, liquidity, and product teams to shape region-specific programs","Represent Derive at industry events, panels, and meetups in HK, SG, Korea, and beyond","Monitor and report regional trends, competitor activity, and regulatory developments","Contribute to local community growth in Mandarin, Korean","Requirements","3+ years of experience in crypto trading, derivatives, or institutional BD","Strong network within APAC trading communities, CeFi or DeFi","Understanding of options, perps, or structured products (or willingness to learn fast)","Excellent communication and relationship-building skills","Fluent in Mandarin, and proficient in English","Self-driven, resourceful, and comfortable in a fast-moving global team","Must have","Experience with crypto trading, and derivatives","Strong local presence or network in Singapore, Hong Kong, or Taiwan","Why Join Derive.XYZ","Be part of the fastest-growing onchain derivatives protocol","Work directly with a team of ex-Deribit and leading DeFi builders","Shape the future of decentralized options trading","Competitive compensation, and performance incentives","I consent to receive marketing updates","Company","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal"],"codeblock":[],"url":"/apac-bd"},"/vaults-info":{"version":1,"title":"Derive.xyz | Trade Onchain Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Vault Info","Ready to Trade Smarter?"],"h2":["Delta-1 Basis Strategy","Delta-1 Basis Execution","Delta-1 Basis Risks","Harvest Strategy","Harvest Execution","Harvest Risks","Safe Harvest Strategy","Safe Harvest Execution","Safe Harvest Risks","Maxi Strategy","Maxi Execution","Maxi Risks","BULL Strategy","BULL Execution","BULL Risks","Smart Contracts","Audits"],"h3":["Execution Risks","Stay ahead with exclusive news straight to your inbox."],"h4":["Scenario 1","Scenario 2"],"h5":[],"h6":[],"p":["An overview of automated strategy vaults on Derive","Delta-1 Basis Vaults","Earn yield with an automated delta-1 basis trade","An overview of the potential benefits and risks to participating in the Delta-1 Basis Strategy","How does the Delta-1 Basis Strategy work?","The delta-1 basis strategy enables holders of LSTs/LRTs to keep full exposure to the base asset (e.g., LBTC/weETH) while earning yield from perp funding spreads.","To achieve this, the vault borrows USDC to buy more of the base asset (up to 2x), while hedging away the excess exposure via short perps to remain delta-1.","How does it differ from the Ethena Basis Strategy?","The underlying yield strategy is very similar: the deposited sUSDe is used to buy spot ETH/BTC, while shorting an equal amount of perps. The main difference is that sUSDe holders have no exposure to any price movements in ETH/BTC (i.e., delta neutral).","Components of the automated Delta-1 Basis Strategy","The 5 components of the automated delta-1 basis strategy are illustrated by the following example:","1 - Deposit","An LBTC holder deposits 1 LBTC (worth 100,000 USDC) into the vault as collateral.","2 - Leverage","The vault borrows 100,000 USDC against the base asset it holds to buy an additional 1 LBTC, targeting a leverage ratio of 2x. As a result, the vault now holds 2 LBTC and 100,000 USDC debt.","3 - Hedge","Immediately after buying the additional 1 LBTC on the spot market, the vault hedges the excess exposure by shorting 1 BTC-PERP. The vault now has a net delta of 1.0.","4 - Earn","The vault is now earning Lombard points on 2 LBTC, staking yield on 2 LBTC, Derive trading rewards, and yield from the perp funding spread, while paying a borrow rate on the 100,000 USDC debt.","5 - Adjust","If the funding rate or borrowing costs shift unfavorably, the vault reverses steps #2 and #3 until it holds 1 LBTC, 0 USDC debt, and 0 short perp exposure.","*Note that the vault executes steps #2 and #3 in small sizes to ensure good pricing.","Who should participate in the strategy?","The delta-1 basis strategy is best suited for current and future holders of the supported LSTs/LRTs (e.g., LBTC/weETH).","Participating in the strategy enables holders to keep full exposure to price movements in the base asset (e.g., LBTC/weETH), earn LST/LRT points and staking yield (up to 2x), while also collecting perp funding spreads.","What are the risks of the strategy?","Notably, although the vault borrows USDC, it will not be liquidated, even if the price of BTC increases 10x or drops by 99%. This is because the gains on one leg offset the losses on the other. However, there is liquidation risk in the event of a large LST/LRT depeg.","The main risk of the strategy is an unfavorable shift in the funding rate and borrowing costs (i.e., funding rate < borrowing costs), in particular when there is low spot or perp liquidity. In a situation like this, the vault may take longer to exit the trade and could result in short periods of negative carry.","Learn more about the funding rate here.","Learn more about the borrowing costs here.","Yield calculation","The combination of a delta-1 basis strategy with yield-bearing LSTs/LRTs (e.g., LBTC/weETH), unlocks new sources of yield. The calculation is as follows:","APY: (up to 2x * Base Asset APY) + Funding Rate APY - Borrow Rate APY","Points: (up to 2x * LST/LRT points) + Derive rewards","A technical explanation of how the Delta-1 Basis Strategy executes","The vault’s mandate is to double down on the amount of base asset it holds (going into USDC debt), while hedging away the excess exposure via short perps to remain delta-1.","Lifecycle","The vault’s lifecycle flow is very straightforward:","The vault will launch with some amount of the base asset deposited into it (e.g. TVL of 100 LBTC)","The vault sends bids to buy more base asset in small sizes (e.g. if the vault aims to buy a total of extra 100 LBTC, it will send orders with size 1 LBTC and price equal to fair value of LBTC)","Whenever a fill is detected, the vault will hedge by selling perps (in case base asset was bought) or buying perps (in case base asset was sold) to keep the delta at 1.0","The target leverage is tentatively set to 2.0 (i.e. the vault with TVL of 100 LBTC will aim to hold 200 LBTC as base and hedge with an amount of BTC perps to keep the net delta at 1.0). However, as LBTC yields, funding, and USDC borrow rate shift unfavourably, the vault may adjust it’s target leverage to a lower number to stop further accumulation, or start exiting the trade. In that case the vault will sell some base asset, and will keep hedging to keep delta at 1.0 at all times.","Spot Trading","Vault’s spot trades will be executed on Derive’s orderbook. The vault will aim at minimizing execution losses and slippage by continuously posting bids at fair value of LBTC. In other words, the vault will act as a market maker of the spot asset.","Pricing","Fair value of the spot asset will be calculated via:","A ratio of LRT/LST to the base asset (e.g. LBTC/BTC) from chainlink","and a base price implied from live orderbook subscriptions (e.g. Binance mid-prices).","Extra guardrails will be in place in case of large deviations of price ratios - the vault will avoid trading during volatile times.","Then the price the vault will bid at is simply the fair_value * (1 + spread), where spread can be zero, or sometimes a slightly larger number (e.g. 5bp) to incentivize sellers.","When asking instead, the spread can be slightly negative to incentivize buyers.","Additionally, the vault must satisfy on-chain guardrails, such as not selling too cheaply or not buying too expensive, relative to the mark price on the derive chain. The vault will cap / floor its prices at e.g. +/- 1% of the mark price.","Finally, the vault has to comply with an additional pricing guardrail that prevents the vault from doing too many bad trades over a short time period. On-chain, the vault tracks an exponentially-weighted average mark loss over the last hour, and reverts a transaction if the loss exceeds a limit of e.g. 20bp of TVL. The loss is calculated simply as +/- (limit_price - mark_price) x amount, sign being determined by it being a buy or a sell.","Sizing","The vault will be placing bids as long as it’s current leverage is below target leverage. The maximum size the vault can bid is limited by the on-chain guardrails on the delta of the vault.","For example, if the vault’s TVL is 10 LBTC and its positions are 15 LBTC base, -$500,000 USDC (1.5x leverage), and -5 BTC perps, the vault has a delta of 1.0, calculated as (15 - 5) / 10, i.e. (base_delta + perp_delta) / tvl. If delta limit is set to 1.01, then the maximum size the vault can bid is the x that satisfies 1.01 ≤ (15 + x - 5) / 10, i.e. 0.1 LBTC. The vault’s delta limit will typically be set a bit more conservatively than the on-chain limit (e.g. on-chain limit could be 1.02 and vault will trade as if it is 1.01).","Target leverage will also be checked by the vault in determining size, e.g. in the above example and assuming 2.0 target leverage, the maximum additional spot position the vault would want is the y that satisfies 2.0 ≤ (15 + y) / 10, i.e. 5 LBTC. Note that the vault defines leverage as purely the spot leverage, namely spot_position / tvl, e.g. owning 20 LBTC while having 10 LBTC TVL corresponds to 2.0 leverage.","Perp Trading","Vault’s perp trades will also be executed on Derive’s orderbook. Similarly, the vault will try to minimize execution losses and slippage by continuously posting orders at mid-market, however since perp liquidity tends to be much more reliable than spot liquidity, market orders might also be acceptable.","Unlike the spot asset, pricing is easier for perps due to much better liquidity. The vault will be using a combination of derive’s orderbook and an external source (e.g. Binance live orderbook feed) to determine far value of the perps.","Similar to spot, the vault needs to comply with equivalent guardrails of","Not exceeding price limits","Not exceeding EMA of the mark loss","The vault will trade perps when the delta limit is reached from trading spot assets. For example, if the current delta is 1.01 with 15.1 LBTC, -5 BTC perps and 10 LBTC TVL, the vault will calculate the desired perp delta as x that satisfies 1 = (15.1 - 5 + x) / 10, i.e. -0.1 BTC. Note that this yields the delta that the vault aims to close, to get to the actual perp position that the vault wants to enter, the delta will be adjusted by the LBTC/BTC ratio, but it is assumed to be 1.0 in this example.","Since leverage is unaffected by the perp trades, it does not need to be checked.","Smart Contract Guardrails","To summarize, there are a few on-chain smart contract guardrails that ensure that the vault behaves as mandated. Those are:","Leverage bounds that make sure the vault does not exceed e.g. 2x leverage (or goes below 0.9 leverage) in the spot asset.","Delta bounds that ensure that the vault mimics the price performance of holding exactly 1.0 unit of the base asset, within +/- 2% tolerance","Price bounds that make sure the vault does not sell spot or perps too cheaply or buy too expensively.","Loss bounds that make sure that the vault does not lose some % of TVL due to bad trades, on a per-hour basis.","An overview of the key implementation risks","There are a few risks associated with tokenized strategies - beyond the risk of the strategy itself (detailed here). It is important users are aware of these risks before depositing to or acquiring a tokenized strategy. Note that this is not necessarily an exhaustive list.","Execution Risks","Restaked Asset Depeg Risk","In rare cases when a restaked asset has a major depeg from the underlying asset, the vault collateral may become liquidatable since the strategy will be short native asset PERP but collateralized with the restaked asset.","Liquidity Risks","When the funding rate turns negative, the vault aims to automatically exit short perp and spot positions. However, if there is not enough liquidity in the perp or spot markets on Derive, exiting a negative funding environment may take longer than optimal.","Oracle Risks","Per the Derive docs, for each market, there is a set of oracle inputs used for marking assets when computing margin and liquidations. This data is posted onchain for transparency and available via the public REST API. This data is provided by Block Scholes and several other partners.","It’s possible that feeds for certain assets (particularly less liquid ones) may have marks that deviate from the true fair value, which can result in suboptimal execution for the strategy vault.","Underlying Collateral Risks","Holding the underlying collateral carries its own set of risks. These may include, but are not limited to, smart contract bugs, Ethereum bugs, restaking penalties, price fluctuations, and key management problems.","For a detailed overview of the risks specific to each type of collateral, please refer to the relevant documentation:","LBTC Collateral:","Lombard's documentation & Babylon's documentation.","LRT Collateral:","EtherFi's documentation.","Swell's documentation.","Bridge Risk","Transferring assets from one network to another carries risks associated with the underlying bridge provider. In this product, we use Socket as the bridge provider. Please review their documentation for more details.","Smart Contract Risk","Interacting with any smart contract carries the risk of losing access to your funds. The immutable nature of smart contacts makes it difficult and potentially impossible to recover them.","Harvest Vaults","Earn yield with an automated Covered Call strategy","An overview of the potential benefits and risks to participating in the Covered Call Strategy","TLDR","Covered Call Tokens allow users to participate in a Covered Call options strategy.","The Covered Call strategy effectively allows holders of the underlying asset to commit to a limit sell order, at a higher price, for a period of time (via selling call options), in return for yield on their asset.","The key risk to selling covered calls is that asset holders miss out on price appreciation of their asset, beyond the strike price of the option.","Covered Call writing is best suited for neutral-to-bullish market conditions. On the upside, profit potential is limited, and on the downside there is the full risk of holding the asset below the strike.","What is a covered call?","A covered call is a simple trading strategy with two components:","An asset that you own","A short call option on the same or similar asset, using the asset itself as collateral","In return, covered call sellers receive yield via USDC premiums.","A call option has two key dimensions to consider for covered call execution:","Its strike: the price which the option buyer can purchase the asset from you","Its expiration: the date on which the option buyer can buy the asset, for the strike price","Changing these parameters affects the yield generated by the option.","Higher strike = lower yield (you are committing to selling the asset at a higher, or worse, price)","Shorter expiry = lower yield* (you are committing to selling the asset for a shorter period, which is less optionality and value for the buyer)","*However if you ‘roll’ the strategy by executing weekly, the yields are generally higher (with higher risk) for shorter dated rolling strategies.","Why would I sell covered calls?","Selling covered calls boils down to pre-committing to limit sell orders, and getting paid for it. In return, you sacrifice upside if the price of the asset you’re trading rapidly increases. The annualized yield afforded by selling covered calls typically ranges from 10-50% on the collateral posted.","Covered calls are generally best for:","Medium to large size holders of the underlying asset","Interested in generating cash flows","Who are targeting a sell price that is above the current price","The downside of the strategy is two-fold:","You stand to miss out on upside if the price goes up, quickly","You remain exposed to the downside if the asset loses value","Derive Covered Call Tokens are designed to:","Sell weekly upside calls (with a roughly 10-15% chance of expiring in the money)","Collateralized with the same or similar asset","It is important users consult the up-to-date information on yield and points programs in the app before entering a strategy, as these are subject to change.","Example","Alan sells 100 covered calls using rswETH as collateral.","ETH is trading at $3,000","Alan has 100 rswETH (Swell’s native restaking token), worth $300,000","Alan deposits 100 rsWETH into Derive's tokenized strategy, and mints Restaked Swell ETH Covered Call tokens (rswETHC)","The Covered Call Strategy executes a trade which sells 100 ETH $3,500 calls for $10 each, expiring in 7 days","There are two possible scenarios where the outcome differs between selling covered calls and simply holding the underlying asset.","ETH finishes the 7 day period at $3,400.","When ETH finishes at or below $3,500, Alan earns more than he would have had he not used the strategy.","Earnings breakdown:","100% of the principal (100 rswETH)","$1,000 in premium income ($50,000 / year = 20% annualized)","$60 in staked ETH yield ($3,000 / year = 3% annualized)","EigenLayer points, boosted Swell points and DRV points (30 points per hour per ETH; uncapped deposit limit)","ETH finishes the 7 day period at $3,600.","In this case, Alan's P&L is positive, although less positive than if he had just held rswETH and not used the strategy.","97.22 rswETH (100 rswETH principal - 2.78 rswETH to pay out the options that expired in the money)","The options Alan sold are in the money, so he needs to pay out by selling some rsWETH (at $3,600) and paying back the $10,000. In this case, Alan would need to sell $10,000/$3,600 = 2.78 swETH, and he would be left with 97.22 swETH plus the yield he earned.","Strategy Risk","This is the drawback of selling options. You can end up selling cheap if the asset price rallies quickly (in the case of Scenario 2 above, ETH rallied 20% in a week).","But even if that happens and you lose on the options trade, it’s not necessarily a net loss. In scenario 2, Alan's P&L across his portfolio is positive. That’s because his rswETH holdings increased in value from $300,000 to $360,000 (+$60,000). Those profits dampen the loss from paying off the options obligations. When you add the premiums and yield, this more than makes up for the loss. But that is the risk of the strategy. You may miss out on some upside in return for income and yield.","Conclusion","Derive vaults are aimed at existing holders of the underlying asset. However, if you decide to purchase the underlying asset to mint Covered Call Tokens, please be aware of the extra risks involved (detailed here).","Derive's Covered Call Tokens allow users to execute the covered call strategy with the underlying asset as collateral. Covered calls are a powerful and sustainable strategy for traders and investors who want to generate yield on their assets through options selling. In return for giving up potential upside in their asset, they receive yield.","Traders should understand the strategy and weigh up the risk/reward profile before participating.","A technical explanation of how the Derive Covered Call Strategy executes","The vault trades are executed on the Derive Exchange via the orderbook.","Orders are signed by a smart contract that validates that the total amount of options sold does not exceed the collateral position, that the limit prices are within a reasonable distance from the oracle marks, and more.","The execution is performed via “limit order auctions” - i.e. the vault sends out limit orders starting at a conservative price (e.g. equal to oracle mark) and progressively replaces the orders with more attractive prices until the desired amount of options is sold.","At option expiry, the vault will attempt to close out any USDC credit or debit by selling or buying its collateral using the same “limit order auction” mechanism.","The choice of options’ delta range and expiry will be subject to a backtest and liquidity considerations. Tentatively, the vault will be selling options in the 5-15 delta range, with 0DTE, 1DTE or 7DTE expiry.","Vault Positions Lifecycle","The vault positions go through the following stages:","1. Only Collateral","The vault launches with only its collateral. If the vault collects option premiums and cannot sell the received USDC into its collateral due to low liquidity, the vault might also proceed to the next stage with a small amount of positive USDC balance (to be explained in stage 4).","2. Option Limit Order Auction","The vault begins to execute a “limit order auction” to sell options.","Select an option from the desired expiry and delta range.","The executor uses the orderbook API to find the option of the target DTE that is closest to its target delta","The signing smart contract will validate that the DTE and delta of the option are within range","Calculate desired_price for this option. This is based on the forward price and volatility feeds from Block Scholes, and uses Black76 formula.","Obtain a signature from the smart contract signer.","Send a sell limit order with the limit_price = desired_price and amount = number of LRTs.","Market makers or any other retail user can trade against this order via the UI or orderbook API.","Every second, recalculate desired_price using fresh feeds and add a small negative spread to the implied volatility, iv_spread = - iv_spread_per_sec x (now - auction_start_sec). The spread is capped at max_iv_spread, and the volatility has a floor of min_iv.","If desired price has changed by more than option_price_change_tolerance, cancel the old order, request a new signature, and send out a new order using the new desired_price and amount = number of LRTs - number of filled options.","Stop if number of filled options = number of LRTs.","Hard stop when (now - auction_start_sec) exceeds some max_option_auction_sec, e.g. 1 hour.","3. Await Option Settlement","After the order is fully filled or the hard stop has been reached, the executor will sleep until the option is expired and settled. After a settlement has been confirmed, the executor proceeds to stage 4.","4. Collateral Limit Order Auction","Note that if the option expired out-of-the-money, the vault will have positive USDC balance it acquired due from the premiums received in stage 2. If the option expired ITM, the USDC balance can be positive or negative depending on if the premiums were enough to cover the settlement loss.","The vault then begins to execute a “limit order auction” to buy or sell enough collateral to get rid of any USDC balance and bring itself back to stage 1.","Calculate desired_price for the underlying spot asset - this is based on the spot price oracle.","Calculate desired_amount = num of USDC / desired_price. For example if the vault has $6,000 USDC and the LRT price is $3,000, the vault will attempt to buy 2 LRTs. Alternatively if the vault has $30,000 USDC debt due to an option that expired ITM, it will attempt to sell 10 LRTs.","Send a limit order with the limit_price = desired_price and amount = abs(desired_amount). The order is a buy order if desired_amount > 0, otherwise it’s a sell order.","Every second, recalculate desired_price using fresh feeds and add a small spread to the price (if buying) or subtract the spread (if selling). The spread is calculated as spot_spread = spot_spread_per_sec x (now - auction_start_sec), subject to a max_spot_spread.","If desired price has changed by more than spot_price_change_tolerance, cancel the old order, request a new signature, and send out a new order using the new desired_price and desired_amount = remaining num of USDC / desired_price.","Stop if desired_amount = 0.","If USDC balance is positive, hard stop when (now - auction_start_sec) exceeds some max_spot_auction_sec, e.g. 15 min. Note that it is possible for the auction to terminate and proceed back to stage 1 with some leftover USDC balance. If USDC balance is negative, the auction will continue indefinitely until the debt is repaid.","Smart Contract Strategy Mandate Enforcement","The subaccount owned by the vault is registered with the Derive Exchange in the same way as a regular user, with the core difference being in the way the order signing is performed","Derive ensures full custody of users’ funds by requiring (at a smart contract level) that any trade between two parties has messages signed by their session keys. A session key is just a separate private / public key pair that the user gives trading permissions by registering it with Derive's matching smart contract.","For example, in order for a trade between Alice and Bob to take place (e.g. to sells 8 call options at a price of $12.5), both Alice and Bob must sign a messages where they agree for such a trade, and both messages will be validated by the matching smart contract. Only the Exchange is allowed to submit such messages to the smart contract, which allows for added layers of security such as IP whitelisting of session keys, etc.","A vault has to go through the same flow, except the session keys it uses are not just plain old private keys stored somewhere secretly. Instead, the vault’s session key is a smart contract, and signatures are generated by calling this contract’s function.","The contract will only generate a signature if a set of validations passes, for example it will check the requested order’s amount against the collateral position the vault holds and refuses to generate a signature if the amount requested is too large. Similarly it will refuse to sign a price if that price is too far away from an oracle price. The set of validations that the signer will run are as follows:","Ensure option delta and expiry are within a certain range.","Ensure that at most one signed order can be open at any time.","Ensure that no option order can be signed if USDC balance is negative.","Ensure that the amount in the option order does not exceed its collateral position.","Ensure that the amount of the spot order does not exceed what’s required to clear the USDC balance.","Ensure the option limit price is higher than a threshold (calculated using oracle volatility and forward prices with a spread and a floor applied to the volatility).","Ensure that the spot limit price is within a range from the oracle mark price.","Ensure that the order signature will expire in < 10 min.","This set of rules guarantees that the vault executor cannot trade outside of the vault’s strategy mandate, and it protects the vault shareholders from badly priced trades being placed. At the same time, the off-chain components of the strategy (such as being able to cancel an open order when the price moves to avoid being picked off) enhances the execution quality.","Outlining key implementation risks of Covered Call Tokens","Delayed settlement","If options expire in-the-money, collateral will need to be swapped for USDC on settlement. Available spot liquidity on the exchange and the amount of collateral to be liquidated could factor in to longer settlement times, in order to ensure quality of execution.","Oracle Risk","Per the Derive docs, for each market, there is a set of oracle inputs used for marking assets when computing margin and liquidations. This data is posted onchain for transparency and available via the public REST API. This data is provided by Block Scholes.","Underlying Collateral Risk","An overview of the potential benefits and risks to participating in the Covered Call Spread Strategy.","Earn yield on the underlying collateral in \"trending up\", sideways or bear markets.","The Covered Call Spread Strategy is a less risky alternative to the regular Covered Call Strategy.","This strategy is best suited for those who are holding the underlying asset and are comfortable with the risks of regular covered calls, but are concerned with giving up upside potential in the event of a large rally.","For an overview of the key implementation risks, please refer to Covered Call Spread Risks.","What is a Covered Call Spread Strategy?","A covered call spread combines a regular covered call with a higher-strike long call to limit the risk of missing out on potential upside from holding the underlying asset.","The automated Covered Call Spread Strategy consists of three components:","Deposit the underlying asset as collateral into the vault.","Each week, the Vault will:","Sell out-of-the-money call options to earn yield; and","Buy further out-of-the-money call options to limit risk.","After expiry, the Vault will either buy or sell collateral:","If the options payoff plus the net premium received results in a positive USDC balance, the Vault will use the USDC to buy collateral.","If the options payoff plus the net premium received results in a negative USDC balance, the Vault will sell collateral to clear the USDC debt.","Covered Call Spreads vs. Covered Calls","Regular covered calls forego all upside potential of holding the underlying collateral once the price of the asset reaches a certain point. For example, if the price of ETH is $2,600 and a weETH covered call has a $3,000 strike, the position stops appreciating in dollar terms once the price of ETH reaches $3,000. This means that if ETH rallies from $2,600 to $3,600 in one week, the holder would only earn $400 in profit, missing out on on the $600 gain from the increase between $3,000 and $3,600.","Covered call spreads limit the potential missed upside for the holder. By buying a long call option with a $3,100 strike, the holder can capture all ETH gains between $2,600 and $3,600, except for the portion between $3,000 and $3,100. This way, the holder would make a $900 profit and miss out on only $100 of the potential gains, compared to missing $600 with a regular covered call.","This comes at the cost of losing a percentage of the options premiums' APY. The USDC yield from the options premiums gets reduced by approximately half.","Alan sells 100 covered calls using weETH as collateral.","ETH is trading at $2,600","Alan has 100 weETH, worth approximately $260,000","Alan deposits 100 weETH into the Covered Call Spread Strategy and mints weETHCS tokens","The Covered Call Spread Strategy executes a trade which sells 100 ETH $3,000 calls for $10 each, expiring in 7 days, as well as buys 100 ETH $3,100 calls for $4 each, netting a total of $600 worth of premiums paid to Alan.","There are three possible scenarios where the outcome differs between selling covered call spreads and simply holding the underlying asset.","Scenario 1","ETH finishes the 7 day period at or below $3,000. When ETH finishes at or below $3,000, Alan earns more than he would have had he not used the strategy.","100% of the principal (100 weETH)","$600 in premium income ($30,000 / year = 11% annualized)","EigenLayer points, boosted EtherFi points and DRV points","Scenario 2","ETH finishes between $3,000 and $3,100. When ETH finishes between the two strikes of the spread, the strategy performs very similarly to a regular covered call.","Earnings breakdown assuming ETH finishes at $3,100:","96.77 weETH (100 weETH principal - 3.22 weETH to pay out the options that expired in the money)","EigenLayer points, boosted EtherFI points and DRV points","The options Alan sold are in the money, so he needs to pay out by selling some weETH (at $3,100) and paying back the $10,000. In this case, Alan would need to sell $10,000 / $3,100 = 3.23 weETH, and he would be left with 96.77 weETH plus the yield he earned.","Scenario 3","ETH finishes above $3,100. When ETH finishes above the higher ''protection strike'', the strategy's losses are limited to $100 per weETH.","Earnings breakdown assuming ETH finishes at $3,600:","97.22 weETH (100 weETH principal - 2.78 weETH to pay out the options that expired in the money)","The spreads Alan sold are in the money, so he needs to pay out by selling some weETH (at $3,100) and paying back the $10,000 (note that despite ETH finishing $600 above the strike price, Alan only needs to pay $100 per option. In this case, Alan would need to sell $10,000 / 3,600 = 2.78 weETH, and he would be left with 97.22 weETH plus the yield he earned.","Safe Harvest Vaults","Earn yield with an automated covered call spread strategy","A technical explanation of how the Covered Call Spread strategy executes","The vault trades are executed on the Derive Exchange via RFQs (Request for Quote).","The vault sends out an intention to sell a call spread (request) and receives back responses from market makers (quotes). The vault executes the best quote provided it's price is within the vault's desired range.","RFQ executions are signed by a smart contract that validates that the total amount of options sold does not exceed a % of the vault's TVL, that the quote prices are within a reasonable distance from the oracle marks, and more.","At option expiry, the vault will attempt to close out any USDC credit or debit by selling or buying its collateral on the Derive orderbook.","The vault only trades 7DTE expiries, and will select a spread that is closest to the target values. The target values are subject to adjustments if the asset price were to grow or fall significantly.","Stage 1 - Only Collateral","The vault launches with only its collateral and no positions. If the vault collects option premiums and cannot sell the received USDC into collateral due to low liquidity, the vault might also proceed to the next stage with a small amount of positive USDC balance (to be explained in stage 4).","Stage 2 - Option Limit Order Auction","The vault begins to execute a ''RFQ auction'' to sell spreads.","Select a call spread from the desired expiry s.t. it's mark price is close to the target price.","The executor uses the orderbook API to find the spread of the target DTE that is closest to its target price.","The signing smart contract will validate that the DTE and the mark price of the option are within target range.","Calculate desired_amount for this spread, equal to the amount of collateral held. Split this amount into smaller ''lots'' (e.g., split 4000 weETH worth of desired size into 10 lots of size 400). These lots will be executed consecutively.","Send a request-for-quote for this spread with size 400. Note that the RFQ automatically expires after 2 minutes and if not filled, a new one is sent.","Calculate desired_price for this call spread. This is based on the forward price and volatility feeds from Block Scholes, and uses Black76 formula.","Freeze for 15 seconds to allow market makers to send quotes.","Every second, recalculate desired_price using fresh feeds and scale it down by a factor. The desired_price thus gets progressively smaller until it hits a minimum after 2 minutes. The scaling factors equals 1/(1 + mark_spread) where mark_spread = min_since_lot_start * 0.5. In other words, after 2 minutes the vault's desired_price is 50% of the mark price.","Every second, compare the current best quote (across all market makers that sent them) to the desired_price. Note that the RFQ system is a blind auction, namely market makers do not know other market makers' quotes. This prevents them from colluding and / or naively bidding the vault's worst possible desired_price.","If the price of the best quote is higher than the desired_price, obtain a signature from the smart contract signer. If the transaction was successful, call the API to execute the quote.","Keep re-creating new lots until the full desired amount is filled. Note that each new lot's desired_price is reset to mark price and goes down to 50% of the mark price over the lot's 2 minute lifespan.","Stage 3 - Await Option Settlement","Stage 4 - Collateral Limit Order Auction","Note that if the spread expired out-of-the-money, the vault will have positive USDC balance it acquired due from the premiums received in stage 2. If the spread expired ITM, the USDC balance can be positive or negative depending on if the premiums were enough to cover the settlement loss.","The vault then begins to execute a ''limit order auction'' to buy or sell enough collateral to get rid of any USDC balance and bring itself back to Stage 1.","Calculate desired_price for the spot asset - this is based on the spot price oracle.","Calculate desired_amount = num of USDC / desired_price. For example, if the vault has $6,000 USDC and the LRT price is $3,000, the vault will attempt to buy 2 LRTs. Alternatively, if the vault has $30,000 USDC debt due to an option that expired ITM, it will attempt to sell 10 LRTs.","Obtain a signature from the signing smart contract.","Send a limit order with the limit_price = desired_price and amount = abs(desired_amount). The order is a buy order if desired_amount > 0, otherwise it's a sell order.","Every second, recalculate desired_price using fresh feeds and add a small spread to the price (if buying) or subtract the spread (if selling). The spread is calculated as spot_spread = spot_spread_per_sec x (now - auction_start_sec), subject to a max_spot_spread. It is applied as desired_price = (1 +/- spot_spread) x mark_spot.","If USDC balance is positive, hard stop when (now - auction_start_sec) exceeds some max_spot_auction_sec, e.g., 15 min. Note that it is possible for the auction to terminate and proceed back to stage 1 with some leftover USDC balance. If USDC balance is negative, the auction will continue indefinitely until the debt is repaid.","The vault may allow some negligible amount of USDC debt to be left in the subaccount (in case this amount is difficult to get rid of due to orderbook minimum size restrictions or temporary liquidity problems).","The subaccount owned by the vault is registered with the Derive Exchange in the same way as a regular user, with the core difference being in the way the order signing is performed.","Derive ensures full custody of users' funds by requiring (at a smart contract level) that any trade between two parties has messages signed by their session keys. A session key is just a separate private / public key pair that the user gives trading permissions by registering it with Derive's matching smart contract.","For example, in order for a trade between Alice and Bob to take place (e.g., to sell 8 call options at a price of $12.5), both Alice and Bob must sign a message where they agree for such a trade, and both messages will be validated by the matching smart contract. Only the Exchange is allowed to submit such messages to the smart contract, which allows for added layers of security such as IP whitelisting of session keys, etc.","A vault has to go through the same flow, except the session keys it uses are not just plain old private keys stored somewhere secretly. Instead, the vault's session key is a smart contract, and signatures are generated by calling this contract's function.","The contract will only generate a signature if a set of validations passes, for example, it will check the requested RFQ execution amount against the TVL of the vault and refuses to generate a signature if the amount requested is too large. Similarly it will refuse to sign the RFQ execution if that price is too far away from an oracle price. The set of validations that the signer will run are as follows:","Ensure spread's mark price and expiry are within a certain target range","Ensure that at most one signed execution can at any time","Ensure that no order can be signed if USDC balance is too negative","Ensure that the amount in the execution does not exceed a % of TVL","Ensure that the amount of the spot order does not exceed what's required to clear the USDC balance","Ensure the spread trade price is higher than a threshold (calculated using oracle mark volatility and forward prices, then scaled down by a factor)","Ensure that the spot limit price is within a range from the oracle mark price","Ensure that the order signature will expire in < 10 min","This set of rules guarantees that the vault executor cannot trade outside of the vault's strategy mandate, and it protects the vault shareholders from badly prices trades being placed. At the same time, the off-chain components of the strategy (e.g., being able to cancel an open spot order when the price moves to avoid being picked off) enhances the execution quality.","An overview of the key implementation risks of Covered Call Spread Tokens.","Delayed Settlement","Oracle risks","Maxi Vaults","Earn yield with an automated covered put spread strategy","An overview of the potential benefits and risks to participating in the Covered Put Spread Strategy","Earn yield on the underlying collateral in \"trending down\", sideways or bull markets","The vault sells out-of-the-money (OTM) put options to generate the yield.","It simultaneously buys further OTM put options to limit downside risk in case of a large price drop.","How does the Covered Put Spread Strategy work?","A covered put spread is a trading strategy that involves holding the underlying asset as collateral while selling put spreads against it.","The automated Covered Put Spread Strategy consist of three main components:","A. Sell OTM put options against it to earn yield; and","B. Buy further OTM put options to limit the downside risk in case of a large price drop.","After expiry, the Vault will either:","A. Buy collateral - If option settlement results in a positive USDC balance.","B. Sell collateral - If option settlement results in a negative USDC balance.","For a technical overview of how the Vault executes, please refer to the Covered Put Spread Execution article.","Why participate in the Covered Put Spread Strategy","The primary benefit of the Covered Put Spread Strategy is earning yield on the underlying asset by selling OTM put options (Strike K1).","To limit the downside risk, the strategy trades off a portion of the yield APY by also buying further OTM put options (Strike K2).","In the event the price drops significantly, the max capped USDC loss = max(Strike K1 - Strike K2 - net premium received, 0).","The strategy is best suited for holders of the underlying collateral who want to earn yield on their asset in a mildly bearish to very bullish market, while limiting the downside risk in case of a large price drop.","What are the risks of the Covered Put Spread Strategy?","The main risk of the Covered Put Spread Strategy is collateral conversion.","If the sold put spread expires ITM and the net premium received is not enough to cover the settlement loss, the Vault sells collateral to clear the USDC debt.","However, as mentioned before the max loss is capped in USDC terms (as described above)","For the implementation risks, please refer to Covered Put Spread Risks.","Let's take LBTC as an example:","BTC price: $60,000","Collateral in the Vault: 100 LBTC, worth $6,000,000","The Vault sells 100 BTC put options with a $56,000 strike for $250 each and buys 100 BTC put options with a $54,000 strike price for $100 each.","Net premium received: $15,000.","Scenario 1:","BTC expires at $60,000","Both the short put options ($56,000 strike) and the long put options ($54,000 strike) expire OTM.","Breakdown:","Net Premium: +$15,000.","Short Put Options: $0 (expired OTM, worthless).","Long Put Options: $0 (expired OTM, worthless).","Total: +$15,000.","—> Vault buys 0.25 LBTC with the $15,000 to compound the yield.","—> Vault is up 0.25% in LBTC terms","Scneario 2: BTC expires at $55,900","The short put options ($56,000 strike) expire ITM and the long put options ($54,000 strike) expire OTM.","Short Put Options: -$10,000 ($55,900 - $56,000 * 100).","Total: +$5,000.","—> Vault buys 0.09 LBTC with the $5,000 to compound the yield.","—> Vault is up 0.09% in LBTC terms","Scenario 3: BTC expires at $55,500","Short Put Options: -$50,000 ($55,500 - $56,000 * 100).","Total: -$35,000.","—> Vault sells 0.63 LBTC to clear the $35,000 debt.","—> Vault is down 0.63% in LBTC terms","Scenario 4:","BTC expires at $52,000","Both the short put options ($56,000 strike) and the long put options ($54,000 strike) expire ITM.","Short Put Options: -$400,000 ($52,000 - $56,000 * 100).","Long Put Options: +$200,000 ($54,000 - $52,000 * 100).","Total: -$185,000 (note, the max USDC loss is always capped at $200,000).","—> Vault sells 3.56 LBTC to clear the $185,000 debt.","—> Vault is down 3.56% in LBTC terms","A technical explanation of how the Covered Put Spread Strategy executes","Trades are executed on the Derive Exchange via RFQs (Request for Quote).","Vault sends out an intention to sell a put spread (request) and receives back responses from market makers (quotes). The Vault executes the best quote provided it's price is within the vault's desired range.","RFQ executions are signed by a smart contract that validates that the total amount of options sold does not exceed a % of the Vault's TVL, that the quote prices are within a reasonable distance from the oracle marks, and more.","At option expiry, the Vault will attempt to close out any USDC credit or debit by selling or buying its collateral on the Derive orderbook.","The Vault positions go through the following stages:","The Vault launches with only its collateral and no positions. If the Vault collects option premiums and cannot sell the received USDC into collateral due to low liquidity, the Vault might also proceed to the next stage with a small amount of positive USDC balance (to be explained in Stage 4).","Stage 2 - Option RFQ Auction","Select a put spread from the desired expiry s.t. it's mark price is close to the target price.","Calculate desired_amount for this spread, which is equal to the amount of collateral held.","Split desired_amount into smaller ''lots'' (e.g., split 200 LBTC worth of desired size into 10 lots of size 20). These lots will be executed consecutively.","Send a request-for-quote for this spread with size 20. Note that the RFQ automatically expires after 2 minutes and if not filled, a new one is sent.","Calculate desired_price for this put spread. This is based on the forward price and volatility feeds from Block Scholes, and uses Black76 formula.","Every second, recalculate desired_price using fresh feeds and scale it down by a factor. The desired_price thus gets progressively smaller until it hits a minimum after 2 minutes. The scaling factors equals 1/(1 + mark_spread) where mark_spread = min_since_lot_start * 0.5. In other words, after 2 minutes the Vault's desired_price is 50% of the mark price.","Every second, compare the current best quote (across all market makers that sent them) to the desired_price. Note that the RFQ system is a blind auction, namely market makers do not know other market markers' quotes. This prevents them from colluding and / or naively bidding the Vault's worst possible desired_price.","After the order is fully filled or the hard stop has been reached, the executor will sleep until the option is expired and settled. After a settlement has been confirmed, the executor proceeds to Stage 4.","Note that if the spread expired out-of-the money, the Vault will have positive USDC balance it acquired due from the premium received in Stage 2. If the spread expired ITM, the USDC balance can be positive or negative depending on if the premiums were enough to cover the settlement loss.","The Vault then begins to execute a ''limit order auction'' to buy or sell enough collateral to get rid of any USDC balance and bring itself back to Stage 1.","Calculate desired_amount = num of USDC / desired_price. For example, if the Vault has $120,000 USDC and the LBTC price is $60,000, the Vault will attempt to buy 2 LBTC. Alternatively, if the Vault has $600,000 USDC debt due to an option that expired ITM, it will attempt to sell 10 LBTC.","Every second, recalculate desired_price using fresh feeds and add a small spread to the price (if buying) or subtract the spread (if selling).","The spread is calculated as spot_spread = spot_spread_per_sec x (now - auction_start_sec), subject to a max_spot_spread. It is applied as desired_price = (1 +/- spot_spread) x mark_spot.","If desired price has changed by more than spot_price_change_tolerance, cancel the old older, request a new signature, and send out a new order using the new desired_price and desired_amount = remaining num of USDC / desired_price.","If USDC balance is positive, hard stop when (now - auction_start_sec) exceeds some max_spot_auction_sec, e.g., 15 min. Note that it is possible for the auction to terminate and proceed back to Stage 1 with some leftover USDC balance. If USDC balance is negative, the auction will continue indefinitely until the debt is repaid.","The Vault may allow some negligible amount of USDC debt to be left in the subaccount (in case this amount is difficult to get rid of due to orderbook minimum size restrictions or temporary liquidity problems).","The subaccount owned by the Vault is registered with the Derive Exchange in the same way as a regular user, with the core difference being in the way the order signing is performed.","For example, in order for a trade between Alice and Bob to take place (e.g., to sell 8 put options at a price of $250), both Alice and Bob must sign a message where they agree for such a trade, and both messages will be validated by the matching smart contract. Only the Exchange is allowed to submit such messages to the smart contract, which allows for added layers of security as IP whitelisting of session keys, etc.","A Vault has to go through the same flow, except the session key it uses are not just plain old private keys stored somewhere secretly. Instead, the Vault's session key is a smart contract, and signatures are generated by calling this contract's function.","The contract will only generate a signature if a set of validations passes, for example, it will check the requested RFQ execution amount agains the TVL of the Vault and refuses to generate a signature if the amount requested is too large. Similarly it will refuse to sign the RFQ execution if that price is too far away from an oracle price. The set of validations that the signer will run are as follows:","Ensure spread's mark price and expiry are within a certain target range.","Ensure that at most one signed execution can at any time.","Ensure that no order can be signed if USDC balance is too negative.","Ensure that the amount in the execution does not exceed a % of TVL.","Ensure that the amount of the spot order does not exceed what's required to clear the USDC balance.","Ensure the spread trade price is higher than a threshold (calculated using oracle mark volatility and forward prices, then scaled down by a factor).","This set of rules guarantees that the Vault executor cannot trade outside of the Vault's strategy mandate, and it protects the Vault shareholders from badly prices trades being placed. At the same time, the off-chain components of the strategy (e.g., being able to cancel an open spot order when the price moves to avoid being picked off) enhances the execution quality.","An overview of the key implementation risks of the Covered Put Spread Strategy","If options expire in-the-money, part of the underlying collateral will need to be swapped for USDC on settlement. Available spot liquidity on the exchange and the amount of collateral to be liquidated could factor in to longer settlement times, in order to ensure quality of execution.","BULL Vaults","Earn principal protected yield with an automated long call spread strategy","The BULL Strategy gives holders of yield-bearing assets (e.g., sUSDe and weETH) extra upside exposure to ETH without risking any of their initial capital.","If the ETH price increases by $100 or more in a week, holders can earn yields of up to 2.5x higher than the yield native to their asset.","If the ETH price remains stable, holders receive similar yields to the yield native to their asset.","If the ETH price declines by $100 or more, holders receive no yield for the week.","The strategy buys bull call spreads that are ‘around the money’ with the yield generated by the asset in the previous week. This gives users leveraged exposure to ETH on their yields.","The strategy performs best in a bull market, and outperforms in particular when the market grinds up.","The BULL Strategy is principal protected.","Supported Yield-Bearing Assets","The BULL Strategy currently supports the following yield-bearing assets as collateral:","Who should deposit?","This strategy is best suited to holders of these supported yield-bearing assets who are bullish ETH.","They will outperform and earn more yield during bull markets.","They will underperform and earn less/no yield during a bear market.","It is also suited to those who want (extra) upside exposure to ETH without risking any downside.","The most you can lose is the amount paid for the call spreads, which comes from the yield native to the asset.","What are the risks?","The key risk of this strategy is that you earn no yield on your asset if the market grinds down - that’s it!","What is a bull call spread?","A bull call spread is a simple trading strategy with two components:","A long call with strike K1","A short call with a strike K2 that is greater than K1","The maximum payout for a bull call spread is the difference between the two strikes (K2 - K1), which occurs when the price of the asset is at or above K2 on expiry.","The call spread expires worthless if the price of the asset is below K1 on expiry.","You have $10,000 sUSDe earning 17% APY ($33.70 a week).","ETH = $3,500","K1 = $3,400","K2 = $3,600","Time to expiry: 7 days","In this example, the ETH 3,400 call is trading at $165, and the 3,600 call is trading at $70.","The sUSDeBULL strategy would buy 0.35x 3,400/3,600 call spreads which pay out if ETH rallies 3%+ in a week, and are roughly flat if ETH doesn’t move.","The cost of the call spread is $165 - $70 = $95.","The maximum the call spread can be worth on expiry is K2 - K1 = $3,600 - $3,400 = $200, which occurs when ETH is trading at $3,600 or higher.","The $3,400 and $3,600 calls are both worthless if ETH is below $3,400 on expiry.","If ETH is flat for the week and expires at $3,500, the call spread is worth $3,500 - $3,400 = $100, and the strategy makes a small profit of $5.","Overview","The BULL vault (the Vault) executes a principal-protected strategy on the Derive Exchange. The vault will borrow USDC against the native yield accrued on Vault-held assets which will then be used to purchase ETH call spreads to potentially boost the yield.","Orders are signed by a smart contract that validates:","[Principal Protected] The total Value of yield-bearing assets held by the vault never decreases below the principal.","[Fair Pricing] Calls bought and sold are sufficiently close to mark prices.","All trades are conducted on the Derive Exchange. In particular:","Buying call spreads will take place via RFQ","Selling the yield-bearing asset to payoff USDC debt and buying the yield-bearing asset with winnings from the spreads will be done on the Orderbook.","When the call spreads expire","If the spreads are in-the-money (ITM), the Vault will be paid out USDC. This will payoff some or all of the USDC debt (borrowed against the yield-bearing asset principal to buy call spreads). Any residual USDC will be swapped into the yield-bearing asset.","If the spreads are out-of-the-money (OTM), an equivalent amount of the yield-bearing asset is sold via the OB to pay off the USDC debt.","The call spreads bought target a 2.5x boost. This means that the mark_price of the spread divided by the strike_range will be 0.4. E.g. if the strike_range is $50, the mark_price of the spread will be targeted to be $20.","Parameters","expiry (e.g. weekly),","mark_price / strike_range: 2.5x","will be further refined given Vault performance.","Call Spread Strategy","Step by step:","The Vault will hold all users’ deposited assets and earns the yield native to this asset.","Each week, the Vault will compute the yield generated from holding the asset. The Vault will then borrow an equivalent amount of USDC from the protocol.","The USDC will then be used to purchase, say, weekly 65/35 delta call spreads on ETH. That is, the Vault will purchase weekly call options closest to 65 delta and sell weekly call options closest to 35 delta.","The calls expire after one week.","Payoffs:","The calls are ITM: the Vault will receive a USDC payout from the purchased spreads. If there is still outstanding USDC debt, then an equivalent amount of the yield-bearing asset will be sold to pay off the debt (leaving the vault with only the yield-bearing asset).","The calls are OTM: An equivalent amount of the yield-bearing asset is sold to pay off all USDC debt, leaving the vault with only the yield-bearing asset.","The new week begins and the Vault will sell the previous week’s accrued yield native to the asset (i.e. ignoring the possible call spread profits) to fund the next round of spread purchases.","Example:","The Vault holds $10,000 of sUSDe and, over the course of week 0, earns $33.70 of sUSDe interest (~17% APY).","At the start of week 1, The Vault will borrow $33.70 of USDC from the protocol.","The Vault will purchase 0.35 x of the 3,400/3,600 weekly call spread. See sUSDeBULL strategy for more detail.","If ETH increases and the vault earns, say, $70 (max payout) from the spreads, all $33.70 of debt will be paid off and the remaining $66.30 USDC will be converted to sUSDe via the OB. Over week 1, the $10,000 sUSDe principal could have earned $23.78 (~12% APY). At the start of week 2, $23.78 will be used to purchase the next round of spreads.","Smart Contract Enforcement","The contract will only generate a signature if a set of validations passes, for example it will check the requested sell amount of sUSDe against the vault’s balance and refuse to generate a signature if the amount requested is too large. Similarly it will refuse to sign a price if that price is too far away from an oracle price. A complete list of contract safeguards will be added here shortly.","There are a few risks associated with tokenized strategies - beyond the risk of the strategy itself (detailed here). It is important that users are aware of these risks before depositing to or acquiring a tokenized strategy. Note that this is not necessarily an exhaustive list.","sUSDe: Holding sUSDe carries its own set of risks, including but not limited to smart contract bugs, Ethereum bugs, price fluctuations and key management problems. Please review Ethena's documentation for more details.","weETH: Holding weETH - a Liquid Restaking Token (LRT) - carries its own set of risks, including but not limited to smart contract bugs, Ethereum bugs, restaking penalties, price fluctuations and key management problems. Please review EtherFi's documentation for more details.","Smart Contracts & Audits","The contracts for the tokenized vault strategies have been audited by Sigma Prime. View the audit reports here.","Trade Now","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Trade","DRV","Enter App","Delta-1 Basis Strategy","Delta-1 Basis Execution","Delta-1 Basis Risks","Harvest Strategy","Harvest Execution","Harvest Risks","Safe Harvest Strategy","Safe Harvest Execution","Safe Harvest Risks","Maxi Strategy","Maxi Execution","Maxi Risks","Bull Vaults","Bull Strategy","Bull Execution","Bull Risks","Smart Contract"],"codeblock":[],"url":"/vaults-info"},"/careers":{"version":1,"title":"Derive.xyz | Trade Onchain Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Careers","Ready to Trade Smarter?"],"h2":[],"h3":["APAC Business Development Lead - Derive XYZ","Ready to Trade Smarter?","Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":["01"],"h6":[],"p":["Join Derive.xyz, the leading on-chain options platform, and build the future of self-custodial crypto trading with our world-class team.","Apply Here","Location: Singapore / Hong Kong / Remote (APAC)","Type: Full-time","Category: Partnerships, Institutional Sales","Trade Now","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/careers"},"/learning":{"version":1,"title":"Derive.xyz | Trade Onchain Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Article","Ready to Trade Smarter?"],"h2":[],"h3":["What Are DeFi Options and How to Trade Them","DeFi Options vs CEX Options: A Complete Comparison","Best DeFi Options Protocols in 2026","Best Place to Trade Hyperliquid (HYPE) Options","Ready to Trade Smarter?","Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":["01","02","03","04"],"h6":[],"p":["Trade Now","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/learning"},"/airdrop-terms":{"version":1,"title":"Derive.xyz | Airdrop Terms Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Airdrop Terms and Conditions"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: Jan 13 2025","These airdrop terms & conditions govern the participation in and receipt of tokens (DRV) through the airdrop program organised by Lyra Technologies Corp (Derive), a company incorporated in Panama, and its associated entities (collectively, Derive, we or us). By participating in the airdrop, you agree to be bound by these airdrop terms & conditions. These airdrop terms & conditions are supplemental to, and incorporate by reference, the general terms available at https://www.derive.xyz/terms-of-use (General Terms).","Please read these airdrop terms & conditions and the General Terms carefully. By participating in the airdrop, you are agreeing to these airdrop terms & conditions and the General Terms. If you do not understand or agree to these airdrop terms & conditions and the General Terms, please do not participate in the airdrop.","You are responsible for making your own decision in respect of your participation in the airdrop and any receipt of tokens. Any participation in the airdrop is solely at your own risk and you are solely responsible for seeking appropriate professional, legal, tax, and other advice in respect of the airdrop and any receipt of the tokens prior to participating in the airdrop and prior to receiving any tokens.","By participating in the airdrop, you acknowledge and assume all risks related to your participation in the airdrop. To the maximum extent permissible by relevant law, in no event shall Derive or any entity or person associated with Derive be held liable in connection with or for any claims, losses, damages, or other liabilities, whether in contract, tort, or otherwise, arising out of or in connection with the airdrop or the receipt of any tokens.","Derive does not provide any advice (including no financial product advice) in respect of the airdrop or the tokens. Each participant participates in the airdrop at their own risk and receives tokens at their own risk.","DRV are not financial products and do not represent or confer any ownership right or stake, share, or equivalent rights, or any right to receive intellectual property rights in or relating to Derive or any entity associated with Derive. DRV are not intended to be or to represent a stock, a loan contract, a commodity, a currency, a share, an instrument creating or acknowledging indebtedness, an instrument giving entitlements to securities, a certificate representing certain securities, an option, a future or a contract for difference in any permitted jurisdiction.","The airdrop is expressly being made in permitted jurisdictions on the basis that DRV do not require that a prospectus or disclosure document be prepared or that other disclosure or registration requirements be met or where other investor safeguards or regulatory documents or licensing is required in connection with the making available of DRV by the user in the permitted jurisdictions.","1. Acceptance of terms & conditions","1.1 These terms & conditions constitute a legally binding obligation on you effective upon the earlier to occur of you communicating your acceptance to Derive or you claiming any DRV through the airdrop.1.2 You must carefully read and agree to comply with these terms & conditions before claiming and receiving any DRV through the airdrop.1.3 By claiming DRV, you are confirming to Derive that you have fully read, understood and irrevocably accept these terms & conditions. If you do not agree with these terms & conditions, you are not permitted to claim or receive DRV through the airdrop.","2. Eligibility and Participation in the Airdrop","2.1 Derive, in its sole discretion, shall determine the eligibility criteria for participation in the airdrop, including the amount of DRV to be distributed to eligible participants that satisfy certain criteria.2.2 Derive shall have no obligation to notify actual or potential airdrop participants of the eligibility criteria for any airdrop prior to, during, or after the claims are opened for such airdrop.2.3 Derive reserves the sole and absolute right to disqualify any participant or potential participant it deems ineligible for an airdrop.2.4 In addition to any other eligibility criteria determined by Derive from time to time, you represent and warrant on a continuing basis that you satisfy the eligibility criteria in the General Terms, including that you are not: . In these Terms:","a. a Restricted Person (as defined in the General Terms).","b. a Sanctioned Person (as defined in the General Terms).","c. acting on behalf of a Restricted Person or a Sanctioned Person (each as defined in the General Terms).","d. located in Australia or the US.","e. an Australian or US tax resident.","2.5 You agree and acknowledge that your participation in the airdrop and claim of DRV does not require or involve any form of purchase, payment, or tangible consideration from or to us, nor otherwise require or involve any acceptance of value by us from you.2.6 You agree and acknowledge that you:","a. lawfully may receive DRV for free via the airdrop (other than gas fees or applicable taxes, if any, that may be due to third parties).","b. were not promised DRV or any tokens (whether via the airdrop or otherwise).","c. took no action in anticipation of, or in reliance on, receiving DRV or any tokens, the occurrence of an airdrop, or potential participation in any airdrop.","2.7 You acknowledge that you acquire DRV without any expectation of profit, dividend, capital gain, financial yield, or other return, payment, or income of any kind.2.8 The airdrop shall be conducted during a specified period, as determined by Derive in its sole discretion and announced via https://www.derive.xyz (the Airdrop Period). You must follow the instructions set forth in any airdrop announcement and such other instructions as may be provided by Derive from time to time to participate in the airdrop.2.9 You must follow the instructions set forth in any airdrop announcement and such other instructions as may be provided by Derive from time to time to participate in the airdrop.2.10 The number of DRV allocated to a participant will be determined by Derive, in its sole discretion, and such allocation may vary between participants.2.11 You agree and acknowledge that you are not entitled to receive or claim any airdrop DRV or to participate in the airdrop based on any documentation, commentary, calculators, metrics, or points systems published or otherwise made known by third parties monitoring activities on the Derive Protocol or providing third-party applications or services relating thereto (Third-Party Publications and Services). You represent that you have not engaged, and will not engage, in any activities designed to obtain airdrop DRV, including on the basis of, or in reliance on, Third-Party Publications and Services.2.12 You acknowledge that if you are unable to claim the airdrop for any reason, such as due to technical bugs, smart contract issues, gas fees, wallet incompatibilities, or loss of access to a wallet or its key, you will have no recourse or claim against Derive or any entity or person associated with Derive. In any such cases, none of Derive or any entity or person associated with Derive will bear any liability.2.13 Derive reserves the right to cancel any DRV allocated to you in connection with the airdrop at any time prior to your receipt of DRV in Derive’s sole and absolute discretion and without prior notice and without any liability or further obligation of any kind whatsoever to you or any other party, in the event that Derive finds such measures reasonable or necessary in a particular situation, including, but not limited to, change of regulatory requirements, or upon suspicion or detection that you do not primarily reside or are not domiciled in a permitted jurisdiction or are engaged in fraud or other illegal activity.","3. Your responsibilities","3.1 You agree and acknowledge that you are responsible for complying with all applicable laws of the jurisdiction in which you reside or in which you are participating in the airdrop and claiming airdrop DRV.3.2 You represent and warrant that all information provided by you during the airdrop process is true, accurate, and complete.3.3 You represent and warrant that you have full legal capacity and authority to bind and agree to the airdrop terms & conditions. If you are acting as an employee or agent of a legal entity, and you enter into these airdrop terms & conditions on behalf of the entity, you represent and warrant that you have all necessary rights and authorisations to do so.3.4 Derive may require additional information from you and you agree to provide such information as required. You agree to provide complete and accurate information in response to any such requests. You agree and acknowledge that Derive is not responsible and cannot be held liable for any losses, expenses, or delays resulting from inaccurate or incomplete information. You acknowledge and agree that such information may be shared with a screening service provider.3.5 You represent and warrant that you:","a. are not:","i. a Restricted Person (as defined in the General Terms).","ii. a Sanctioned Person (as defined in the General Terms).","iii. acting on behalf of a Restricted Person or a Sanctioned Person (each as defined in the General Terms).","iv. located in Australia or the US.","v. an Australian or US tax resident.","b. will not use a virtual private network or similar tool to circumvent any geo-blocking or other restrictions that we have implemented in connection with the airdrop. Any such circumvention, or attempted circumvention, of our controls may permanently disqualify you from participation in the airdrop or future airdrops, as determined in our discretion.","3.6 You represent and warrant that your participation in the airdrop does not violate any applicable laws, including without limitation applicable economic and trade sanctions and export control laws and regulations, such as those administered and enforced by the EU, OFSI, OFAC, the U.S. Department of State, the U.S. Department of Commerce, the UN Security Council, DFAT and other relevant authorities.3.7 You agree and acknowledge that (a) you are solely responsible and liable for all taxes, duties and other similar costs (including gas fees) due in connection with your participation in the airdrop; and (b) you should consult a tax advisor with respect to the tax treatment of airdrop DRV in your jurisdiction.3.8 You acknowledge that participating in and claiming the DRV may require interaction with, reliance on, or an integration with third-party products or services (such as a wallet or a network or blockchain) that we do not control. In the event that you are unable to access such products, services, or integrations, or if they fail for any reason, and you are unable to participate in the airdrop or claim airdrop DRV as a result, you will have no recourse or claim against Derive or any entity or person associated with Derive.3.9 You agree that you will not transfer directly or indirectly any of your DRV to any other person or entity unless the proposed transferee has agreed to these terms & conditions.","4. Your wallet","4.1 To participate in the airdrop, you will need to connect a compatible digital wallet. Failure to provide and connect an eligible wallet may result in the forfeiture of DRV.4.2 Refer to the General Terms for terms and conditions relating to creating and connecting an eligible wallet.","5. Disclaimer of warranties","There is only one website for claiming airdrop DRV, which is https://www.derive.xyz/airdrop","5.1 Use of the website and participation in the airdrop is at the risk of the user. The website is provided on an “as is” and “as available” basis. To the maximum extent permitted by law, Derive:","a.disclaims all representations and warranties, express, implied, or statutory, and with respect to the airdrop claim process (proprietary or open source),","b.disclaims any representation or warranty, express, implied, or statutory, including without limitation any representations or warranties of title, non-infringement, merchantability, usage, security, suitability, or fitness for any particular purpose, or as to the workmanship or technical coding thereof, or the absence of any defects therein, whether latent or patent.","5.2 Derive does not represent or warrant that the website, code, and any related information are accurate, complete, reliable, current, or error-free.5.3 The website is provided without warranties of any kind, either express or implied, including without limitation implied warranties of merchantability, fitness for a particular purpose, or non- infringement.5.4 You acknowledge that no advice, information, or statement that we make should be treated as creating any warranty concerning the airdrop or the website. We do not endorse, guarantee, or assume responsibility for any advertisements, offers, or statements made by third parties concerning the airdrop or the website.5.5 You represent and warrant that you (a) understand the risks associated with using cryptographic and blockchain-based systems and (b) have a working knowledge of the usage, storage, and intricacies of digital assets, following an Ethereum token standard (ERC-20).5.6 You further represent that you understand that markets for digital assets are highly volatile due to various factors, including adoption, speculation, technology, security, and regulation. You acknowledge and accept that the cost and speed of transacting with cryptographic and blockchain-based systems, such as Ethereum, are variable and may increase or decrease dramatically at any time. You acknowledge and accept the risk that your digital assets may have no value or lose some or all of their value during the Airdrop Period, any lock-up period, or after. You understand that anyone can create a token, including fake versions of existing tokens and tokens that falsely claim to represent certain projects, entities, or people, and you acknowledge and accept the risk that you or others may mistakenly seek to claim or trade those or other tokens. You acknowledge that Derive is not responsible for any of these variables or risks and cannot be held liable for any resulting losses that you experience, including losses while accessing or using the airdrop.5.7 You understand and agree that none, of Derive or its associated persons and entities represents, warrants or guarantees in any way that DRV might be sold or transferred, or be saleable or transferable, or there is an ability or will be a platform to exchange tokens for fiat currencies, cryptocurrencies or cryptographic tokens, during or after the airdrop.5.8 Refer to the General Terms for additional disclaimers.","6. Limitation of liability","6.1 You acknowledge and agree that none of Derive or any past, present or future entity or person associated with Derive (including any directors, officers, employees, agents, advisers, successors or permitted assignees) will be liable for any indirect, incidental, special, consequential, exemplary damages, or damages for loss of profits, including damages for loss of goodwill, use, or data or other intangible losses, whether based on contract, tort, negligence, strict liability, or otherwise, resulting from:","a. your receipt of DRV or your use of DRV;","b. any change in value of DRV;","c. any illegal or unauthorised receipt or use of DRV;","d. your participation (or inability to participate in) the airdrop;","e. the cost of procurement of substitute goods and services resulting from any goods, data, information, or services purchased or obtained or messages received or transactions entered into through or from the airdrop;","f. unauthorised access to or alteration of your transmissions or data;","g. statements or conduct of any third party relating to the airdrop;","h. interruption or cessation of function related to our interface or website;","i. bugs, viruses, trojan horses, or the like that may be transmitted to or through the interface or website;","j. errors or omissions in, or loss or damage incurred as a result of the use of, any content made available through the interface or website; or","k. any other matter relating to the airdrop.","6.2 Your obligations under this indemnification provision will continue even after these airdrop terms & conditions have expired or been terminated.","7. Indemnity","7.1 Without limiting any terms in the General Terms, you shall defend, indemnify, and hold harmless Derive or any past, present or future entity or person associated with Derive (including any directors, officers, employees, agents, advisers, successors or permitted assignees) (each an Indemnified Party) from and against any and all claims, actions, proceedings, investigations, demands, suits, costs, damages, losses, liabilities and expenses (including attorneys’ fees and costs, and fines or penalties imposed by any regulatory authority) arising out of or in connection with:","a. any inaccurate representation or warranty made by you or breach or failure by you to comply with these terms & conditions;","b. your participation in, or your conduct (or omissions) in connection with, the airdrop; and","c. breach by you of any applicable law, regulation, or rights of any third party.","8. No advice and no fiduciary duties","8.1 All information provided on the website or through the airdrop, or otherwise provided by Derive, is for informational purposes only and is not and should not be construed as advice. You should not take, or refrain from taking, any action based on any information contained on the website or obtained through the airdrop. Before you make any financial, legal, tax, or other decisions with respect to the airdrop, you should seek independent, professional advice from an individual who is licensed and qualified in the area for which such advice would be appropriate.8.2 These airdrop terms & conditions are not intended to, and do not, create or impose any fiduciary duties on us. To the fullest extent permitted by law, you acknowledge and agree that we owe no fiduciary duties or liabilities to you or any other party, and that to the extent any such duties or liabilities may exist at law or in equity, those duties and liabilities are hereby irrevocably disclaimed, waived, and eliminated. You further agree that the only duties and obligations that we owe you are those set out expressly in these terms & conditions.","9. Intellectual property","9.1 Except as expressly assigned in writing by Derive, all copyright and any other intellectual property of Derive, all content and other materials contained within DRV or provided in connection with DRV, are the exclusive property of Derive.9.2 You may not reproduce, distribute, modify, disassemble, reverse engineer, create derivative works of, publicly display, publicly perform, republish, download, store or transmit any of the Drive intellectual property.","10. Entire agreement","These airdrop terms & conditions and the General Terms contain the entire agreement between you and Derive regarding the airdrop and supersede all prior and contemporaneous understandings between the parties regarding the airdrop.","11. Amendments","We may amend these terms & conditions from time to time in which case we will update the date at the top of this document. The updated terms & conditions will be effective as of the time of posting, or such later date as may be specified in the updated terms & conditions. Your continued access or participation in the airdrop after the modifications have become effective will be deemed your acceptance of the modified terms & conditions.","12. Severability","12.1 If any term, clause, or provision of these airdrop terms & conditions is held to be illegal, invalid, void, or unenforceable (in whole or in part), then such term, clause, or provision shall be severable from the terms & conditions without affecting the validity or enforceability of any remaining part of that term, clause, or provision, or any other term, clause, or provision in the terms & conditions, which will otherwise remain in full force and effect.12.2 Any invalid or unenforceable provisions will be interpreted to affect the intent of the original provisions. If such construction is not possible, the invalid or unenforceable provision will be severed from the airdrop terms & conditions, but the rest of the airdrop terms & conditions will remain in full force and effect.","13. Assignment","We may assign our rights and obligations either in whole or in part under these terms & conditions. Your rights and obligations are personal to you and therefore non-assignable.","14. Force majeure","We shall not be liable for delays, failure in performance, or interruption of service which results directly or indirectly from any cause or condition beyond its reasonable control, including but not limited to any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or internet services or network provider services, failure of equipment or software, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.","15. Choice of law (governing law)","These terms & conditions will be governed by and construed in accordance with the laws of Panama.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/airdrop-terms"},"/key-benefits":{"version":1,"title":"Derive.xyz | Trade Onchain Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Why Trade on Derive.xyz?"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["We are Derive XYZ (formerly Lyra), the largest self-custodial options exchange, often described as “Deribit onchain.”","Derive has processed $28B+ in notional volume, generated over $8M in revenue, and bought back more than 1% of the token supply from said revenues. We currently hold about $1B in open interest, primarily in options, and deliver CEX-level execution with the advantages of self-custody and institutional MPC custody via partners like Fireblocks, Anchorage, Copper and more.","Live for over five years without a security or insolvency incident, Derive is seeing accelerated growth following the Deribit sale to Coinbase; particularly from Asian desks seeking a neutral venue. Liquidity is top-tier, supported by FalconX and other major market makers. RFQ provides highly competitive pricing for large block trades, while orderbook liquidity continues to deepen.","Derive is also rolling out altcoin options, already supports a broad range of collateral types (+23 collaterals) that CEXs don’t have. Institutions want to harvest volatility consistently through options - Derive is that venue.","Self-custody. Deep liquidity. Lowest fees.Built for funds, desks, miners, institutional hedgers, and volatility traders.Why traders choose Derive:➤ Institutional-grade execution: Sub-ms latency, 20m TPS➤ Self-custodial & permissionless: Zero custody risk➤ Lowest fees: Top-tier maker/taker [-0.5bp / 0.75bp]➤ Deep liquidity: FalconX + top-tier Market Makers➤ Block RFQ: Competitive pricing for large size➤ Portfolio margining: Capital-efficient cross-asset margin➤ 18+ collateral types: BTC, ETH, staked assets, yield assets➤ Regulated MPC custody: Fireblocks, Anchorage, Copper, and ClearLoop-style mirroringOur key advantagesSeamless onboardingIt’s fully self-custodial and permissionless. Onboarding takes less than 5 minutes. Leveraging smart contracts, Derive enables settlement of options contracts between counterparties with no intermediaries, legal agreements, or clearing-houses. You simply need to send such parties a link with the trade, and that flow will route 100% to you.Low FeesWe provide lower fees than Deribit, and our new institutional fee tiers are 33% better than the main competitors. Specifically, our top tiers for maker/taker on the OB is [-0.5bp, 0.75 bp].TransparencyEverything is transparent. All margin rules, liquidations, and risk parameters are publicly verifiable; no hidden mechanisms. Unlike centralized exchanges, you are in control of your funds on Derive. As a decentralized exchange, you have full custody and control of your collateral and positions. Derive can never seize or misuse your funds. Additionally, our system handled the 10/10 event exceptionally well, proving the robustness of our risk management.Premier Custody SolutionsInstitutions can engage via regulated custodians (Fireblocks, Anchorage MPC wallet (proto), or controlled WalletConnect access.For large users concerned about depositing tens of millions into a smart contract, we offer ClearLoop-style mirroring to maintain security while enabling onchain exposure. Simply put, the way this works is that these assets can be held on a cold wallet and a feed of this balance (read onchain) will be used to inform a “mirrored” (i.e. tokenized) balance of this asset on Derive.Consistent Yield through VOL sellingWith basis trades now yielding less than 1%, funds are moving up the risk curve in search of yield. Options are becoming the go-to product for that purpose. DATs and major holders are already using Derive to generate structured yield through volatility harvesting.White-glove serviceWhile we don’t expect users to fully migrate immediately, this is the ideal time to diversify; and we’ll do everything possible to make that transition seamless, and make sure you get a good fill on the RFQ.Why options, and why now?Options are traditionally the last market to mature. As crypto becomes increasingly institutional, that time has arrived. Derive dominates the onchain options category much like Deribit dominates CEX options.Most competitors have failed or given up because building deep, liquid, onchain options infrastructure is extremely difficult. This creates a natural moat and a winner takes most market. Meanwhile, large CEXs have been too profitable to focus on something so complex. However, the Deribit sale is changing that landscape, and Derive is positioned to lead as the onchain category scales 100x.http://Derive.xyz’s Product highlights➤ Top-Tier Security: Fully self-custodial with a 100% on-chain, audited smart contracts & risk engine.➤ High Throughput, Low Latency: CEX-quality performance for onchain options and perps.➤ CLOB + RFQ: Trade spot, futures, and options through a fast orderbook and competitive block-trade RFQ system.➤ Capital Efficiency: Portfolio margining, cross-asset collateral, and flexible settlement far beyond centralized venues.➤ Onchain Transparency: All margin rules, liquidations, and risk parameters are publicly verifiable; no hidden mechanisms.➤ Deep Liquidity & Best Execution: Hybrid RFQ/orderbook model ensures tight pricing and large-size fills.➤ Diverse Strategies: Options, perps, structured products, fixed/floating-rate lending.➤ Institutional Custody: Fireblocks, Anchorage MPC (Proto), and restricted WalletConnect flows.➤ Low Fees & Incentives: Class-leading execution costs, rebates, and $DRV / $OP rewards.➤ Institutional Support: White-glove onboarding, and custom custody integrations.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Trade","DRV","Enter App"],"codeblock":[],"url":"/key-benefits"},"/mm-fees":{"version":1,"title":"Derive.xyz | Trade Onchain Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Derive’s New Options Fee Schedule: Tighter Spreads, Cheaper Trading","Derive’s New Options Fee Schedule: Tighter Spreads,Cheaper Trading","Ready to Trade Smarter?"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Derive is introducing a simplified options fee model that cuts costs for both makers and takers. The new structure reduces friction for liquidity providers, encourages tighter quoting, and improves execution.","When market makers are rewarded to quote aggressively, traders feel it through better prices, more size at the top of book, and a lower all-in cost of execution. This update is a reflection of our confidence in Derive’s risk engine and our commitment to building the most capital-efficient options venue onchain.","Why?","1. Makers Get Paid to Quote","Top-tier makers can now earn rebates up to -0.005%, rewarding those who keep tight, consistent markets. More aggressive quoting = better spreads and more size on the book.","2. Takers Pay Less","Taker fees now start at 0.0075%, giving directional traders, hedgers, and yield strategies cheaper entry and exit points. Lower taker fees mean lower slippage and better fills.","3. Lower All-In Costs","With compressed fees on both sides, Derive users benefit from:","Tighter spreads","Cheaper execution","Deeper, more stable markets","This update supports our mission to build the most capital-efficient onchain options venue.","Full details at: https://docs.derive.xyz/reference/institutional-trading-rewards-program#/","Trade Now","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Trade","DRV","Enter App"],"codeblock":[],"url":"/mm-fees"},"/oracle-mark-price-and-settlement-policy":{"version":1,"title":"Derive.xyz | Terms of Use","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Oracle, Mark Price and Settlement Policy"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: 9 May 2026","Table of Contents","Status of this policy","Pricing inputs","Fallback and emergency pricing","Settlement","1. Status of this policy","1.1 This Oracle, Mark Price and Settlement Policy forms part of the Trading Rules incorporated into the Terms of Use.","1.2 This policy applies to oracle prices, mark prices, index prices, reference prices, theoretical values, volatility inputs, settlement prices, margin values, liquidation values, and related pricing inputs used in connection with the Application or Derive Protocol.","2. Pricing inputs","2.1 You acknowledge that margin, liquidation, settlement, pricing, profit and loss, collateral requirements, market integrity reviews, Mistrade reviews, and Erroneous Transaction reviews may depend on oracle prices, mark prices, index prices, theoretical values, reference prices, implied volatility, settlement prices, or other pricing inputs.","2.2 No pricing source is guaranteed to be accurate, continuous, available, manipulation-resistant, or appropriate in all market conditions.","2.3 Pricing inputs may be delayed, stale, unavailable, inaccurate, incomplete, manipulated, disputed, subject to technical failure, or inappropriate during abnormal market conditions.","2.4 You are responsible for monitoring pricing inputs relevant to your positions, margin, and settlement obligations. We are not responsible for losses arising from your failure to monitor pricing inputs, adjust positions, or manage risk in response to pricing input changes or disruptions.","2.5 Near-expiry instruments may be especially sensitive to mark prices, settlement prices, implied volatility, theoretical value, put-call parity, oracle movements, and liquidity conditions. Pricing inputs for near-expiry instruments may be less reliable, less liquid, and more susceptible to dislocation than for instruments with longer time to expiry. You are responsible for monitoring your near-expiry positions and associated pricing inputs with particular care.","3. Fallback and emergency pricing","3.1 We may, through available Application functionality and where applicable through protocol governance, smart contract mechanics, oracle parameters, risk parameters, or governance-approved processes, determine, update, suspend, replace, disregard, or apply fallback methodologies to any oracle, mark price, index, reference price, volatility input, theoretical value, or settlement price displayed through or used by the Application where we reasonably consider this necessary due to market disruption, data unavailability, data error, manipulation, abnormal market conditions, technical issues, oracle issues, protocol issues, market integrity concerns, settlement concerns, or liquidation concerns. Where any fallback methodology requires action at the protocol level rather than the Application level, we may seek to facilitate such action through applicable governance or operational processes but do not guarantee that protocol-level fallback action will be achievable in every circumstance or within any particular timeframe.","3.2 A fallback methodology may consider one or more of the following:","a. oracle data;","b. index data;","c. comparable venues;","d. external reference prices;","e. theoretical values;","f. implied volatility;","g. put-call parity;","h. orderbook state;","i. RFQ history;","j. recent trades;","k. liquidity conditions;","l. settlement impact;","m. liquidation impact;","n. expiry proximity;","o. data provider status; and","p. any other information we reasonably consider relevant.","3.3 Oracle prices, mark prices, index prices, and other pricing inputs may depend on third-party data providers, oracle networks, index providers, and other external sources. We are not responsible for the accuracy, availability, continuity, or performance of any third-party data source. A failure, disruption, manipulation, or discontinuation of any third-party data source may result in delayed, stale, inaccurate, or unavailable pricing inputs, and we may apply a fallback methodology in accordance with sections 3.1 and 3.2 where we reasonably consider this necessary.","4. Settlement","4.1 Settlement may occur according to smart contract mechanics, protocol rules, governance decisions, risk framework, oracle values, settlement prices, Trading Rules, or other applicable process.","4.2 Settlement may be delayed, adjusted, suspended, rerun, disregarded, or otherwise modified through available Application functionality and where applicable through protocol governance, smart contract mechanics, risk parameters, or governance-approved processes, based on available market data, oracle data, or other objective evidence relevant to the settlement determination where we reasonably consider this necessary or appropriate because of a Mistrade, Erroneous Transaction, oracle issue, data issue, market integrity issue, security issue, technical issue, operational issue, liquidation issue, insolvency, insurance fund issue, or abnormal market condition.","4.3 Where you believe that a settlement price, settlement amount, or settlement outcome is inaccurate, inconsistent with prevailing market conditions, or otherwise erroneous, you must notify us as soon as reasonably practicable and, where possible, before the expiry of the next scheduled settlement or within 24 hours of becoming aware of the issue, whichever is earlier. Failure to notify us promptly may limit the remedies available to you in connection with the relevant settlement.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/oracle-mark-price-and-settlement-policy"},"/privacy-policy":{"version":1,"title":"Derive.xyz | Privacy Policy","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Privacy Policy"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: 9  May 2026","Table of Contents","What information do we collect?","How do we process your information?","What legal bases do we rely on to process your information?","When and with whom do we share your personal information?","Do we use cookies and other tracking technologies?","How long do we keep your information?","How do we keep your information safe?","Do we collect information from minors?","What are your privacy rights?","Controls for do-not-track features","Do other regions have specific privacy rights?","Online tracking","Do we make updates to this notice?","How can you contact us about this notice?","How can you review, update, or delete the data we collect from you?","This privacy notice for Lyra Technologies Corp. (’we’, ’us’, or ’our’), describes how and why we might collect, store, use, and/or share (’process’) your information when you use our services (’Services’), such as when you:","- Visit our website at www.derive.xyz,","- or any website of ours that links to this privacy notice Engage with us in other related ways, including any     sales, marketing, or events","Questions or concerns? Reading this privacy notice will help you understand your privacy rights and choices. If you do not agree with our policies and practices, please do not use our Services. If you still have any questions or concerns, please contact us at support@derive.xyz.","1. WHAT INFORMATION DO WE COLLECT?","Personal information you disclose to us","In Short: We collect personal information that you provide to us.","We collect personal information that you voluntarily provide to us when you register on the Services, express an interest in obtaining information about us or our products and Services, when you participate in activities on the Services, or otherwise when you contact us.","Personal Information Provided by You. The personal information that we collect depends on the context of your interactions with us and the Services, the choices you make, and the products and features you use. The personal information we collect may include the following:","- Email addresses","- Names","- Ethereum network address","- Transaction history","- Cryptocurrency wallet information- Social Media & Messaging Identifiers: Such as your Telegram handle, Discord username, X (Twitter) handle, or other social media aliases you provide to us for community engagement, support, or rewards programs","Additional information we may collect. Depending on how you interact with the Services, we may also collect wallet addresses, account or subaccount identifiers, API key metadata, session key metadata, RFQ records, order history, quote history, trade history, transaction history, market data access logs, API logs, WebSocket usage logs, blockchain analytics data, wallet screening results, sanctions screening results, transaction monitoring data, market surveillance data, support communications, and any other information you provide to us or that is generated through your use of the Services.","Sensitive Information. We do not process sensitive information.","All personal information that you provide to us must be true, complete, and accurate, and you must notify us of any changes to such personal information.","Information automatically collected","In Short: Some information — such as your Internet Protocol (IP) address and/or browser and device characteristics — is collected automatically when you visit our Services.We automatically collect certain information when you visit, use, or navigate the Services. This information does not reveal your specific identity (like your name or contact information) but may include device and usage information such as your IP address, browser, and device characteristics, operating system, language preferences, referring URLs, device name, country, location information about how and when you use our Services, and other technical information. This information is primarily needed to maintain the security and operation of our Services and for our internal analytics and reporting purposes.","Like many businesses, we also collect information through cookies and similar technologies.","Log and Usage Data. Log and usage data is service-related, diagnostic, usage, and performance information our servers automatically collect when you access or use our Services and which we record in log files. Depending on how you interact with us, this log data may include your IP address, device information, browser type and settings, and information about your activity in the Services (such as the date/time stamps associated with your usage, pages and files viewed, searches and other actions you take such as which features you use), device event information (such as system activity, error reports (sometimes called “crash dumps“), and hardware settings).","Device Data. We collect device data such as information about your computer, phone, tablet, or other device you use to access the Services. Depending on the device used, this device data may include information such as your IP address (or proxy server), device and application identification numbers, location, browser type, hardware model, Internet service provider and/or mobile carrier, operating system, and system configuration information.","Location Data. We collect location data such as information about your device's location, which can be either precise or imprecise. How much information we collect depends on the type and settings of the device you use to access the Services. For example, we may use GPS and other technologies to collect geolocation data that tells us your current location (based on your IP address). You can opt out of allowing us to collect this information either by refusing access to the information or by disabling your Location setting on your device. Note, however, if you choose to opt out, you may not be able to use certain aspects of the Services.","2. HOW DO WE PROCESS YOUR INFORMATION?","In Short: We process your information to provide, improve, and administer our Services, communicate with you, for security and fraud prevention, and to comply with law. We may also process your information for other purposes with your consent.We process your personal information for a variety of reasons depending on how you interact with our Services, including:","- To facilitate account creation and authentication and otherwise manage user accounts. We may process your information so you can create and log in to your account as well as keep your account in working order.","- To deliver and facilitate delivery of services to the user. We may process your information to provide you with the requested service.","- To respond to user inquiries/offer support to users. We may process your information to respond to your inquiries and solve any potential issues you might have with the requested service.","- To send administrative information to you. We may process your information to send you details about our products and services, changes to our terms and policies, and other similar information.","- To fulfil and manage your orders. We may process your information to fulfil and manage your orders, payments, returns, and exchanges made through the Services.","- To request feedback. We may process your information when necessary to request feedback and to contact you about your use of our Services.","- To protect our Services. We may process your information as part of our efforts to keep our Services safe and secure, including fraud monitoring and prevention.","- To identify usage trends. We may process information about how you use our Services to better understand how they are being used so we can improve them.","- To determine the effectiveness of our marketing and promotional campaigns. We may process your information to better understand how to provide marketing and promotional campaigns that are most relevant to you.","- To save or protect an individual’s vital interest. We may process your information when necessary to save or protect an individual’s vital interest, such as to prevent harm.","- To provide and operate the Services, including the Application, API, RFQ, trading, wallet, account, market data, and session-key functionality.","- To assess eligibility, restricted jurisdiction controls, sanctions, wallet risk, and compliance requirements.","- To conduct blockchain analytics, sanctions screening, wallet screening, transaction monitoring, market surveillance, and financial crime prevention.","- To monitor transactions, RFQs, orders, quotes, trades, API activity, WebSocket usage, market data access, and account activity.","- To detect, prevent, investigate, and respond to fraud, market abuse, manipulation, financial crime, sanctions evasion, security incidents, misuse of the Services, and breaches of our Terms of Use or Trading Rules.","- To conduct market integrity reviews, Mistrade reviews, Erroneous Transaction reviews, settlement reviews, liquidation reviews, compliance reviews, and risk reviews.","- To apply access restrictions, risk controls, compliance controls, security controls, and market integrity controls.","- To enforce the Terms of Use, Trading Rules, API rules, RFQ rules, data usage rules, market maker rules, and other applicable policies.","- To manage disputes, investigations, claims, legal obligations, audits, enforcement actions, and regulatory or compliance requests.","- To maintain audit records, acceptance records, account records, API records, market data access records, and other operational records.","3. WHAT LEGAL BASES DO WE RELY ON TO PROCESS YOUR INFORMATION?","In Short: We only process your personal information when we believe it’s necessary, and we have a valid legal reason (i.e., legal basis) to do so under applicable law, like with your consent, to comply with laws, to provide you with services, to enter into or fulfill our contractual obligations, to protect your rights, or to fulfill our legitimate business interests.","The General Data Protection Regulation (GDPR) and UK GDPR require us to explain the valid legal bases we rely on to process your personal information. As such, we may rely on the following legal bases to process your personal information:","Consent. We may process your information if you have given us permission (i.e., consent) to use your personal information for a specific purpose. You can withdraw your consent at any time. Learn more about withdrawing your consent.","Performance of a Contract. We may process your personal information when we believe it’s necessary to fulfill our contractual obligations to you, including providing our Services, or at your request prior to entering into a contract with you.","Legitimate Interests. We may process your information when we believe it’s reasonably necessary to achieve our legitimate business interests, and those interests do not outweigh your interests and fundamental rights and freedoms. For example, we may process your personal information for some of the purposes described in order to:","1. Analyze how our Services are used, so we can improve them to engage and retain users","2. Support our marketing activities","3. Diagnose problems and/or prevent fraudulent activities","4. Understand how our users use our products and services, so we can improve user experience","Legal Obligations. We may process your information where we believe it’s necessary for compliance with our legal obligations, such as to cooperate with a law enforcement body or regulatory agency, exercise or defend our legal rights, or disclose your information as evidence in litigation in which we are involved.","Vital Interests. We may process your information where we believe it’s necessary to protect your vital interests or the vital interests of a third party, such as situations involving potential threats to the safety of any person.","4. WHEN AND WITH WHOM DO WE SHARE YOUR PERSONAL INFORMATION?","In Short: We may share information in specific situations described in this section and/or with the following categories of third parties.","Vendors, Consultants, and Other Third-Party Service Providers. We may share your data with third-party vendors, service providers, contractors, or agents (“third parties”) who perform services for us or on our behalf and require access to such information to do that work. The categories of third parties we may share personal information with are as follows:","- Data Analytics Services","- Cloud Computing Services","- Data Storage Service Providers","- Sales & Marketing Tools","- User Account Registration & Authentication Services","- Website Hosting Service Providers","- Testing Tools","- Performance Monitoring Tools","- Product Engineering & Design Tools","We also may need to share your personal information in the following situations:","Business Transfers. We may share or transfer your information in connection with, or during negotiations of, any merger, sale of company assets, financing, or acquisition of all or a portion of our business to another company.","We may share information with blockchain analytics providers, wallet screening providers, sanctions screening providers, geolocation providers, fraud prevention providers, market surveillance providers, API infrastructure providers, wallet infrastructure providers, hosting and infrastructure providers, analytics providers, legal advisers, compliance advisers, professional advisers, auditors, regulators, courts, law enforcement, governmental authorities, and other authorities where required or appropriate.","In Short: We may use cookies and other tracking technologies to collect and store your information.","We may use cookies and similar tracking technologies (like web beacons and pixels) to access or store information. Specific information about how we use such technologies and how you can refuse certain cookies is set out in our Cookie Notice.","In Short: We keep your information for as long as necessary to fulfil the purposes outlined in this privacy notice unless otherwise required by law.","We will only keep your personal information for as long as it is necessary for the purposes set out in this privacy notice unless a longer retention period is required or permitted by law (such as tax, accounting, or other legal requirements). No purpose in this notice will require us keeping your personal information for longer than three (3) months past the termination of the user’s account.","When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize such information, or if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.","We may retain records relating to wallet screening, sanctions screening, blockchain analytics, RFQs, orders, quotes, trades, API logs, WebSocket usage, market data access, market surveillance, market integrity reviews, Mistrade reviews, Erroneous Transaction reviews, settlement reviews, liquidation reviews, disputes, investigations, claims, legal obligations, acceptance records, audit records, security, fraud prevention, financial crime prevention, compliance, and enforcement for as long as reasonably necessary for the purposes described in this Privacy Policy, the Terms of Use, the Trading Rules, legal compliance, dispute resolution, enforcement, audit, security, financial crime prevention, and market integrity.","7. HOW DO WE KEEP YOUR INFORMATION SAFE?","In Short: We aim to protect your personal information through a system of organisational and technical security measures.","We have implemented appropriate and reasonable technical and organisational security measures designed to protect the security of any personal information we process. However, despite our safeguards and efforts to secure your information, no electronic transmission over the Internet or information storage technology can be guaranteed to be 100% secure, so we cannot promise or guarantee that hackers, cybercriminals, or other unauthorised third parties will not be able to defeat our security and improperly collect, access, steal, or modify your information. Although we will do our best to protect your personal information, transmission of personal information to and from our Services is at your own risk. You should only access the Services within a secure environment.","In Short: We do not knowingly collect data from or market to children under 18 years of age.","We do not knowingly solicit data from or market to children under 18 years of age. By using the Services, you represent that you are at least 18, or that you are the parent or guardian of such a minor and consent to such minor dependent’s use of the Services. If we learn that personal information from users less than 18 years of age has been collected, we will deactivate the account and take reasonable measures to promptly delete such data from our records. If you become aware of any data we may have collected from children under age 18, please contact us at support@derive.xyz.","9. WHAT ARE YOUR PRIVACY RIGHTS?","In Short: In some regions, such as the European Economic Area (EEA), United Kingdom (UK), and Switzerland, you have rights that allow you greater access to and control over your personal information. You may review, change, or terminate your account at any time.","In some regions (like the EEA, UK, and Switzerland), you have certain rights under applicable data protection laws. These may include the right (i) to request access and obtain a copy of your personal information, (ii) to request rectification or erasure; (iii) to restrict the processing of your personal information; (iv) if applicable, to data portability; and (v) not to be subject to automated decision-making. In certain circumstances, you may also have the right to object to the processing of your personal information. You can make such a request by contacting us using the contact details provided in the section ’HOW CAN YOU CONTACT US ABOUT THIS NOTICE?’ below.","We will consider and act upon any request in accordance with applicable data protection laws.If you are located in the EEA or UK and you believe we are unlawfully processing your personal information, you also have the right to complain to your Member State data protection authority or UK data protection authority.","If you are located in Switzerland, you may contact the Federal Data Protection and Information Commissioner.","Withdrawing your consent: If we are relying on your consent to process your personal information, you have the right to withdraw your consent at any time. You can withdraw your consent at any time by contacting us using the contact details provided in the section ’HOW CAN YOU CONTACT US ABOUT THIS NOTICE?’ below.However, please note that this will not affect the lawfulness of the processing before its withdrawal, nor will it affect the processing of your personal information conducted in reliance on lawful processing grounds other than consent.","Opting out of marketing and promotional communications: You can unsubscribe from our marketing and promotional communications at any time by clicking on the unsubscribe link in the emails that we send or by contacting us using the details provided in the section ’HOW CAN YOU CONTACT US ABOUT THIS NOTICE?’ below. You will then be removed from the marketing lists. However, we may still communicate with you — for example, to send you service-related messages that are necessary for the administration and use of your account, to respond to service requests, or for other non-marketing purposes.","Account Information","If you would at any time like to review or change the information in your account or terminate your account, you can:","- Contact us using the contact information provided.","Upon your request to terminate your account, we will deactivate or delete your account and information from our active databases. However, we may retain some information in our files to prevent fraud, troubleshoot problems, assist with any investigations, enforce our legal terms and/or comply with applicable legal requirements.","Cookies and similar technologies: Most Web browsers are set to accept cookies by default. If you prefer, you can usually choose to set your browser to remove cookies and to reject cookies. If you choose to remove cookies or reject cookies, this could affect certain features or services of our Services.","If you have questions or comments about your privacy rights, you may email us at support@derive.xyz.","10. CONTROLS FOR DO-NOT-TRACK FEATURES","Most web browsers and some mobile operating systems and mobile applications include a Do-Not-Track (‘DNT’) feature or setting you can activate to signal your privacy preference not to have data about your online browsing activities monitored and collected. At this stage, no uniform technology standard for recognising and implementing DNT signals has been finalised. As such, we do not currently respond to DNT browser signals or any other mechanism that automatically communicates your choice not to be tracked online. If a standard for online tracking is adopted that we must follow in the future, we will inform you about that practice in a revised version of this privacy notice.","11. DO OTHER REGIONS HAVE SPECIFIC PRIVACY RIGHTS?","In Short: You may have additional rights based on the country you reside in.","New Zealand.","We collect and process your personal information under the obligations and conditions set by New Zealand’s Privacy Act 2020 (Privacy Act).This privacy notice satisfies the notice requirements defined in the Privacy Act, in particular: what personal information we collect from you, from which sources, for which purposes, and other recipients of your personal information.","If you do not wish to provide the personal information necessary to fulfill their applicable purpose, it may affect our ability to provide our services, in particular:","- Offer you the products or services that you want.","- Respond to or help with your requests.","- Manage your account with us.","- Confirm your identity and protect your account.","At any time, you have the right to request access to or correction of your personal information. You can make such a request by contacting us using the contact details provided in the section ’HOW CAN YOU REVIEW, UPDATE, OR DELETE THE DATA WE COLLECT FROM YOU?’","If you believe we are unlawfully processing your personal information, you have the right to submit a complaint about a breach of New Zealand’s Privacy Principles to the Office of New Zealand Privacy Commissioner.","Republic of South Africa","If you are unsatisfied with the manner in which we address any complaint with regard to our processing of personal information, you can contact the office of the regulator, the details of which are:The Information Regulator (South Africa)General enquiries: enquiries@inforegulator.org.zaComplaints (complete POPIA/PAIA form 5): PAIAComplaints@inforegulator.org.za & POPIAComplaints@inforegulator.org.za.","Cookies are small text files of letters and numbers that are stored and accessed on your browser or the hard drive of your device. Like many companies online, we use services provided by Google and other companies that use cookies and other tracking technology to collect directly from your device information about your browsing activities, your interactions with websites, and the device you are using to connect to the Internet.","The use of these technologies will improve your experience when you browse or use the Services and allow us to enhance the functionality of the Services, increase security, and measure the use and effectiveness of the Services.","This Policy also governs:","- Pixels: A pixel is a small amount of code on a web page or in an email notification that typically works in conjunction with cookies to identify users and record user behavior. We use pixels to learn whether you have interacted with certain web or email content. This helps us measure and improve the Services and personalize your experience.","- Local Storage: Local storage is an industry-standard technology that allows a website or application to store information locally on your computer or mobile device. We use local storage, including HTML5, to customize what we show you based on your content consumption and other past interactions with the Services.","- Device Identifiers: Device identifiers are distinctive numbers associated with a smartphone or similar handheld device. We use mobile device identifiers for purposes set out in this Policy, for example, to recognize your device when you return to the Services or otherwise use the Services.","We use the following types of cookies:","- Strictly necessary cookies: These cookies are necessary for the Services to function and cannot be switched off in our systems. They allow us to enable security, prevent fraud, and debug the website and are usually only set in response to actions made by you which amount to a request for Services, such as setting your privacy preferences, logging in, or filling in forms. You can set your browser to block or alert you about these cookies, but then some parts of the Services will not work.","- Analytical or Performance cookies: These cookies allow us to count visits and traffic sources so we can measure and improve the performance of the Services. They help us to know which pages are the most and least popular and see how visitors move around the Services. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies, we will not know when you have visited the Services and will not be able to monitor its performance.","- Functional cookies: These are used to recognize you when you return to the Services. This enables us to personalize our content for you, greet you by name, and remember your account preferences.","- Marketing cookies: These cookies are used by third-party advertisers or publishers to display personalized advertising. They do this by tracking your activity across websites.","We use both persistent cookies and session cookies. Persistent cookies stay on your device for a set period of time or until you delete them, while session cookies are deleted once you close your web browser. The cookies placed through your use of the Services are either set by us (first-party cookies) or by a third party at our request (third-party cookies).","You have a number of options to object, control, or limit how we, our partners, and other third parties use cookies. You can block cookies through the mechanisms described below. However, note that cookies are important to many aspects of the Services. If you disable all cookies, you may not be able to enjoy all features of the Services.","- Blocking cookies in your browser: Most browsers let you remove or reject cookies, including cookies used for interest-based advertising. To do this, follow the instructions in your browser settings. Many browsers accept cookies by default until you change your settings. For more information about cookies, including how to see what cookies have been set on your device and how to manage and delete them, visit http://www.allaboutcookies.org.","- Blocking advertising ID use in your mobile settings: Your mobile device settings may provide functionality to limit use of the advertising ID associated with your mobile device for interest-based advertising purposes.","- Using privacy plug-ins or browsers: You can block our websites from setting cookies used for interest-based ads by using a browser with privacy features, like Brave, or installing browser plugins like Privacy Badger, Ghostery, or uBlock Origin, and configuring them to block third-party cookies or trackers. - Platform opt-outs. The following advertising partner offers opt-out features that let you opt-out of use of your information for interest-based advertising: Google: https://adssettings.google.com.","- Advertising industry opt-out tools. You can also use the opt-out options set forth below to limit use of your information for interest-based advertising by participating companies. Note that because these opt-out mechanisms are specific to the device or browser on which they are exercised, you will need to opt out on every browser and device that you use.","- Digital Advertising Alliance: http://optout.aboutads.info","- Network Advertising Initiative: http://optout.networkadvertising.org/","13. DO WE MAKE UPDATES TO THIS NOTICE?","In Short: Yes, we will update this notice as necessary to stay compliant with relevant laws.","We may update this privacy notice from time to time. The updated version will be indicated by an updated ’Revised’ date and the updated version will be effective as soon as it is accessible. If we make material changes to this privacy notice, we may notify you either by prominently posting a notice of such changes or by directly sending you a notification. We encourage you to review this privacy notice frequently to be informed of how we are protecting your information.","14. HOW CAN YOU CONTACT US ABOUT THIS NOTICE?","If you have questions or comments about this notice, you may email us at support@derive.xyz or contact us by post at:","Lyra Technologies Corp.9 Forum Ln Camana BaySuite 3119 PO Box 144George Town KY1-9006","15. HOW CAN YOU REVIEW, UPDATE, OR DELETE THE DATA WE COLLECT FROM YOU?","Based on the applicable laws of your country, you may have the right to request access to the personal information we collect from you, change that information, or delete it. To request to review, update, or delete your personal information, please contact us at support@derive.xyz.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/privacy-policy"},"/data-usage-policy":{"version":1,"title":"Derive.xyz | Terms of Use","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Derive Data Usage Policy"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: 30 June 2026","Table of Contents","Status of this policy","Permitted uses","Prohibited uses","Commercial and derived data licensing","Third-party data","No data warranty or benchmark reliance","API, WebsSocket and feed access","Enforcement","1. Purpose and scope","1.1 This Derive Data Usage Policy (the \"Policy\") forms part of the Derive Terms of Use and applies to all access to and use of Derive Data.","1.2 This Policy applies whether Derive Data is accessed through the Application, user interface, API, WebSocket stream, public endpoint, data feed, downloadable file, market data file, historical dataset, cache, screenshot, export, or any other method.","1.3 By accessing or using Derive Data, you agree to comply with this Policy, the Derive Terms of Use, the Trading Rules, and any separate written agreement that applies to your access to or use of Derive Data.","2. Definitions","2.1 \"Application\" has the meaning given in the Derive Terms of Use.","2.2 \"Authorised Commercial Data Distributor\" means any affiliate, licensor, service provider, or other person authorised by Lyra Technologies Corp. or its licensors to commercialise, license, sublicense, distribute, provide access to, or administer commercial access to Derive Data.","2.3 \"Derive Data\" means any data, information, content, output, API response, price, quote, mark, index, oracle value, volatility value, theoretical value, orderbook data, RFQ data, trade data, settlement data, liquidation data, account data, analytics, metric, report, or other information made available through or in connection with the Application, whether displayed in the user interface, provided through an API, downloadable, transmitted, cached, or otherwise accessible.","2.4 \"Terms\" means the Derive Terms of Use, as amended or supplemented from time to time.","3. Limited permitted use","3.1 Subject to your compliance with the Terms, the Trading Rules and this Policy, you may access and use Derive Data solely for your own personal or internal trading, risk management, account monitoring, research and operational use in connection with your permitted use of the Application.","3.2 Any use of Derive Data beyond this limited use requires prior written consent from Lyra Technologies Corp., its licensor, its affiliate, or an Authorised Commercial Data Distributor, and may require a separate data licence, API agreement, market data agreement, commercial agreement, or other written agreement.","3.3 Access to the Application does not include any right to receive, use, redistribute, store, commercialise, benchmark, index, value, publish, resell, sublicense, scrape, systematically extract, or create derived products from Derive Data except as expressly permitted under the Terms, this Policy, or a separate written agreement.","4. Prohibited uses","4.1 Unless expressly permitted under a separate written agreement with Lyra Technologies Corp., its licensor, its affiliate, or an Authorised Commercial Data Distributor, you must not:","(a) redistribute, resell, sublicense, publish, broadcast, syndicate, transmit, or otherwise make Derive Data available to any third party;(b) use Derive Data for any commercial purpose, including in connection with any trading service, brokerage, exchange, venue, data product, index, benchmark, analytics product, research product, API, bot, model, signals product, dashboard, or other commercial offering;","(c) create, calculate, publish, distribute, or maintain any derived dataset, index, benchmark, fixing, pricing service, valuation service, marks service, settlement service, market data product, database, analytics product, or other product or service using Derive Data;","(d) use Derive Data to train, fine-tune, ground, validate, evaluate, populate, improve, or operate any artificial intelligence, machine learning, statistical, quantitative, or similar model or system;","(e) scrape, harvest, cache, store, systematically extract, bulk download, or collect Derive Data by automated means, whether through bots, crawlers, spiders, scripts, API polling, WebSocket capture, or otherwise;","(f) use Derive Data to support, operate, or develop any derivatives exchange, options protocol, orderbook trading venue, RFQ venue, execution venue, or market data product that competes with the Application, the Derive protocol, Lyra Technologies Corp., Derive Foundation, Derive Labs Corporation, or any related market data service;","(g) use Derive Data, alone or combined with other information, to identify or attempt to identify any person or entity behind any wallet, subaccount, order, RFQ, quote, trade, position, strategy, or trading firm;","(h) publish, disclose, or distribute any research, report, dashboard, alert, model output, or analysis that identifies or purports to identify the trading activity, positions, performance, strategies, or identity of any individual user, wallet, subaccount, or trading firm;","(i) remove, obscure, or alter any proprietary notice, attribution, watermark, or identifier relating to Derive Data;","(j) circumvent or attempt to circumvent any access control, authentication requirement, usage limit, rate limit, monitoring tool, download restriction, API restriction, or technical control; or","(k) use Derive Data in violation of applicable law or in a way that could impair market integrity, system security, data rights, third-party rights, or commercial data licensing arrangements.","5. Public endpoints, APIs and feeds","5.1 Access to public or semi-public APIs, WebSocket streams, feeds, files, dashboards, pages, or endpoints does not make Derive Data free for unrestricted commercial use.","5.2 Use of Derive APIs, WebSocket streams, feeds, files, dashboards, public endpoints, and website data is subject to the Terms and this Policy, whether or not the relevant endpoint requires authentication.","5.3 Commercial use, redistribution, derived data products, benchmarks, indices, valuation services, pricing services, oracle services, analytics products, research products, dashboards, systematic extraction, scraping, or AI/ML use of Derive Data requires prior written consent or a separate written agreement with Lyra Technologies Corp., its licensor, its affiliate, or an Authorised Commercial Data Distributor.","5.4 We may require API key registration, authentication, rate limiting, throttling, IP allowlisting, contractual commitments, technical controls, or other conditions for access to Derive Data.","5.5 Circumvention of technical controls, authentication requirements, rate limits, IP limits, robots instructions, access controls, or other restrictions is prohibited and may result in suspension, termination of access, legal claims, or other remedies.","6. Ownership and third-party data","6.1 As between you and Lyra Technologies Corp., Lyra Technologies Corp. and its affiliates and licensors own all right, title, and interest in and to Derive Data, including all intellectual property, database, compilation, contractual and other rights therein, and you have no rights in or to Derive Data except as expressly granted under the Terms, this Policy, or a separate written agreement.","6.2 Authorised Commercial Data Distributors may license Derive Data only to the extent authorised by Lyra Technologies Corp. or its licensors.","6.3 Derive Data may include, reference, incorporate, or be derived from third-party data, including oracle data, index data, market data, blockchain data, infrastructure data, analytics data, and other third-party data. Your right to use Derive Data does not include any separate right to use third-party data except as made available through the Application for the limited purposes permitted by the Terms, this Policy, or a separate written agreement.","6.4 Derive Data may be incomplete, inaccurate, delayed, interrupted, corrupted, unavailable, stale, or subject to error. Derive Data is provided as is and as available.","7. Monitoring and enforcement","7.1 We and our service providers may monitor access to and use of Derive Data, including API usage, WebSocket usage, endpoint access, market data access logs, download volume, egress, credential use, access patterns, IP addresses, devices, account identifiers, subaccount identifiers, and other usage information, in each case subject to the Privacy Policy.","7.2 We may impose rate limits, throttling, access restrictions, suspension, termination, licence requirements, audit requirements, reporting requirements, commercial terms, or other controls where we reasonably suspect breach of the Terms, this Policy, any separate written agreement, unauthorised use of Derive Data, excessive data use, or conduct that may impair the Application, the Derive protocol, market integrity, data rights, third-party data rights, or commercial data licensing arrangements.","7.3 You must provide information reasonably requested to verify compliance with this Policy or any separate written agreement governing Derive Data.","8. Separate written agreements","8.1 Nothing in this Policy limits any rights expressly granted under a separate written agreement with Lyra Technologies Corp., its licensor, its affiliate, or an Authorised Commercial Data Distributor.","8.2 In the event of conflict concerning commercial access to Derive Data, the separate written agreement prevails only for the specific commercial data matters expressly addressed in that agreement.","8.3 No separate written agreement limits the application of the Terms, the Trading Rules, market integrity rules, access restrictions, compliance restrictions, sanctions restrictions, monitoring rights, or other protective provisions unless that agreement expressly states that it overrides those provisions.","9. Changes to this Policy","9.1 This Policy may be amended, modified, updated, replaced, or supplemented from time to time in accordance with the Terms.","9.2 Your continued access to or use of Derive Data after any update constitutes acceptance of the updated Policy.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/data-usage-policy"},"/market-parameters-and-controls":{"version":1,"title":"Derive.xyz | Terms of Use","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Market Parameters and Controls Schedule"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: 9 May 2026","Table of Contents","Status of this schedule","Parameters and controls","Updates and discretion","No guarantee","1. Status of this schedule","1.1 This Market Parameters and Controls Schedule forms part of the Trading Rules incorporated into the Terms of Use.","1.2 This schedule describes categories of market parameters, controls, limits, thresholds, and operational settings that may apply to the Application or Derive Protocol. Specific values may be published in the Application, documentation, API documentation, governance dashboard, risk dashboard, or other live parameter service. Some parameters and controls operate at the Application layer and may be set or modified by us. Others operate at the protocol level and may require governance decisions, smart contract updates, or DAO-approved processes to implement or change. Parameters shown on this page may be updated dynamically and may differ by market, account, instrument, expiry, collateral type, trading mode, user type, market condition, or risk state. Where available, this page should link to or render live values for open interest caps, RFQ bands, orderbook price bands, API limits, market maker protection limits, oracle-distance controls, margin parameters, liquidation parameters, and settlement parameters. Where there is inconsistency between this page and live values displayed in the Application, API, governance dashboard, risk engine, or other live parameter service, the live values may prevail.","2. Parameters and controls","2.1 Parameters and controls may include RFQ price bands, orderbook price bands, maximum RFQ size, maximum order size, minimum order size, tick size, contract specifications, expiry settings, near-expiry controls, open interest caps, position limits, account limits, subaccount limits, collateral limits, margin parameters, liquidation parameters, settlement parameters, oracle parameters, oracle-distance controls, API rate limits, quote-to-fill ratios, RFQ-to-trade ratios, order-to-volume ratios, cancellation limits, message rate limits, market maker protection settings, kill switches, quote exhaustion limits, max delta limits, max loss limits, and other settings.","2.2 Different parameters and controls may apply by market, product, instrument, expiry, collateral type, account, subaccount, user, liquidity provider, market maker, API user, transaction type, jurisdiction, risk profile, market condition, or other relevant criteria.","3. Updates and discretion","3.1 We may set, update, suspend, replace, widen, narrow, disregard, or apply fallback parameters or controls where we reasonably consider this necessary or appropriate through available Application functionality and where applicable through protocol governance, smart contract mechanics, risk parameters, or governance-approved processes for market integrity, liquidity, risk management, technical operation, settlement, liquidation, security, compliance, oracle operation, abnormal market conditions, or orderly operation.","3.2 Parameter changes may be made prospectively, immediately, temporarily, during a Fast Market or Disrupted Market, or as part of a Mistrade, Erroneous Transaction, market integrity, oracle, settlement, liquidation, or emergency process.","3.3 We are not required to disclose confidential parameters, thresholds, risk criteria, surveillance criteria, security settings, compliance criteria, market maker settings, or internal controls where disclosure could compromise security, market integrity, legal compliance, financial crime prevention, orderly operation, or risk management. We will not invoke this section 3.3 to withhold from a participant the general category of parameter or control that has been applied to their account, market access, or transactions, where we are reasonably able to provide that general category without compromising specific confidential criteria or processes.","4. No guarantee","4.1 No parameter, control, limit, threshold, market maker protection setting, price band, rate limit, risk check, margin check, oracle check, or other control guarantees that losses, Mistrades, Erroneous Transactions, disorderly trading, excessive activity, liquidation, settlement disruption, or other issues will be prevented, limited, cancelled, adjusted, or reversed. This applies whether the relevant parameter or control operates at the Application layer or the protocol level, and whether any failure to prevent, limit, or reverse an issue results from a technical failure, operational failure, governance delay or failure, or other cause.","4.2 You are responsible for monitoring parameters and controls that affect your positions, orders, margin, collateral, liquidation risk, and account health, including changes to parameters at the Application layer and the protocol level. We are not responsible for losses arising from your failure to monitor parameter changes or to adjust your positions, orders, or collateral in response to parameter changes.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/market-parameters-and-controls"},"/market-maker-and-liquidity-provider-supplement":{"version":1,"title":"Derive.xyz | Terms of Use","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Market Maker and Liquidity Provider Supplement"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: 9 May 2026","Table of Contents","Status of this supplement","Responsibility for systems and quote engines","Market maker protection tools","Notification and cooperation","Restrictions, suspension and cost allocation","1. Status of this supplement","1.1 This Market Maker and Liquidity Provider Supplement forms part of the Trading Rules incorporated into the Terms of Use.","1.2 This supplement applies to Affiliate Liquidity Providers, unaffiliated market makers, liquidity providers, RFQ participants, API users, quote providers, and other participants that provide or attempt to provide liquidity through or in connection with the Application or Derive Protocol.","2. Responsibility for systems and quote engines","2.1 Market makers and liquidity providers are responsible for the design, testing, configuration, supervision, operation, monitoring, maintenance, and performance of their own quote engines, pricing models, hedging systems, APIs, algorithms, bots, agents, systems, employees, contractors, service providers, and controls.","2.2 Market makers and liquidity providers must maintain appropriate pre-trade and post-trade controls, rate limits, kill switches, error controls, position limits, inventory controls, max loss limits, max delta limits, market maker protection settings, and supervision to prevent erroneous, unintended, excessive, stale, disruptive, malformed, manipulative, or disorderly quotes, RFQ responses, orders, cancellations, messages, or transactions.","2.3 Market makers and liquidity providers must promptly disable or restrict any API key, session key, quote engine, pricing model, bot, algorithm, system, or service provider that is malfunctioning, producing erroneous activity, creating disorderly trading, or otherwise creating risk to users, the Application, the Derive Protocol, market integrity, settlement, liquidation, or orderly operation.","2.4 Market makers and liquidity providers are responsible for ensuring that their systems, APIs, quote engines, and pricing models maintain reasonable connectivity to prevailing market conditions, external reference prices, comparable venues, and available oracle data at the time quotes or RFQ responses are submitted. A market maker or liquidity provider may not rely on a failure of its internal systems to monitor or incorporate external market data as a basis for challenging a Mistrade or Erroneous Transaction determination where the relevant quote was materially disconnected from prevailing market conditions.","3. Market maker protection tools","3.1 We may make available market maker protection tools, RFQ controls, quote limits, max quantity limits, max delta limits, max loss limits, quote exhaustion limits, kill switches, market suspension tools, API throttles, and other controls.","3.2 Market makers and liquidity providers remain responsible for all quotes, RFQ responses, orders, API messages, algorithms, systems, bots, agents, and service providers used through their accounts, whether or not any market maker protection tool is available, enabled, disabled, triggered, delayed, unavailable, incorrectly configured, or fails to operate as expected.","3.3 A market maker or liquidity provider may not rely on the availability, non-availability, operation, non-operation, setting, triggering, or non-triggering of any Application-level or protocol-level protection as a guarantee that erroneous, unintended, excessive, stale, or loss-making quotes, RFQ responses, orders, or transactions will be prevented, cancelled, adjusted, or reversed.","4. Notification and cooperation","4.1 Market makers and liquidity providers must notify us as soon as reasonably practicable and, where possible, within 60 minutes of becoming aware of any actual or suspected pricing error, quote engine malfunction, API malfunction, system issue, stale quote, excessive activity, market maker protection issue, Mistrade, Erroneous Transaction, settlement issue, margin issue, liquidation issue, or other matter that may affect market integrity or orderly operation. Failure to notify within this period may limit the remedies available to the market maker or liquidity provider in connection with the relevant issue.","4.2 We may require market makers and liquidity providers to provide information about quote logic, controls, testing, supervision, trading purpose, beneficial ownership, hedging, risk management, system status, and relevant records where we reasonably consider this necessary for market integrity, legal, compliance, security, settlement, liquidation, or operational purposes.","5. Restrictions, suspension and cost allocation","5.1 We may suspend, restrict, throttle, limit, disable, or condition market maker or liquidity provider access, RFQ access, orderbook access, API access, session keys, accounts, subaccounts, and access to markets, instruments, or transaction types through the Application and, where applicable, through protocol governance, risk parameters, or governance-approved processes where we reasonably consider this necessary or appropriate.","5.2 Where we reasonably determine, based on available evidence gathered in accordance with the Terms of Use and this supplement, that a market maker or liquidity provider causes or materially contributes to a Mistrade, Erroneous Transaction, market integrity issue, settlement issue, liquidation issue, or related issue, we may notify that market maker or liquidity provider in writing of our determination and seek reimbursement of reasonable, documented fees, costs, losses, administrative charges, settlement payments, or other amounts arising from or relating to the issue, review, corrective action, or voluntary resolution. Any right to seek reimbursement under this section 5.2 is a contractual right and does not constitute a regulatory fine, penalty, sanction, or enforcement action. We will provide the market maker or liquidity provider with reasonable supporting evidence of the amounts claimed and a period of not less than 10 business days to respond before pursuing any claim.","5.3 We do not insure or guarantee any market maker or liquidity provider against losses caused by its own quotes, RFQ responses, orders, pricing models, hedging systems, algorithms, APIs, systems, employees, contractors, service providers, or controls, including where such losses result from or are exacerbated by the operation, non-operation, or unavailability of any Application-level or protocol-level risk mechanism, insurance fund, security module, or market maker protection tool.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/market-maker-and-liquidity-provider-supplement"},"/margin-liquidation-and-loss-allocation-rules":{"version":1,"title":"Derive.xyz | Terms of Use","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Margin, Liquidation and Loss Allocation Rules"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: 9 May 2026","Table of Contents","Status of these rules","User responsibility","Liquidation and risk management","Insurance fund, clawback and socialised loss","1. Status of these rules","1.1 These Margin, Liquidation and Loss Allocation Rules form part of the Trading Rules incorporated into the Terms of Use.","1.2 These rules apply to margin, collateral, liquidation, partial liquidation, auctions, position transfer, cash settlement, forced settlement, insurance fund usage, security module usage, clawback, socialised loss, delayed settlement, adjusted settlement, and other risk or loss allocation processes associated with the Application or Derive Protocol.","2. User responsibility","2.1 You are responsible for monitoring your margin, collateral, positions, account health, liquidation risk, settlement risk, and expiry risk at all times.","2.2 The Application may display account health, margin, liquidation, mark price, collateral, or other risk information, but no display is guaranteed to be accurate, complete, current, continuous, or sufficient for your purposes. You must not rely solely on Application-displayed risk information for margin management, position monitoring, or liquidation risk assessment. You are responsible for independently verifying your margin, collateral, and position status.","2.3 You must maintain sufficient collateral and margin for all positions and potential obligations.","3. Liquidation and risk management","3.1 The Derive Protocol may liquidate, partially liquidate, auction, close, transfer, deleverage, cash-settle, force-settle, or otherwise adjust positions or collateral where required by the applicable risk framework, smart contract design, governance decision, market integrity process, liquidation process, or settlement process.","3.2 Liquidation or risk management processes may occur automatically, algorithmically, manually through available Application functionality or governance processes, through smart contract functions, through auctions, through RFQs, through third-party liquidators, through market makers, through governance, or through related operational processes.","3.3 Liquidation may occur earlier, later, differently, partially, or fully depending on market conditions, liquidity, risk parameters, account state, collateral type, market maker activity, oracle conditions, settlement conditions, and technical or operational constraints.","3.4 Where you become aware of any actual or suspected technical issue, oracle disruption, system malfunction, collateral issue, or other matter that may affect your margin, liquidation risk, or account health, you must notify us as soon as reasonably practicable. We are not responsible for losses arising from your failure to notify us of matters that were or ought reasonably to have been known to you.","3.5 Liquidation prices, auction prices, forced settlement prices, and related values used in connection with any liquidation or risk management process are determined by the applicable protocol, smart contract, risk framework, oracle values, mark prices, and market conditions at the relevant time. Such prices may differ from prevailing mark prices, theoretical values, last traded prices, or prices available on comparable venues, and no guarantee is made as to the price at which any position will be liquidated, auctioned, closed, or settled.","4. Insurance fund, clawback and socialised loss","4.1 In extreme circumstances, including market disruption, liquidity shortfall, oracle disruption, insolvency, insurance fund depletion, security module issue, smart contract issue, Mistrade, Erroneous Transaction, settlement issue, liquidation issue, governance decision, regulatory action or order, or other extraordinary event, accounts with profitable or positive positions or balances at the time of the relevant loss allocation event, or accounts that have received settlement proceeds, profit, or other value in connection with the relevant instrument, market, or event, may be subject to clawback, socialised loss, delayed settlement, adjusted settlement, forced deleveraging, or other loss allocation processes.","4.2 These processes may affect profitable positions, accounts that do not themselves breach margin requirements, or users that did not cause the relevant shortfall, where this is required by the protocol design, governance decision, applicable risk framework, market integrity process, settlement process, liquidation process, or extreme market circumstances.","4.3 No user has any guaranteed right to be protected by the insurance fund, security module, liquidation process, market maker, liquidity provider, or other participant. The insurance fund, security module, and related risk mechanisms are operational features of the Derive Protocol and are subject to depletion, governance decisions, technical constraints, and other limitations. Their availability at any particular time is not guaranteed.","4.4 Margin parameters, liquidation thresholds, risk limits, collateral requirements, price bands, and other parameters that affect your margin and liquidation risk may be set or changed at the protocol level through smart contract mechanics, governance decisions, or DAO-approved processes, or at the Application level through risk controls, price bands, API parameters, and related operational settings.","Where a parameter operates at the protocol level, any change requires governance or smart contract action through the Derive Protocol and is not within Lyra Technologies Corp’s unilateral control. Where a parameter operates at the Application level, we may set or adjust it through available Application functionality.","Where a change to an Application-level parameter may materially increase your immediate liquidation risk or significantly affect your margin requirements, we will endeavour to provide notice in accordance with section 14.1.2 of the Terms of Use, except where a shorter period or immediate change is required for market integrity, risk management, oracle, settlement, or other urgent reasons.","Where a change to a protocol-level parameter requires governance or smart contract action, we will endeavour to communicate material changes through available channels as soon as reasonably practicable, but the timing and implementation of any such change depends on the applicable governance and smart contract processes and is not solely within our control.","You are responsible for monitoring parameter changes at both the Application and protocol level and their effect on your positions, margin, and account health at all times.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/margin-liquidation-and-loss-allocation-rules"},"/images/derive_media-kit-logos.zip":{"version":1,"title":"Derive.xyz | Media Kit","description":"Access the Derive Media Kit. Download official logos, brand assets, and guidelines for press, partners, and community use.","keywords":"","h1":[],"h2":["Preparing your download..."],"h3":[],"h4":[],"h5":[],"h6":[],"p":["If it doesn’t start automatically, click here to download the media kit."],"codeblock":[],"url":"/images/derive_media-kit-logos.zip"},"/fees":{"version":1,"title":"Derive.xyz | Terms of Use","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":[],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/fees"},"/rfq-and-block-trading-rules":{"version":1,"title":"Derive.xyz | Terms of Use","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["RFQ and Block Trading Rules"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: 9 May 2026","Table of Contents","Status of these rules","RFQ mechanics","User responsibility","RFQ review and corrective action","Voluntary resolution","Market maker and liquidity provider quote controls","1. Status of these rules","1.1 These RFQ and Block Trading Rules form part of the Trading Rules incorporated into the Terms of Use.","1.2 These rules apply to RFQ, block, OTC, principal, streamed price, negotiated, or similar transactions made available through or in connection with the Application or Derive Protocol.","2. RFQ mechanics","2.1 RFQ, block, OTC, principal, streamed price, and similar transactions may be subject to different execution, matching, risk, margin, pricing, confirmation, cancellation, review, settlement, and market integrity rules than orderbook transactions.","2.2 An RFQ response or quote may be treated as firm and executable only for the specified instrument, direction, size, price, expiry, quote duration, account, counterparty, and other parameters specified in the response, and remains subject to the Terms of Use, Trading Rules, risk checks, Mistrade rules, Erroneous Transaction rules, market integrity review, and technical feasibility.","2.3 A quote materially disconnected from prevailing market conditions, mark prices, theoretical values, implied volatility, put-call parity, or comparable venue pricing is subject to review as a potential Mistrade or Erroneous Transaction regardless of whether it was displayed, transmitted, accepted, or executed. No RFQ participant should assume that a quote materially disconnected from prevailing market conditions will necessarily be treated as final merely because it was displayed, transmitted, accepted, or executed.","3. User responsibility","3.1 You are responsible for all RFQs, quotes, responses, orders, cancellations, acceptances, and executions submitted through your wallet, account, subaccount, API keys, session keys, bots, algorithms, systems, agents, service providers, or other tools.","3.2 You must not submit RFQs, quotes, responses, orders, or cancellations that are non-bona fide, misleading, manipulative, abusive, disruptive, excessive, malformed, or inconsistent with fair and orderly market operation.","3.3 Where you submit RFQ quotes or responses in your capacity as a market maker or liquidity provider, you are responsible for ensuring that your quote logic, pricing models, and systems produce quotes that are reasonably connected to prevailing market conditions, mark prices, theoretical values, implied volatility, put-call parity, and comparable venue pricing at the time of submission. A failure to maintain reasonable connectivity to prevailing market conditions may not be relied upon as a basis for challenging a Mistrade or Erroneous Transaction determination where the relevant quote was materially disconnected from prevailing market conditions at the time of submission.","4. RFQ review and corrective action","4.1 We may reject, suspend, review, cancel, adjust, or otherwise treat as erroneous any RFQ response, quote, or execution that appears to be materially disconnected from prevailing market conditions, mark price, theoretical value, implied volatility, put-call parity, comparable venues, external reference prices, or expected execution parameters, based on contemporaneous market data or other objective evidence available at the relevant time.","4.2 We may review RFQ activity where, based on available market data, activity logs, or other objective information, there is abnormal concentration, repeated execution at materially dislocated prices, abnormal quote-to-fill patterns, abnormal RFQ-to-trade patterns, near-expiry sensitivity, unusual settlement impact, unusual margin impact, market maker quoting errors, system malfunction, API malfunction, UI issue, or other relevant issue.","4.3 While RFQ activity is under review, we may restrict trading through the Application, restrict withdrawals through the Application subject to the time limits set out in section 4.3.7 of the Terms of Use, suspend access to markets through the Application, suspend RFQ functionality, suspend API access, limit account functionality through the Application, or take other temporary measures reasonably necessary to protect users, market integrity, settlement, or orderly operation. Any such restriction applies only to the Application layer and does not constitute custody of, or a lien or charge over, any crypto assets.","5. Voluntary resolution","5.1 Where a disputed RFQ, potential Mistrade, potential Erroneous Transaction, or market integrity issue arises, we may permit, facilitate, recognize, or require records of a voluntary resolution between counterparties.","5.2 A voluntary resolution may include a voluntary unwind, offsetting transaction, price adjustment, cash adjustment, fee rebate, release, or other commercial resolution.","5.3 A voluntary resolution may be subject to our approval, technical feasibility, account state, risk checks, settlement checks, recordkeeping requirements, and any conditions we reasonably consider appropriate.","6. Market maker and liquidity provider quote controls","6.1 We may make available market maker protection tools, RFQ controls, quote limits, max quantity limits, max delta limits, max loss limits, quote exhaustion limits, kill switches, market suspension tools, API throttles, and other risk controls.","6.2 Market makers and liquidity providers remain responsible for all quotes, RFQ responses, orders, API messages, algorithms, systems, bots, agents, and service providers used through their accounts, whether or not any market maker protection tool is available, enabled, disabled, triggered, delayed, unavailable, incorrectly configured, or fails to operate as expected.","6.3 The availability of any market maker protection tool does not guarantee that losses will be prevented or limited.","6.4 A market maker or liquidity provider may not rely on the availability or non-availability of any Application-level or protocol-level protection as a guarantee that erroneous, unintended, excessive, stale, or loss-making quotes, RFQ responses, orders, or transactions will be prevented, cancelled, adjusted, or reversed.","6.5 Market makers and liquidity providers are responsible for testing and verifying that any market maker protection tool, kill switch, or risk control they rely on is correctly configured and operational before and during active quoting. We do not warrant that any protection tool is correctly configured, calibrated, or operational at any time.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/rfq-and-block-trading-rules"},"/files/whitepaper.pdf":{"version":1,"title":"Derive.xyz | Whitepaper","description":"Read the Derive Whitepaper. Explore the vision, mechanics, and design behind the DRV token and the future of onchain derivatives.","keywords":"","h1":[],"h2":["Preparing your download..."],"h3":[],"h4":[],"h5":[],"h6":[],"p":["If it doesn’t start automatically, click here to download the whitepaper."],"codeblock":[],"url":"/files/whitepaper.pdf"},"/api-and-automated-trading-policy":{"version":1,"title":"Derive.xyz | Terms of Use","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["API and Automated Trading Policy"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: 9 May 2026","Table of Contents","Status of this policy","User responsibility","Information requests","Message rates and usage controls","No guarantee","API data use","1. Status of this policy","1.1 This API and Automated Trading Policy forms part of the Trading Rules incorporated into the Terms of Use.","1.2 This policy applies to API usage, session keys, bots, algorithms, quote engines, trading systems, automated tools, semi-automated tools, and related activity.","2. User responsibility","2.1 You are responsible for all activity submitted through your wallet, account, subaccount, API keys, session keys, bots, algorithms, trading systems, quote engines, agents, employees, contractors, delegates, service providers, or other automated or semi-automated tools.","2.2 You must implement and maintain appropriate pre-trade and post-trade controls, testing, monitoring, supervision, rate limits, kill switches, error controls, and risk limits to prevent erroneous, excessive, disruptive, manipulative, malformed, unintended, or disorderly orders, RFQs, quotes, cancellations, messages, or transactions.","2.3 You must promptly disable any API key, session key, bot, algorithm, quote engine, or system that is malfunctioning, producing erroneous activity, creating disorderly trading, or otherwise creating risk to users, the Application, the Derive Protocol, market integrity, or orderly operation.","2.4 API users operating automated trading systems, bots, algorithms, or quote engines must maintain written records of pre-deployment testing, system configurations, control settings, and any material changes to those systems for a minimum of 12 months and must make such records available to us on request where reasonably required for a market integrity, Mistrade, Erroneous Transaction, or compliance review.","2.5 Where you disable or restrict any API key, session key, bot, algorithm, quote engine, or system because it is malfunctioning, producing erroneous activity, creating disorderly trading, or otherwise creating risk, you must notify us as soon as reasonably practicable and, where possible, within 60 minutes of disabling or restricting that system, identifying the affected system, the general nature of the malfunction or issue, and any transactions or activity that may have been affected. Failure to notify promptly may limit the remedies available to you in connection with the relevant issue.","2.6 Where you operate an API-connected quote engine or pricing system in your capacity as a market maker or liquidity provider, you are responsible for ensuring that your system maintains reasonable connectivity to prevailing market conditions, external reference prices, comparable venues, and available oracle data at the time quotes or orders are submitted. A failure of your system to incorporate external market data does not constitute a basis for challenging a Mistrade or Erroneous Transaction determination where the relevant quote or order was materially disconnected from prevailing market conditions.","3. Information requests","We may require users, market makers, liquidity providers, API users, or other participants to provide information about automated trading systems, quote logic, controls, testing, supervision, trading purpose, beneficial ownership, or risk management where we reasonably consider this necessary for market integrity, legal, compliance, security, or operational purposes. Participants must respond to any information request under this section 3 within the period specified by us, which will not be less than five business days in non-urgent circumstances. Failure to respond within the specified period may result in restriction, suspension, or termination of API access, and may limit the remedies available to the participant in connection with any related market integrity, Mistrade, Erroneous Transaction, or compliance review.","4. Message rates and usage controls","4.1 We may monitor order-to-volume ratios, RFQ-to-trade ratios, quote-to-fill ratios, cancellation rates, message rates, API usage, repeated requests, quote response patterns, latency patterns, malformed messages, error rates, and other activity metrics.","4.2 We may throttle, restrict, reject, review, suspend, or apply additional controls to activity that we reasonably consider excessive, inefficient, disruptive, manipulative, inconsistent with fair and orderly trading, or likely to impose undue burden on the Application, the Derive Protocol, market makers, liquidity providers, users, or related infrastructure, including where message rates, order-to-volume ratios, quote-to-fill ratios, or cancellation rates materially exceed normal operational parameters for the relevant market or instrument.","4.3 We may suspend or revoke API keys, session keys, account access, market access, RFQ access, or other functionality where we reasonably consider this necessary or appropriate.","5. No guarantee","We do not guarantee uninterrupted API availability, latency, execution, message processing, cancellation, quote delivery, order entry, order cancellation, data delivery, or system performance. API unavailability or degraded performance resulting from causes set out in section 14.6 of the Terms of Use does not constitute a breach of these Terms or the Trading Rules. API functionality is provided through the Application layer only and is separate from underlying protocol functionality, which may remain available independently of the Application.","6. API data use","6.1 Access to any public or authenticated API endpoint, WebSocket stream, RFQ feed, orderbook feed, market data feed, account feed, or other data feed is subject to the Terms, the Trading Rules, and the Derive Data Usage Policy.","6.2 API access does not create any right to redistribute, commercialise, store, scrape, resell, publish, benchmark, index, or create derived products from Derive Data unless expressly agreed in writing.","6.3 We may restrict, throttle, suspend, terminate, condition, or require separate licensing for API or data-feed access where we reasonably consider this necessary to protect the Application, the Derive Protocol, users, market integrity, infrastructure, data rights, third-party data rights, or commercial data licensing arrangements.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/api-and-automated-trading-policy"},"/404":{"version":1,"title":"Derive.xyz | 404 Crypto Options & Perps","description":"Lost? This page doesn’t exist. But Derive’s markets do, jump back in and explore the world of onchain options!","keywords":"","h1":["Oops! This page seems to have wandered off. Let's get you back on track."],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["404: Page Not Found","Explore our site or head back home to continue.","Back to Home","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/404"},"/terms-of-service-index":{"version":1,"title":"Derive.xyz | Terms of Use","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Terms of Service Overview"],"h2":["Agreements"],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: 9 May 2026","Users have agreed to the following documents when using Derive.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/terms-of-service-index"},"/trading-rules":{"version":1,"title":"Derive.xyz | Terms of Use","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Trading Rules and Market Integrity Policy"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: 9 May 2026","Table of Contents","Status of this policy","Trade finality and exceptions","Fair and orderly markets","Mistrades and Erroneous Transactions","Market Integrity Review Procedure","Orderbook Rules","Fast Market, Disrupted Market, and abnormal conditions","Market abuse and prohibited conduct","Confirmations and records","Participant responsibility","1. Status of this policy","1.1 This Trading Rules and Market Integrity Policy forms part of the Trading Rules incorporated into the Terms of Use.","1.2 Capitalised terms used but not defined in this policy have the meaning given in the Terms of Use.","1.3 This policy applies to all trading activity made through or in connection with the Application or Derive Protocol, including orderbook transactions, RFQs, block transactions, OTC or principal transactions, API activity, market maker activity, liquidity provider activity, settlement, liquidation, and related activity.","2. Trade finality and exceptions","2.1 Transactions are intended to be final and binding once executed, matched, confirmed, settled, or otherwise processed in accordance with the applicable protocol, smart contract, RFQ, orderbook, settlement, liquidation, or other mechanics.","2.2 Finality is subject to the Terms of Use, this policy, RFQ and Block Trading Rules, API and Automated Trading Policy, Oracle, Mark Price and Settlement Policy, Margin, Liquidation and Loss Allocation Rules, Market Parameters and Controls Schedule, Market Maker and Liquidity Provider Supplement, and any applicable market integrity, Mistrade, Erroneous Transaction, liquidation, settlement, oracle, governance, risk, or emergency process.","3. Fair and orderly markets","3.1 Users must trade in a manner consistent with fair and orderly market operation.","3.2 We may, through available Application functionality and where applicable through protocol governance, smart contract mechanics, risk parameters, or governance-approved processes, take or facilitate action where we reasonably consider that activity may impair market integrity, create disorderly market conditions, create artificial pricing, create artificial liquidity, create misleading open interest, create abnormal concentration, overload systems, exploit technical or operational issues, or otherwise harm fair and orderly operation.","3.3 We may consider any available information, including market data, account activity, RFQ history, orderbook state, API logs, message rates, quote history, execution history, hedging activity, oracle data, index data, mark prices, settlement values, theoretical values, implied volatility, put-call parity, comparable venues, counterparty activity, concentration, timing, expiry proximity, liquidation impact, margin impact, settlement impact, and any other information we reasonably consider relevant to making an objective determination of whether market integrity has been impaired or is at risk.","3.4 Where you become aware of any actual or suspected quoting error, system malfunction, stale quote, API issue, or other issue that has resulted or may result in RFQ responses, quotes, orders, or executions that are materially disconnected from prevailing market conditions, you must notify us as soon as reasonably practicable and, where possible, within 60 minutes of becoming aware of the issue. Failure to notify promptly may limit the remedies available to you in connection with the relevant issue.","4. Mistrades and Erroneous Transactions","4.1 A Mistrade or Erroneous Transaction may occur where a transaction, order, RFQ response, quote, fill, settlement, liquidation, transfer, protocol interaction, or other activity is executed, submitted, displayed, accepted, matched, settled, or processed at a price, size, quantity, volatility, theoretical value, mark price, index price, oracle price, settlement price, margin requirement, liquidation value, or other parameter that is materially inconsistent with prevailing market conditions, expected execution parameters, the applicable risk framework, or fair and orderly market operation, as determined based on contemporaneous market data, theoretical value, comparable venue pricing, oracle data, or other objective evidence available at the relevant time.","4.2 We may review and determine whether a Mistrade or Erroneous Transaction has occurred on our own initiative or following notice from a user, market maker, liquidity provider, counterparty, service provider, affiliate, or other participant.","4.3 A participant seeking review should notify us as soon as reasonably practicable and, where possible, within 60 minutes of execution and before expiry or settlement of the affected instrument. A notice within this period, where supported by sufficient detail to identify the affected transaction, the basis for the review request, and the general nature of the alleged error or irregularity, may trigger a longer review, settlement pause, account restriction through the Application, withdrawal restriction through the Application, market restriction, or other temporary measure while we assess the relevant facts and determine appropriate treatment. Any withdrawal restriction imposed as a temporary measure under this section will be subject to the time limits and conditions set out in section 4.3.7 of the Terms of Use.","4.4 We may initiate review at any time where we reasonably consider this necessary to protect users, the Application, the Derive Protocol, market integrity, settlement, the insurance fund, or orderly market operation.","4.5 We will aim to complete reviews promptly. We may extend any review beyond the initial notice period where the matter involves near-expiry instruments, oracle data, settlement, liquidation, multiple counterparties, technical issues, market disruption, legal analysis, unavailable data, unavailable participants, or other circumstances requiring additional time.","4.6 Possible outcomes include no action, account or market restriction, trade confirmation, trade adjustment, trade cancellation, price adjustment, cash adjustment, fee rebate, voluntary unwind, forced settlement, delayed settlement, adjusted settlement, cost reimbursement on a contractual basis in accordance with section 4.3.15 of the Terms of Use, or other corrective action permitted by the Terms of Use or Trading Rules where technically and operationally practicable through available Application functionality, protocol governance, smart contract mechanics, risk parameters, or governance-approved processes.","5. Market Integrity Review Procedure","5.1 Where we initiate a market integrity, Mistrade or Erroneous Transaction review, we may follow one or more of the following steps:","a. identify the affected market, account, subaccount, transaction, expiry, instrument, counterparty, functionality, or process;","b. apply temporary restrictions where reasonably necessary and subject to the limits set out in the Terms of Use, including settlement pauses, account restrictions, withdrawal restrictions through the Application, market restrictions, RFQ restrictions, API restrictions, or other temporary measures;","c. preserve relevant records, including RFQ records, API logs, orderbook state, oracle data, mark prices, settlement data, account activity, communications, wallet data, and transaction records;","d. request information from affected users, market makers, liquidity providers, service providers, counterparties, affiliates, or other participants;","e. assess relevant market data, theoretical value, implied volatility, put-call parity, comparable venues, concentration, timing, expiry proximity, liquidation impact, margin impact, settlement impact, and any other information we consider relevant;","f. determine whether no action, voluntary resolution, trade adjustment, cancellation, repricing, settlement adjustment, access restoration, cost reimbursement, or another outcome is appropriate; and","g. where reasonably practicable, notify affected users of the general outcome.","5.2 We may adapt, shorten, extend, or omit any step in the review process where we reasonably consider this necessary or appropriate because of market integrity, security, settlement, liquidation, oracle, technical, operational, legal, compliance, or timing considerations, provided that we will not omit the evidence assessment step in section 5.1(e) where a participant's account restriction or withdrawal restriction remains in place at the time the determination is made.","6. Orderbook Rules","6.1 Orders may be accepted, rejected, matched, partially matched, cancelled, expired, amended, suspended, or otherwise processed according to the applicable order type, time-in-force, risk checks, margin checks, price bands, market status, API rules, smart contract mechanics, Terms of Use, and Trading Rules.","6.2 An order remains open and capable of execution until cancelled, expired, rejected, matched, suspended, or otherwise handled under the Terms of Use or Trading Rules.","6.3 We may reject, cancel, suspend, review, or restrict orders that breach price bands, risk checks, margin requirements, market integrity controls, rate limits, self-trade prevention controls, sanctions controls, technical requirements, or other applicable rules.","6.4 Orderbook activity may be subject to Mistrade, Erroneous Transaction, market integrity, API, settlement, liquidation, oracle, and other review processes under the Terms of Use and Trading Rules.","7. Fast Market, Disrupted Market, and abnormal conditions","7.1 We may declare or treat conditions as a Fast Market, Disrupted Market, Settlement Disruption, Oracle Disruption, Technical Disruption, or other abnormal condition where we reasonably determine that market conditions, liquidity, volatility, data quality, oracle operation, index operation, settlement, liquidation, network performance, system performance, or participant activity may impair fair and orderly trading.","7.2 During any such condition, we may modify risk parameters, price bands, RFQ settings, Mistrade ranges, margin requirements, liquidation settings, order types, RFQ availability, API availability, market availability, expiry treatment, settlement treatment, withdrawal availability through the Application, or access to any feature of the Application.","8. Market abuse and prohibited conduct","8.1 Users must not engage in conduct prohibited by the Terms of Use or this policy.","8.2 Prohibited conduct includes fraud, front-running, accommodation trading, fictitious transactions, pre-arranged or non-competitive transactions, cornering, spoofing, manipulation, wash trading, layering, quote stuffing, churning, self-trading, circular trading, artificial volume generation, improper money passing, abuse of RFQ functionality, submission of non-bona fide orders or RFQs, and any trading pattern reasonably likely to create a false or misleading impression of price, liquidity, volume, open interest, market depth, demand, supply, or market activity.","8.3 For the avoidance of doubt, bona fide proprietary trading, hedging, RFQ activity, block trading, principal trading, or liquidity provision by an Affiliate Liquidity Provider or unaffiliated market maker conducted in accordance with section 3.4.4 of the Terms of Use, these Trading Rules, disclosed conflicts, and Applicable Law shall not by itself constitute a breach of this section 8.","9. Confirmations and records","9.1 Trade confirmations, transaction records, RFQ records, account records, settlement records, liquidation records, fee records, and other records made available through the Application or Derive Protocol are intended to be conclusive and binding absent manifest error, Mistrade, Erroneous Transaction, technical issue, or other reviewable issue under the Terms of Use or Trading Rules.","9.2 You must notify us promptly, and where possible within 24 hours, if you believe any record, confirmation, trade, balance, position, fee, settlement, liquidation, or account entry is inaccurate or incomplete. Failure to notify us promptly may limit the remedies available. Where any inaccuracy relates to a potential Mistrade or Erroneous Transaction, the notification period set out in section 4.3.7 of the Terms of Use applies and takes precedence over the 24-hour period in this section 9.2.","10. Participant responsibility","10.1 Users, market makers, liquidity providers, API users, and other participants are responsible for all activity submitted through their wallets, accounts, subaccounts, API keys, session keys, bots, algorithms, quote engines, employees, contractors, delegates, agents, systems, or service providers.","10.2 Participants must maintain appropriate controls to prevent erroneous, excessive, disruptive, manipulative, malformed, unintended, or disorderly orders, RFQs, quotes, cancellations, messages, or transactions.","10.3 Participants operating automated trading systems, bots, algorithms, or quote engines must conduct appropriate testing of such systems before deployment and following any material change, and must maintain records of such testing for a minimum of 12 months.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/trading-rules"},"/terms-of-use":{"version":1,"title":"Derive.xyz | Terms of Use","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Terms of Use"],"h2":[],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":[],"h5":[],"h6":[],"p":["Updated: 9 May 2026","Table of Contents","These Terms of Use","Eligibility","Your Access to the Application","Your Use of the Application","Wallets","Disclaimers 6A. Privacy and Data","Intellectual Property","Derive Data","Fees, Rebates, Rewards and Charges","Monitoring, Compliance and Wallet Screening","Disabling, Modifying, and Restricting Your Access","Indemnification and Limitation of Liability","Arbitration and Class Action Waiver","General","Definitions and Interpretation","1. These Terms of Use","1.1 The “Derive Protocol” is a crypto asset options and derivatives trading protocol that is operated and governed by the Derive decentralised autonomous organisation, the “Derive DAO”.","1.2 Lyra Technologies Corp operates the website-hosted application through which you may access the Derive Protocol (the “Application”). The components of the Application include the offchain orderbook, RFQ functionality, the technology infrastructure that supports third-party hosted wallets, API and related infrastructure, and a user interface. The Application is hosted at www.derive.xyz. The Application is one way, but not the only way, to access the Derive Protocol.","1.3 These Terms of Use (the “Terms”) (including the Trading Rules) govern your access to and use of the Application. You must read these Terms carefully.","1.4 Your access to and use of the Application, and any interaction with the Derive Protocol through or in connection with the Application, is also subject to the following operating rules and policies, each as amended or supplemented from time to time:","a. Trading Rules and Market Integrity Policy;","b. RFQ and Block Trading Rules;","c. API and Automated Trading Policy;","d. Derive Data Usage Policy;","e. Oracle, Mark Price and Settlement Policy;","f. Margin, Liquidation and Loss Allocation Rules;","g. Fee Schedule;","h. Market Parameters and Controls Schedule;","i. Market Maker and Liquidity Provider Supplement; and","j. any other rule, policy, notice, schedule, parameter, risk framework, or operating standard published or made available by us from time to time in connection with the Application or Derive Protocol.","Together, these are the “Trading Rules”. The Trading Rules form part of these Terms. If there is any inconsistency between these Terms and the Trading Rules, these Terms prevail unless the relevant Trading Rules expressly state otherwise.","1.5 In these Terms:","a. “we”, “us”, or “our” refers to Lyra Technologies Corp; and","b. “you”, “your”, or “user” means anyone who accesses or uses the Application in any way. If you access or use the Application on behalf of a company or other legal entity, you represent and warrant that you have authority to bind that entity, and you and your will refer to that entity.","1.6 By accessing, browsing, connecting a wallet to, clicking to accept, acknowledging acceptance or agreement to these Terms on the Application, or otherwise using any part of the Application, you agree to be bound by these Terms and the Trading Rules. You must not use the Application if you do not agree to these Terms and the Trading Rules.","1.7 Where these Terms or the Trading Rules refer to an action that may be taken by us in relation to the Derive Protocol, such action means an action taken by us through the Application, through functionality available to us, through applicable smart contract functionality, through protocol or risk parameters, through a governance-approved process, or through any other process available to us. Nothing in these Terms guarantees that any corrective action, restriction, settlement pause, oracle adjustment, liquidation action, or other process will be technically, operationally, or legally possible in every circumstance.","1.8 Hierarchy and precedence. If there is any inconsistency between documents or sources incorporated into these Terms, the following order of precedence applies unless expressly stated otherwise: first, any separate written agreement signed by us and you, but only for the specific commercial matters expressly addressed in that agreement; second, these Terms; third, the Trading Rules; fourth, product schedules, market notices, parameter schedules, API documentation, and other operating materials published or made available by us; and fifth, live values displayed in the Application, API, governance dashboard, risk dashboard, or other live parameter source for operational parameters. For market parameters, live values may prevail over static documentation to the extent the static documentation is outdated or inconsistent with the live operational value. Nothing in any separate written agreement limits the application of sections 4.2, 4.3, 10, 11, 12, 13, or 14 of these Terms unless that agreement expressly states that it overrides those sections.","2. Eligibility","2.1 To access and use the Application, you must:","a. if you are an individual, be at least 18 years of age or the age at which a person is taken to have capacity to contract in the jurisdiction where you reside;","b. if you are accessing or using the Application on behalf of a company or other legal entity, have all power and authority to bind that entity;","c. be legally capable of entering into binding contracts;","d. have the capacity to meet all of your obligations under these Terms and the Trading Rules;","e. not have been previously suspended or removed from accessing or using the Application;","f. not be an Australian tax resident, United States person, United States resident, United States citizen, United States tax resident, Ontario resident, Restricted Person, or Sanctioned Person;","g. not be accessing or using the Application on behalf of an Australian tax resident, United States person, United States resident, United States citizen, United States tax resident, Ontario resident, Restricted Person, or Sanctioned Person;","h. not intend to transact with an Australian tax resident, United States person, United States resident, United States citizen, United States tax resident, Ontario resident, Restricted Person, or Sanctioned Person; and","i. ensure that the representations and warranties set out in section 3.1 remain true and accurate at all times.","3. Your Access to the Application","3.1 Your representations and warranties","By accessing and using the Application, you represent and warrant on a continuing basis that:","a. you meet the eligibility criteria set out in section 2;","b. you are not an Australian tax resident, United States person, United States resident, United States citizen, United States tax resident, Ontario resident, Restricted Person, or Sanctioned Person;","c. you are not accessing or using the Application on behalf of an Australian tax resident, United States person, United States resident, United States citizen, United States tax resident, Ontario resident, Restricted Person, or Sanctioned Person;","d. you do not intend to transact with an Australian tax resident, United States person, United States resident, United States citizen, United States tax resident, Ontario resident, Restricted Person, or Sanctioned Person;","e. you do not and will not use a virtual private network, proxy, remote desktop, relay, anonymisation service, false location information, misleading onboarding information, privacy tool, anonymisation tool or technique, or any other method to circumvent or attempt to circumvent geolocation, jurisdictional, sanctions, eligibility, access, wallet screening, compliance, or other restrictions that apply to the Application;","f. your access to and use of the Application does not breach any Applicable Law or facilitate any activity that could breach any Applicable Law;","g. all information that you provide to us, the Application, or any related service provider is accurate, complete, and current;","h. you have working knowledge of crypto assets, wallets, blockchain transactions, derivatives, margin, liquidation, settlement, and the risks of using the Application and Derive Protocol;","i. you understand that options, perpetuals, derivatives, leveraged positions, RFQ transactions, liquidation, settlement, and crypto assets are risky and may result in total loss; and","j. you will comply with these Terms, the Trading Rules, Applicable Law, and any reasonable instructions, restrictions, limits, or requirements notified or made available by us.","3.2 Acknowledgements","By accessing and using the Application, you acknowledge, understand, and agree that:","a. the Application may be inaccessible or inoperable for any reason from time to time, including equipment, hardware or software malfunction, maintenance, third-party service disruption or unavailability, blockchain or network disruption, abnormal market conditions, market integrity review, technical issue, operational issue, security issue, regulatory or legal requirement, direction or order, or cause beyond our control; where possible and practicable, we will endeavour to give you reasonable prior notice of any planned or foreseeable period of inaccessibility or inoperability;","b. the Application may evolve, which means we may apply changes to, replace, suspend, restrict, or discontinue any part, function, feature, market, instrument, transaction type, RFQ process, order type, API endpoint, or other functionality at any time;","c. you are solely responsible for all interactions you have with the Derive Protocol, including any transactions, executions, RFQs, quotes, orders, transfers, collateral movements, margin activity, liquidations, settlements, or other interactions associated with your wallet, account, subaccount, API keys, session keys, bots, algorithms, or other tools;","d. we have no control over any blockchain or crypto asset and cannot ensure that any interaction will be confirmed, cancelled, reversed, modified, repriced, adjusted, or settled on the relevant blockchain or through the Derive Protocol; We have no control over, or liability for, the delivery, quality, safety, legality, or any other aspect of your interactions related to the Derive Protocol, and we are not responsible for ensuring such matters with any person or entity with whom you may interact through the Derive Protocol; We may take certain actions with respect to certain assets or trades as expressly set out in these Terms or the Trading Rules, including any market integrity, Mistrade, Erroneous Transaction, liquidation, settlement, oracle, governance, risk, or emergency process;","e. we do not act as your agent, broker, fiduciary, adviser, portfolio manager, trustee, custodian, or best execution provider;","f. to the maximum extent permitted by Applicable Law, you waive and eliminate any fiduciary duty or similar duty that may otherwise be alleged to be owed by us to you;","g. our operation of the Application does not represent any offer, solicitation, advice, recommendation, or invitation to use the Derive Protocol or to enter into any transaction;","h. we do not undertake to provide you with best execution, the best available price, routing to the most favourable venue, investment advice, trading advice, legal advice, tax advice, accounting advice, or risk management advice;","i. you are solely responsible for deciding whether any transaction, RFQ, order, quote, position, hedge, strategy, liquidation, settlement, or other interaction is appropriate for you;","j. you are solely responsible for complying with all Applicable Laws relating to your use of the Application and Derive Protocol;","k. we have no obligation to inform you of any potential liabilities or violations of Applicable Law that may arise in connection with your access to or use of the Application or Derive Protocol;","l. the Application may not always be accurate, complete, current, continuous, or error-free and may include technical inaccuracies, pricing inaccuracies, typographical errors, delayed information, stale information, incomplete information, or incorrect information;","m. information provided through the Application is for informational purposes only and should not be treated as professional advice;","n. transactions, RFQs, quotes, fills, marks, settlement values, liquidation values, margin values, oracle values, index values, and other data may be subject to review or adjustment under these Terms or the Trading Rules;","o. you have no right or expectation that all accounts, subaccounts, users, liquidity providers, market makers, or market participants will be subject to identical margin, liquidation, auction, execution, routing, pricing, risk, RFQ, API, fee, rebate, or market integrity treatment;","p. differentiated treatment may occur because of smart contract design, governance decisions, risk framework, market integrity process, technical constraints, operational parameters, liquidity needs, market maker programmes, affiliate liquidity provision, unaffiliated liquidity provision, or other legitimate reasons;","q. differentiated treatment may result in certain accounts or subaccounts being liquidated earlier, later, or differently than others, and may affect the size, timing, sequencing, pricing, or outcome of any liquidation, auction, settlement, insurance fund usage, security module usage, clawback, socialised loss, or other risk management process;","r. any risk control, market maker protection tool, price band, RFQ control, API control, margin control, liquidation control, oracle control, market integrity control, or other protection may be unavailable, disabled, delayed, incorrectly configured, fail to trigger, or fail to prevent loss;","s. no risk control, market maker protection tool, price band, RFQ control, API control, margin control, liquidation control, oracle control, market integrity control, or other protection is a guarantee that erroneous, unintended, excessive, loss-making, or disorderly transactions will be prevented, cancelled, adjusted, or reversed; and","t. your use of the Application and any interaction with the Derive Protocol is at your own risk.","3.3 Crypto asset and derivatives risk","You acknowledge, understand, and agree that:","a. crypto assets, blockchain infrastructure, smart contracts, options, perpetuals, derivatives, leveraged instruments, structured transactions, RFQs, margin systems, liquidation systems, settlement systems, oracle systems, and underlying technologies including cryptography are experimental, volatile, and risky, and you agree that we are not responsible for any losses or damages associated with these inherent risks;","b. your use of the Application and interactions with the Derive Protocol, including entering into crypto asset options and derivatives, may carry significant financial risk, and you may lose all crypto assets, collateral, margin, premiums, fees, settlement proceeds, or other value associated with your wallet, account, subaccount, positions, or transactions;","c. losses may occur because of market movement, volatility, liquidity, slippage, margin calls, liquidation, partial liquidation, auction, insolvency, insurance fund depletion, socialised loss, clawback, oracle error, oracle manipulation, index error, settlement error, smart contract issue, governance action, security incident, chain reorganisation, network congestion, bridge issue, user error, market maker error, API error, bot error, pricing error, or any other cause;","d. no market, quote, RFQ response, orderbook, mark, oracle, index, settlement value, or price source is guaranteed to be accurate, continuous, available, executable, or appropriate in all market conditions;","e. near-expiry instruments may be especially volatile and sensitive to mark prices, settlement prices, implied volatility, theoretical value, liquidity, put-call parity, and oracle movements; and","f. you are responsible for monitoring your positions, margin, collateral, liquidation risk, settlement risk, expiry risk, and account health at all times.","3.4 Affiliate and unaffiliated liquidity provider disclosures","3.4.1 You acknowledge that one or more of our affiliates, including Derive Liquidity Co. Limited or any successor or affiliated proprietary trading entity, each an Affiliate Liquidity Provider, may from time to time trade digital assets or derivatives for its own account, provide liquidity, act as principal counterparty in RFQ, block, OTC or other principal transactions, and hedge positions on or off the Derive Protocol or the Application.","3.4.2 You also acknowledge that unaffiliated third-party liquidity providers, market makers, RFQ participants, counterparties, API users, and other users may trade through or in connection with the Application or Derive Protocol.","3.4.3 You acknowledge that:","a. you may face an Affiliate Liquidity Provider or unaffiliated market maker acting as principal and not as your agent, broker, fiduciary or adviser;","b. an Affiliate Liquidity Provider or unaffiliated market maker may trade the same assets or instruments as you, including in the same market and at the same time as you;","c. an Affiliate Liquidity Provider or unaffiliated market maker may enter into transactions that are opposite to, or economically inconsistent with, your positions;","d. an Affiliate Liquidity Provider or unaffiliated market maker may hedge, reduce, increase, or otherwise manage its exposure on the Derive Protocol, on third-party venues, or through bilateral transactions;","e. an Affiliate Liquidity Provider or unaffiliated market maker may profit when you incur losses and may incur losses when you make profits;","f. neither we nor any Affiliate Liquidity Provider or unaffiliated market maker is under any obligation to disclose positions, strategies, inventory, hedging decisions, risk limits, pricing models, quote engines, or profit and loss to you; and","g. no Affiliate Liquidity Provider or unaffiliated market maker owes you any fiduciary duty, best execution duty, advisory duty, or duty to disclose its pricing model, hedging activity, inventory, strategy, risk limits, or profit and loss.","3.4.4 Bona fide proprietary trading, hedging, RFQ activity, block trading, principal trading, or liquidity provision by an Affiliate Liquidity Provider or unaffiliated market maker in accordance with these Terms, the Trading Rules, disclosed conflicts, Applicable Law, and ordinary operation of the Application or Derive Protocol shall not, by itself, be treated as a prohibited pre-arranged or non-competitive transaction, spoofing, manipulation, or other abusive trading practice. Nothing in this section permits fraudulent, deceptive, manipulative, or otherwise unlawful conduct.","3.5 Blockchain and Bridging Risks","You acknowledge that the Derive Protocol operates on the Derive Chain, an Ethereum optimistic rollup.  The sequencer responsible for processing transactions on the Derive Chain may experience downtime or failure, which may delay or prevent transactions, settlements, liquidations, or withdrawals. Bridges and cross-chain infrastructure used to move assets between the Derive Chain and other networks are subject to smart contract, oracle, and operational risks, including the risk of exploit or failure, and we do not operate or control third-party bridge infrastructure. In the event of a critical sequencer failure, a force-inclusion or escape hatch mechanism may be available to allow direct withdrawal from the rollup smart contract on Ethereum mainnet, but we do not guarantee that any such mechanism will be available or functional in every circumstance. You assume all risks associated with the Derive Chain, bridge infrastructure, blockchain reorganisations, and protocol upgrades.","3.6 Protocol Upgrades and Migrations","3.6.1 You acknowledge that the Derive Protocol may be upgraded, replaced, re-deployed, or migrated to new smart contracts, execution environments, settlement layers, data availability layers, or networks (each a “Protocol Upgrade”) where approved through Derive DAO governance. A Protocol Upgrade may be implemented by taking a snapshot of protocol state at a designated block and seeding accounts, subaccounts, balances, positions, collateral, ownership and session key permissions into the genesis state of the upgraded protocol, rather than by requiring you to withdraw and redeposit. You further acknowledge that a Protocol Upgrade may result in:","the deprecation of markets, instruments or collateral types and the closure or cash-settlement of affected positions at the applicable mark or settlement price;","the removal of unsupported collateral from subaccounts and its distribution directly to the associated wallet address;","the division or restructuring of subaccounts (including to reflect new margin, risk isolation or borrowing frameworks), which may change your margin requirements and result in borrowed balances or interest accruals that did not previously exist;","the application of minimum value thresholds below which balances are not migrated; and","the discontinuation of access to the prior version of the Derive Protocol through the Application.","A Protocol Upgrade is not a review, temporary measure or corrective action under section 4.3, and the procedures and time limits in that section do not apply to it.","3.6.2 We will publish the terms of any Protocol Upgrade that is likely to materially affect your positions or balances as a migration notice under section 1.4(j) and will endeavor to give at least 14 days’ prior notice, except where a shorter period is required for the reasons described in section 14.1.2. If you do not wish your positions or balances to be migrated, you must close your positions and withdraw your crypto assets before the snapshot block specified in the relevant notice. Following a Protocol Upgrade, the risks associated with the upgraded protocol, including its smart contracts, proving systems, data availability arrangements, sequencer and operator roles, and governance and emergency powers, are as described in section 3.5 and elsewhere in these Terms and the Trading Rules as amended, and your continued access to or use of the Application constitutes your acceptance of them. Where a Protocol Upgrade is approved and implemented through Derive DAO governance, it is an action taken by or through the Derive Protocol and not solely by us, and sections 4.3.18, 6, 11.6 and 12 apply to it.","4. Your Use of the Application","4.1 Your obligations","When accessing and using the Application, you must:","a. comply with these Terms and the Trading Rules;","b. comply with all Applicable Laws in connection with using the Application and Derive Protocol;","c. only interact with the Application on your own behalf or on behalf of a company or other legal entity that has validly authorised you to interact on its behalf;","d. only deal in crypto assets which are legally obtained and belong to you or which you are authorised to use;","e. maintain the security and confidentiality of your private keys, passwords, API keys, session keys, credentials, devices, wallets, accounts, and subaccounts;","f. ensure all information that you provide to us, the Application, the Derive Protocol, or any related service provider is accurate, complete, and current;","g. comply with all reasonable obligations, limits, instructions, risk controls, technical requirements, compliance requirements, or market integrity requirements imposed by us and notified or made available to you from time to time; and","h. promptly notify us if you become aware of any actual or suspected security issue, technical issue, erroneous transaction, market integrity issue, unauthorised access, inaccurate record, or breach of these Terms or Trading Rules.","4.2 Prohibitions","When accessing and using the Application you must not:","a. breach these Terms, the Trading Rules, or any Applicable Law;","b. engage in any improper, disruptive, abusive, manipulative, deceptive, fraudulent, or disorderly trading practice, including:","i. any fraudulent act or scheme to defraud, deceive, trick, or mislead;","ii. trading ahead of another user or front-running;","iii. fraudulent trading;","iv. accommodation trading;","v. fictitious transactions;","vi. pre-arranged or non-competitive transactions;","vii. cornering or attempted cornering;","viii. violation of any transaction terms;","ix. spoofing;","x. manipulation;","xi. entering into transactions without a net change in either party's open position but with resulting profit to one party and loss to another party;","xii. wash trading;","xiii. layering;","xiv. quote stuffing;","xv. churning;","xvi. self-trading;","xvii. circular trading;","xviii. artificial volume generation;","xix. improper money passing;","xx. abuse of RFQ functionality;","xxi. submission of non-bona fide orders, RFQs, quotes, or cancellations;","xxii. any trading pattern designed or reasonably likely to create a false or misleading impression of price, liquidity, volume, open interest, market depth, demand, supply, or market activity; or","xxiii. any other activity that we reasonably consider inconsistent with fair and orderly market operation;","For the avoidance of doubt, bona fide activity by an Affiliate Liquidity Provider or unaffiliated market maker conducted in accordance with section 3.4.4 shall not by itself constitute a breach of this section 4.2(b).","c. use the Application in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from using the Application, or that could damage, disable, overburden, impair, interfere with, or compromise the functioning, integrity, security, or proper operation of the Application, the Derive Protocol, any related infrastructure, or any computer, server, network, personal device, or other information technology system of any user or third party, including through denial of service attacks or other harmful means;","d. circumvent or attempt to circumvent any filtering technique, security measure, access control, sanctions control, geolocation control, eligibility control, wallet screening control, compliance control, rate limit, market integrity control, RFQ control, API control, or other restriction implemented on or in connection with the Application;","e. use any VPN, proxy, remote desktop, relay, anonymisation service, false location information, misleading onboarding information, privacy tool, anonymisation tool or technique, or other method to circumvent or attempt to circumvent any restriction that applies to the Application;","f. use any robot, spider, crawler, scraper, or other automated means to extract data from the Application or any related service or infrastructure except as expressly permitted by us;","g. introduce any malware, virus, trojan horse, worm, logic bomb, drop-dead service, backdoor, shutdown mechanism, denial of service attack, or other harmful material or method into the Application or related infrastructure;","h. provide false, inaccurate, incomplete, or misleading information while using the Application;","i. engage in any activity that operates to defraud us, any user of the Application, any market maker, any liquidity provider, any counterparty, or any other person;","j. use or access the Application to enter into transactions involving crypto assets that are the direct or indirect proceeds of criminal or fraudulent activity, including terrorism financing, money laundering, sanctions evasion, fraud, or tax evasion;","k. make, publish, transmit, or assist any statement in connection with the Application, the Derive Protocol, any transaction, or any interaction with us that you know, or ought reasonably to know, is false, misleading, defamatory, fraudulent, deceptive, or unlawful;","l. use the Application in any way that is, in our sole opinion, libellous, defamatory, profane, obscene, pornographic, sexually explicit, indecent, lewd, vulgar, suggestive, harassing, stalking, hateful, threatening, offensive, discriminatory, bigoted, abusive, inflammatory, fraudulent, deceptive, or otherwise objectionable, or likely or intended to incite, threaten, facilitate, promote, or encourage hate, racial intolerance, or violent acts against others;","m. harass, abuse, threaten, or harm any person, including our employees, contractors, and service providers;","n. impersonate another user of the Application or otherwise misrepresent yourself;","o. attempt to obtain private keys, passwords, account credentials, API keys, session keys, or other security information from any other person;","p. decompile, reverse engineer, or otherwise attempt to obtain source code or underlying proprietary ideas or information relating to the Application, except to the extent expressly permitted by Applicable Law or an open source licence;","q. use any data, information, output, or content made available through the Application, including Derive Data, except as expressly permitted under these Terms, the Trading Rules, or a separate written agreement with us; or","r. use the Application in a manner that contravenes the terms of use, governance decisions, risk parameters, or operating rules associated with the Derive Protocol.","4.3 Market integrity, trade finality, Mistrades and Erroneous Transactions","4.3.1 Subject to this section 4.3 and the Trading Rules, transactions entered into through or in connection with the Application or Derive Protocol are intended to be final and binding once executed, matched, confirmed, settled, or otherwise processed in accordance with the applicable protocol, smart contract, RFQ, orderbook, settlement, liquidation, or other mechanics.","4.3.2 Notwithstanding section 4.3.1, we may take certain actions with respect to the Application based on available market data and objective evidence and in accordance with the procedure set out in this section 4.3, and we may review, facilitate, suspend, adjust, cancel, reverse, reprice, cash-settle, force-settle, disregard, or otherwise take corrective action in respect of any transaction, order, RFQ response, quote, fill, settlement, liquidation, transfer, protocol interaction, account, subaccount, market, expiry, instrument, or related process where we reasonably determine that a Mistrade, Erroneous Transaction, market integrity issue, technical issue, operational issue, oracle issue, pricing issue, security issue, legal issue, or breach of these Terms or Trading Rules has occurred or may have occurred. Any such action may be taken through available Application functionality and, where applicable and subject to action or approval of the DAO, through protocol governance, smart contract mechanics, risk parameters, governance-approved processes, or other functionality available to the DAO with respect to the Derive Protocol. Nothing in these Terms guarantees that any corrective action will be technically, operationally, or legally possible in every circumstance.","4.3.3 An “Erroneous Transaction” means any transaction, order, RFQ response, quote, fill, settlement, liquidation, transfer, protocol interaction, or other activity that we reasonably determine, based on contemporaneous market data, theoretical value, comparable venue pricing, oracle data, or other objective evidence available at the relevant time, was executed, submitted, displayed, accepted, matched, settled, or processed as a result of an obvious, material, or abnormal error, malfunction, dislocation, or irregularity, whether arising from a trading, pricing, settlement, oracle, margin, liquidation, smart contract, API, user interface, or operational issue.   A “Mistrade” is a type of Erroneous Transaction arising from an error, malfunction, or irregularity in the execution or matching of a trade, including errors relating to price, size, instrument, strike, expiry, or direction.","4.3.4 This includes any error, malfunction, dislocation, or irregularity relating to price, size, instrument, expiry, strike, direction, volatility, implied volatility, delta, theoretical value, mark price, put-call parity, oracle data, index data, reference price, settlement price, margin calculation, liquidation process, system operation, API usage, market maker quoting logic, RFQ response, orderbook state, user interface display, smart contract operation, or any other parameter relevant to the transaction or interaction.","4.3.5 We may also treat any transaction, order, RFQ response, quote, fill, settlement, liquidation, transfer, protocol interaction, or other activity as an Erroneous Transaction where, supported by contemporaneous market data, oracle data, comparable venue pricing, theoretical value, or other objective evidence, allowing it to stand would, in our reasonable judgment:","a. materially impair market integrity;","b. create or contribute to disorderly market conditions;","c. exploit or result from a technical, operational, pricing, oracle, index, API, user interface, smart contract, liquidation, margin, settlement, or market maker quoting failure;","d. produce a result materially inconsistent with prevailing market conditions at the relevant time;","e. result in execution at a price materially disconnected from mark prices, theoretical values, implied volatility, put-call parity, external reference prices, comparable venues, or broader market clearing levels;","f. result from or contribute to abnormal concentration, repeated execution, self-trading, circular trading, artificial volume, quote stuffing, or other activity inconsistent with orderly market operation; or","g. create a demonstrable and material risk to settlement, the insurance fund, or orderly operation of a market, where such risk is supported by identifiable market data or objective indicators available at the time of the determination.","4.3.6 In determining whether a Mistrade, Erroneous Transaction, market integrity issue, or related issue has occurred, we may consider any information we consider relevant, including market data, theoretical value, implied volatility, liquidity, comparable venues, oracle data, index data, mark prices, put-call parity, RFQ history, orderbook state, account activity, timing, concentration, trading pattern, settlement impact, margin impact, liquidation impact, whether the issue was isolated or systemic, whether the activity occurred near expiry or during abnormal market conditions, and whether the transaction resulted from a system, data, protocol, API, user interface, smart contract, market maker quoting, liquidation, settlement, or operational issue.","4.3.7 We may initiate a review on our own initiative or following notice from any user, liquidity provider, market maker, counterparty, service provider, affiliate, or other participant. A participant seeking review of a potential Mistrade or Erroneous Transaction should notify us as soon as reasonably practicable and, where possible, within 60 minutes of execution and before expiry or settlement of the affected instrument. A timely notice or internally initiated review may result in a longer formal review, settlement pause, account restriction, withdrawal restriction through the Application, market restriction, or other temporary measure while we gather information and determine appropriate treatment. Any restriction on withdrawals through the Application imposed as a temporary measure under this section will not exceed five business days from the date the restriction is applied, unless we notify the affected participant in writing of the specific grounds for extending that period, in which case any extension will be for the minimum additional period reasonably necessary in the circumstances. Any restriction on withdrawals through the Application applies only to the Application layer and does not prevent direct protocol-level interaction outside the Application, unless a separate protocol, smart contract, governance, risk, or other applicable process independently restricts that interaction. Nothing in this section 4.3.7 grants you any right to bypass, interfere with, evade, or circumvent any protocol-level, smart contract, governance, risk, legal, sanctions, market integrity, or technical restriction that applies independently of the Application.","4.3.8 We may decline to review, or may cease reviewing, any transaction where we determine that review is impracticable, untimely, disproportionate, inconsistent with market integrity, or otherwise inappropriate having regard to the circumstances.","4.3.9 While a review is ongoing, and subject to the limits set out in section 4.3.7, we may take any temporary action we reasonably consider appropriate to protect users, the Application, the Derive Protocol, market integrity, orderly settlement, or orderly market operation. This may include restricting, suspending, modifying, or disabling access to the Application or any feature of the Application, restricting withdrawals through the Application, suspending or limiting trading in any account, subaccount, market, expiry, instrument, transaction type, or settlement process, or taking any other temporary measure we reasonably consider appropriate. Any restriction on withdrawals through the Application or other actions taken by us in accordance with this Section 4.3 is a restriction on access to the Application interface only. It does not constitute, and should not be construed as, custody, control, possession, sequestration, lien, charge, trust, or any other proprietary interest over any crypto assets held in your wallet or on-chain. At all times, your crypto assets remain in your self-custodial wallet or in smart contracts governed by the Derive Protocol, and we have no ability to move, transfer, seize, or otherwise deal with those assets except to the extent expressly instructed, authorised, or signed by you, or through protocol mechanics, governance, or smart contract functionality that operates independently of us.","4.3.10 Where reasonably practicable, and where doing so would not compromise security, legal compliance, market integrity, confidential information, or orderly operation, we will provide affected users with a general notice of the restriction or review, the general basis for it, and periodic updates while the restriction remains in place. We may withhold confidential information, proprietary risk criteria, security processes, market surveillance methods, legal advice, information relating to other users or counterparties, or information that could compromise market integrity, security, legal compliance, or orderly operation. Failure to provide any notice, update, explanation, or extension notice within a stated period does not invalidate any review, restriction, temporary measure, corrective action, voluntary resolution, or other action taken under these Terms or the Trading Rules, and does not give rise to liability, provided that we act in good faith and provide the relevant notice, update, explanation, or extension notice as soon as reasonably practicable.","4.3.11 Where the basis for a temporary restriction no longer exists, we may restore access, in whole or in part, subject to any conditions we reasonably consider appropriate.","4.3.12 Where we determine that a Mistrade or Erroneous Transaction has occurred, we may, to the maximum extent permitted by Applicable Law and to the extent technically and operationally practicable, take or facilitate any corrective action we reasonably consider appropriate through available Application functionality and, where applicable, through protocol governance, smart contract mechanics, risk parameters, governance-approved processes, or other functionality available to us upon authorization from the DAO. Corrective action may include restricting access to Application which may prevent you from accessing your wallet and/or transferring or liquidating your assets in your wallet or on the Derive Protocol.  Corrective action may also include taking steps that result directly or indirectly in the cancellation, reversal, repricing, adjustment cash-settlement, force-settlement, suspension of, disregardment of or the affected transaction, order, RFQ response, quote, fill, settlement, liquidation, transfer, protocol interaction, account, subaccount, market, expiry, instrument, or related process. Where we determine that corrective action in the form of repricing or adjustment is appropriate, we may take action to effect such adjustment unilaterally and without the consent of any affected counterparty. Any such adjustment will be based on contemporaneous market data, theoretical value, comparable venue pricing, oracle data, or other objective evidence available at the relevant time.","4.3.13 Corrective action may be taken before or after settlement where we reasonably consider this necessary or appropriate to protect market integrity, users, the Application, the Derive Protocol, settlement, the insurance fund, or orderly operation of any market.","4.3.14 Where a Mistrade or potential Mistrade, Erroneous Transaction or potential Erroneous Transaction, or market integrity issue is under review, we may permit, facilitate, recognise, or require records of a voluntary resolution between affected counterparties, including a voluntary unwind, offsetting transaction, price adjustment, cash adjustment, fee rebate, release, or other commercial resolution. Any such resolution may be subject to our approval, operational requirements, technical feasibility, recordkeeping requirements, and any conditions we reasonably consider appropriate. Where corrective action requires action at the protocol level rather than the Application level, we may seek to facilitate such action through applicable governance, smart contract, risk parameter, or operational processes, but do not guarantee that such action will be achievable in every circumstance.","4.3.15 Where we reasonably determine, based on available evidence gathered in accordance with this section 4.3, that a participant, including a user, liquidity provider, market maker, counterparty, affiliate, service provider, or other participant, caused or materially contributed to a Mistrade, Erroneous Transaction, market integrity issue, or related issue, we may notify that participant in writing of our determination and seek reimbursement of reasonable, documented fees, costs, losses, administrative charges, settlement payments, or other amounts arising from or relating to the issue, review, corrective action, or voluntary resolution. Any right to seek reimbursement under this section 4.3.15 is a contractual right and does not constitute a regulatory fine, penalty, sanction, or enforcement action. We will provide that participant with reasonable supporting evidence of the amounts claimed and a reasonable period of not less than 10 business days to respond before pursuing any claim.","4.3.16 Where we request reimbursement, or where any participant seeks reimbursement in connection with a Mistrade, Erroneous Transaction, market integrity issue, or related review, the relevant participant must provide reasonable supporting evidence within the period specified by us. We may reject, reduce, or condition any reimbursement or loss claim where the claimed loss is speculative, insufficiently evidenced, not reasonably attributable to the relevant issue, not reasonably mitigated, inconsistent with fair and orderly market operation, or otherwise inappropriate in the circumstances.","4.3.17 We are not required to treat similar transactions, accounts, users, liquidity providers, market makers, counterparties, markets, expiries, instruments, or circumstances identically where we reasonably determine that different treatment is appropriate having regard to relevant facts, timing, technical constraints, market conditions, risk profile, settlement status, or market integrity considerations. Our exercise of discretion under this Section 4.3 in one circumstance does not create any precedent, obligation, or expectation that we will exercise the same discretion in any other circumstance, and no affected party may rely on prior conduct under this section 4.3 as evidence of how we will act in future.","4.3.18 You acknowledge and agree that any review, temporary measure, voluntary resolution, or corrective action under this section 4.3 may adversely affect your positions, balances, margin, collateral, settlement proceeds, expected profit and loss, withdrawals, or access to the Application. Where any such action is taken at the protocol level through governance, smart contract mechanics, risk parameters, or DAO-approved processes, such action is taken by or through the Derive Protocol and not solely by us. We do not guarantee that any governance vote or protocol-level action will succeed or be completed within any particular timeframe, and we will not be liable for any loss arising from a failure or delay in obtaining governance approval for any corrective action including limitations on your ability to access or transfer assets.  To the maximum extent permitted by Applicable Law, we will not be liable for any loss, damage, cost, claim, liability, or expense arising out of or in connection with any review, temporary measure, voluntary resolution, or corrective action taken or not taken under this section 4.3.","4.3.19 Where we impose a restriction on withdrawals through the Application and simultaneously seek to facilitate corrective action through governance or protocol processes, you acknowledge that we may participate in, initiate, or support the relevant governance process while the restriction is in place. Our participation in any governance process does not constitute control over the outcome of that process, which is determined by the relevant DAO governance mechanics, smart contract logic, or protocol parameters independently of us. We will not use our participation in any governance process to extend or maintain an Application-layer restriction beyond the period reasonably necessary to complete the relevant process.","4.3.20 Nothing in this section 4.3 requires us to identify, review, correct, cancel, reverse, reprice, adjust, cash-settle, force-settle, suspend, or otherwise modify any transaction or interaction. Any decision to take or not take action under this section 4.3 is at our reasonable discretion.","4.3.21 Any determination made by us under this section 4.3, including any determination that an Erroneous Transaction has or has not occurred, and any decision to take or not take corrective action, is final and binding on all affected parties, subject only to the dispute resolution process in section 13. No determination under this section 4.3 creates any obligation on us to make the same or a similar determination in any future circumstance.  Nothing in this section 4.3 limits any other rights or remedies available to us under these Terms, the Trading Rules, Applicable Law, the Application, the Derive Protocol, governance, smart contract functionality, or otherwise.","5. Wallet","5.1 Creating or connecting a wallet","5.1.1 You may create an embedded non-custodial cryptocurrency wallet (each an “Embedded Wallet”), or connect a self-hosted wallet (each a “Self Hosted Wallet”), to access and use the Application.","5.1.2 To create an Embedded Wallet, you must sign in and create an Embedded Wallet account. You are responsible for providing accurate and complete information and you warrant that the information you provide is your own.","5.1.3 We may expose to you your Embedded Wallet private key so that you can recover your Embedded Wallet. It is your responsibility to securely store this private key.","5.1.4 The Embedded Wallet provider may rely on a multi-party computation scheme or other technical arrangement to secure a wallet. You must follow all wallet provider instructions and security requirements.","5.1.5 To transact through the Application, you may be required to unlock your Embedded Wallet, connect your Self Hosted Wallet, approve a transaction, sign a message, approve a batch, or otherwise provide instructions.","5.1.6 We will not transact your Embedded Wallet without your express instruction. When we execute or facilitate a transaction on your instruction, we may batch, sequence, route, submit, or otherwise process several actions to execute the transaction that has been instructed by you.","5.1.7 Where the Application facilitates RFQ, block, OTC, principal, settlement, liquidation, market integrity, or other transactions, settlement may occur by wallet interaction, transfer, offsetting transaction, account update, protocol interaction, smart contract function, batch, or other transaction sequencing implemented through the Application or related infrastructure, and you authorise such steps to the extent required to complete the transaction, review, correction, or process you have instructed or agreed to, or that is otherwise permitted under these Terms or Trading Rules.","5.2 Wallet disclaimers","5.2.1 You are solely responsible for any crypto assets associated with your Embedded Wallet or Self Hosted Wallet. We do not have custody or control over the contents of your Embedded Wallet or Self Hosted Wallet and have no ability to retrieve or transfer its contents except to the extent an action is expressly instructed, authorised, or signed by you through the relevant wallet process.","5.2.2 You understand and accept the risks of using self-custodial wallets and third-party wallet providers, including the risk that third-party wallet providers may no longer support your wallet.","5.2.3 If you do not back up your private key, seed phrase, password, recovery credential, shard, or other credential, you may not be able to recover your wallet or assets.","5.2.4 You must keep passwords, private keys, seed phrases, shards, recovery credentials, API keys, session keys, and access credentials confidential and secure.","5.2.5 If you lose, mishandle, or have your passwords, private keys, seed phrases, shards, recovery credentials, API keys, session keys, or access credentials stolen, or if there is unauthorised access to your wallet, account, or subaccount, you may not be able to recover associated crypto assets. We have no ability or obligation to assist you to recover such crypto assets and are not responsible for any associated loss.","5.2.6 If you connect a Self Hosted Wallet, your relationship with any third-party wallet provider is governed by the applicable terms of that provider. We have no involvement in your access to and use of a Self Hosted Wallet, except through the Application functionality you choose to use.","6. Disclaimers","6.1 We are a software developer and website operator. We operate the Application through which you may access the Derive Protocol. The Derive Protocol is operated and governed by Derive DAO. Except to the extent that we take or facilitate action through Application functionality, protocol governance, smart contract mechanics, risk parameters, or governance-approved processes as expressly described in these Terms and the Trading Rules, we do not operate the Derive Protocol or any underlying exchanges, protocols, or decentralised networks through which you can interact or engage in crypto asset transactions. We are not responsible for any activities, transactions, interactions, or decisions that you make when using your wallet or the Application.","6.2 We do not control the Derive Protocol except to the extent expressly set out in these Terms or the Trading Rules, or to the extent any action is implemented through the Application, protocol design, governance decisions, smart contract functionality, risk framework, oracle, settlement, liquidation, or related operational parameters.","6.3 We have no access to your private key and cannot initiate an interaction with your crypto assets unless you expressly instruct, authorise, or sign the relevant action through your wallet or account, or unless the relevant action is implemented through the Application, protocol design, smart contract functionality, risk framework, settlement process, liquidation process, governance, market integrity process, or other process permitted by these Terms or Trading Rules.","6.4 You are responsible for complying with all Applicable Laws that govern your use of the Application and Derive Protocol. We are not responsible for whether your interaction with the Derive Protocol complies with Applicable Law in your jurisdiction.","6.5 We make no representations or warranties that the Application, Derive Protocol, products, markets, instruments, RFQs, orderbooks, APIs, information, or services are appropriate for access or use in any jurisdiction.","6.6 You are not permitted to access or use the Application in any jurisdiction or country if it would be contrary to Applicable Law or if we determine that access is prohibited.","6.7 We reserve the right to limit the availability of the Application to any person, geographic area, jurisdiction, wallet, account, subaccount, IP address, device, market, instrument, expiry, transaction type, or functionality at any time and at our discretion.","6.8 Subject to any Consumer Guarantee that cannot be excluded, we disclaim all representations and warranties, express, implied, or statutory, including warranties of title, non-infringement, merchantability, security, suitability, fitness for a particular purpose, workmanship, technical coding, accuracy, completeness, reliability, currency, availability, and absence of defects.","6.9 The Application, code, information, data, markets, instruments, RFQs, orderbooks, APIs, and related functionality are provided on an as is and as available basis.","6.10 No advice, information, communication, statement, article, data, quote, mark, output, or content made available by us or through the Application creates any warranty or should be treated as professional advice. Before you make any financial, legal, tax, accounting, trading, risk management, or other decision involving the Application or Derive Protocol, you should seek independent professional advice from a person who is licensed and qualified in the relevant area.","6.11 We do not endorse, guarantee, or assume responsibility for any advertisement, offer, statement, link, service, application, protocol, wallet, infrastructure, or content made available by any third party.","6.12 Without limiting any other disclaimer, exclusion, or limitation of liability in these Terms or the Trading Rules, we accept no responsibility whatsoever for, and will in no circumstances be liable to you in connection with, your use of the Derive Protocol or entering into transactions, including crypto asset option or derivative transactions, except to the extent such liability cannot be excluded under Applicable Law.","6.13 To the maximum extent permitted by Applicable Law, we will not be liable for any loss arising from the acts, omissions, errors, failures, insolvency, or cessation of operations of any third-party service provider, including oracle providers, index providers, bridge operators, wallet providers, blockchain infrastructure providers, analytics providers, market data providers, or any other third party whose services are used in connection with the Application or the Derive Protocol.","6A. Privacy and Data","6A.1 Our collection, use, storage, sharing, and handling of information in connection with your access to and use of the Application is governed by our Privacy Policy, which is available at /privacy-policy.","6A.2 You acknowledge that interacting with the Derive Protocol through the Application may result in your transactions being recorded on Ethereum, Layer-2 networks, or other blockchain infrastructure, and that such transactions may be publicly visible. We do not control and are not responsible for information you make public on-chain.","6A.3 We and our service providers may use blockchain analytics, wallet screening, sanctions screening, geolocation data, IP address data, device data, transaction monitoring, API logs, RFQ records, market surveillance tools, and similar tools in connection with compliance, risk management, security, financial crime prevention, eligibility, and market integrity. Our use of such tools is subject to the Privacy Policy.","7. Intellectual Property","7.1 We and our licensors own all rights, title, and interest in and to the Application, including software, code, design, text, graphics, images, branding, logos, user interface, data, databases, documentation, and content, except for open source software or third-party materials identified as such. You acknowledge that certain aspects of the Application may use, incorporate, or link to open source components and that your use of the Application is subject to any applicable open source licences that govern those components.","7.2 Subject to your compliance with these Terms and the Trading Rules, we grant you a limited, revocable, non-exclusive, non-transferable, non-sublicensable licence to access and use the Application for your own lawful use.","7.3 You must not copy, reproduce, modify, adapt, translate, distribute, sell, lease, licence, create derivative works from, publicly display, publicly perform, republish, download, store, transmit, reverse engineer, decompile, resell, lend, share, distribute, permit any third party to use, or otherwise exploit the Application or any part of it except as expressly permitted by these Terms, the Trading Rules, Applicable Law, or an open source licence. You must also comply with all applicable open source licences.","7.4 Nothing in these Terms transfers ownership of any intellectual property right to you.","7.5 Our product or service names, logos, marks, legal notices, proprietary notices, attributions, watermarks, and identifiers are owned by us or our licensors. You must not copy, imitate, use, remove, obscure, or alter them without our prior written consent or the prior written consent of the applicable licensor.","8. Derive Data","8.1 “Derive Data” means any data, information, content, output, API response, price, quote, mark, index, oracle value, volatility value, theoretical value, orderbook data, RFQ data, trade data, settlement data, liquidation data, account data, analytics, metric, report, or other information made available through or in connection with the Application, whether displayed in the user interface, provided through an API, downloadable, transmitted, cached, or otherwise accessible.","8.2 Subject to your compliance with these Terms, the Trading Rules, and the Derive Data Usage Policy, we grant you a limited, revocable, non-exclusive, non-transferable, non-sublicensable licence to access and use Derive Data solely for your own personal or internal trading, risk management, account monitoring, and other permitted uses expressly set out in the Derive Data Usage Policy.  Any commercial, redistributed, or other use of Derive Data beyond this limited licence requires a separate written agreement as described in clause 8.6.","8.3 You must not, without our prior written consent:","a. redistribute, resell, sublicence, publish, broadcast, transmit, or otherwise make Derive Data available to any third party;","b. use Derive Data for any commercial purpose, including in connection with any trading service, brokerage, exchange, venue, data product, index, benchmark, analytics product, research product, API, bot, model, signals product, or other commercial offering;","c. create any derived dataset, benchmark, index, pricing service, valuation service, marks service, settlement service, or other product or service using Derive Data;","d. use Derive Data to train, fine-tune, ground, evaluate, or otherwise develop any artificial intelligence, machine learning, or similar model or system;","e. scrape, harvest, cache, store, systematically extract, or collect Derive Data by automated means, whether through bots, crawlers, spiders, scripts, or otherwise;","f. use Derive Data in a manner that competes with, substitutes for, or replicates the Application or any service we provide; or","g. remove, obscure, or alter any proprietary notice, attribution, watermark, or identifier relating to Derive Data.","8.4 Access to the Application does not include any right to receive, use, redistribute, store, commercialise, benchmark, index, value, publish, resell, sublicense, or create derived products from Derive Data beyond the limited licence expressly granted in these Terms and the Derive Data Usage Policy.","8.5 We may impose technical, contractual, or operational limits on access to Derive Data, including rate limits, throttling, suspension, termination of access, licence requirements, audit requirements, reporting requirements, or commercial terms, where we reasonably suspect a breach of this section 8, the Derive Data Usage Policy, any unauthorised use of Derive Data, excessive data use, or conduct that may impair the Application, the Derive Protocol, market integrity, data rights, third-party data rights, or commercial data licensing arrangements.","8.6 Any commercial, external, redistributed, derived, benchmark, index, valuation, pricing, oracle, analytics, research, model, dashboard, product, service, or third-party use of Derive Data requires our prior written consent and may require a separate data licence, API agreement, market data agreement, commercial agreement, or other written agreement.","8.7 As between you and us, we and our affiliates and licensors own all right, title, and interest in and to Derive Data, including all intellectual property rights therein, and you have no rights in or to Derive Data, except the limited licence expressly granted to you under these Terms and the Derive Data Usage Policy.  In addition, Derive Data may include, reference, incorporate, or be derived from third-party data. Your right to use Derive Data does not include any separate right to use third-party data except as made available through the Application for the limited purposes permitted by these Terms and the Derive Data Usage Policy.","9. Fees, Rebates, Rewards and Charges","9.1 You are responsible for all fees, commissions, funding payments, settlement amounts, liquidation costs, gas costs, network fees, third-party charges, and other amounts arising from or relating to your use of the Application or Derive Protocol.","9.2 Fees and rebates may vary by product, market, instrument, account, user, liquidity provider, market maker, affiliate, transaction type, campaign, volume tier, jurisdiction, risk profile, or other criteria.","9.3 We may change, suspend, reverse, claw back, correct, withhold, or adjust fees, rebates, rewards, incentives, credits, or charges where we reasonably consider this necessary due to error, abuse, manipulation, artificial volume, wash trading, market integrity concerns, technical issues, operational issues, breach of these Terms or Trading Rules, or other legitimate reason.","9.4 Any fee rebate, reward, incentive, credit, goodwill payment, or other discretionary amount is not guaranteed and may be subject to conditions, limitations, withholding, clawback, or cancellation.","9.5 You are responsible for determining whether and to what extent any taxes apply to transactions, rewards, fees, rebates, incentives, funding, settlement, profit and loss, or other activity associated with your use of the Application or Derive Protocol. You are responsible for collecting, reporting, and remitting the correct amounts of tax to the applicable tax authorities. To the maximum extent permitted by Applicable Law, we will not be liable for any tax, penalty, interest, or other amount imposed on you by any tax authority in connection with your use of the Application or the Derive Protocol, including any tax arising from rewards, rebates, incentives, settlements, or other amounts received by you through the Application.","10. Monitoring, Compliance and Wallet Screening","10.1 We may use blockchain analytics, sanctions screening, wallet screening, geolocation tools, device and IP analysis, transaction monitoring, API logs, RFQ records, order history, counterparty information, market surveillance tools, and third-party service providers to assess risk, compliance, security, financial crime, sanctions, market integrity, and eligibility issues, in each case subject to our Privacy Policy.","10.2 We may restrict, suspend, block, or decline access to the Application, withdrawals through the Application, RFQs through the Application, API access, accounts, subaccounts, wallets, or other Application functionality based on confidential risk criteria, including criteria provided by third-party service providers. Where any restriction relates to protocol-level activity rather than Application access, any such action will be taken through applicable governance, smart contract mechanics, risk parameters, or protocol processes rather than unilaterally by us. Restrictions imposed under this section 10.2 are limitations on access to the Application and do not constitute seizure of, lien over, charge over, or claim against any crypto assets held in your wallet or on-chain.","10.3 We are not required to disclose the details of confidential risk criteria, security processes, sanctions screening, wallet screening, market surveillance methods, legal analysis, or compliance methods where disclosure could compromise legal compliance, sanctions controls, security, market integrity, financial crime prevention, or risk management. We will not invoke the confidentiality protections in this section 10.3 to withhold information from applicable regulatory authorities or to prevent a user from understanding the general category of concern that has led to a restriction on their access, where we are reasonably able to provide that general category without compromising the specific confidential criteria, methods, or processes.","10.4 You may be required to provide additional information or take additional steps before using or continuing to use the Application. We will notify you of any such requirement through available communication channels and provide a reasonable period, which will not be less than five business days in non-urgent circumstances, to comply. Failure to provide information or complete required steps within the required period may result in restriction, suspension, or termination of access to the Application. Any such restriction is limited to access to the Application and does not affect your ability to interact directly with the Derive Protocol through means other than the Application, unless a separate protocol, smart contract, governance, risk, legal, or other applicable process independently restricts that interaction. Nothing in this section 10.4 grants you any right to bypass, interfere with, evade, or circumvent any protocol-level, smart contract, governance, risk, legal, sanctions, market integrity, or technical restriction that applies independently of the Application.","11. Disabling, Modifying, and Restricting Your Access","11.1 We may disable, modify, suspend, or restrict your access to the Application, any feature of the Application, withdrawals through the Application, any account or subaccount through the Application, API access, session key, market, instrument, expiry, transaction type, RFQ process, settlement process, or other Application functionality where we reasonably consider it necessary or appropriate. Where any such restriction requires action at the protocol level rather than the Application level, we may seek to facilitate such action through applicable governance, smart contract, risk parameter, or operational processes, but do not guarantee that protocol-level action will be achievable in every circumstance.","11.2 This may include where we suspect or identify any breach of these Terms or Trading Rules, Mistrade, Erroneous Transaction, market integrity issue, security issue, technical issue, operational issue, oracle issue, pricing issue, sanctions issue, legal issue, financial crime issue, wallet screening issue, misuse of the Application, or other activity that may create risk to users, the Application, the Derive Protocol, market integrity, settlement, liquidity, or orderly market operation.","11.3 Where lawful and reasonably practicable, we may provide notice of the restriction and the general category of the basis for it. We are not required to disclose confidential information, proprietary risk criteria, security processes, market surveillance methods, legal analysis, information relating to other users or counterparties, or information that could compromise market integrity, security, legal compliance, or orderly operation. We will not invoke this section 11.3 to withhold from a user the general category of concern that has led to a restriction on their access, where we are reasonably able to provide that general category without compromising specific confidential criteria or processes.","11.4 Where access to withdrawals through the Application is restricted as part of a review, we will review the restriction promptly and, where reasonably practicable, provide a status update within 24 hours and further periodic updates while the restriction remains in place. Where the restriction is imposed as a temporary measure under section 4.3, the timing limits and extension process in section 4.3.7 apply. This does not guarantee that any restriction will be lifted within any specific period where an extension is permitted under section 4.3.7 or required by Applicable Law, market integrity, security, settlement, liquidation, sanctions, financial crime, or other relevant considerations. Any restriction on withdrawals is limited to access through the Application and does not affect your ability to interact directly with the Derive Protocol through means other than the Application, unless a separate protocol, smart contract, governance, risk, legal, or other applicable process independently restricts that interaction. Nothing in this section 11.4 grants you any right to bypass, interfere with, evade, or circumvent any protocol-level, smart contract, governance, risk, legal, sanctions, market integrity, or technical restriction that applies independently of the Application. Failure to provide any notice, status update, explanation, or extension notice within a stated period does not invalidate any restriction, review, temporary measure, corrective action, or other action taken under these Terms or the Trading Rules, and does not give rise to liability, provided that we act in good faith and provide the relevant notice, update, explanation, or extension notice as soon as reasonably practicable.","11.5 Where the basis for a restriction no longer exists, we may restore access, in whole or in part, subject to any conditions we reasonably consider appropriate.","11.6 We will not be liable to you for any losses or damages you may suffer as a result of or in connection with the Application being inaccessible, any Application feature being restricted, access to any market or instrument through the Application being suspended or restricted, any transaction being reviewed under these Terms or the Trading Rules, any withdrawal through the Application being restricted, or any corrective action being taken or not taken under these Terms or the Trading Rules.","12. Indemnification and Limitation of Liability","12.1 Indemnification","You indemnify and hold harmless the Protected Parties from and against all claims, demands, actions, proceedings, investigations, damages, obligations, losses, liabilities, costs, and expenses, including reasonable legal fees and expenses, arising out of or relating to:","a. your access to or use of the Application or Derive Protocol;","b. crypto assets associated with your wallet, account, or subaccount;","c. your breach of these Terms, the Trading Rules, any third-party right, or Applicable Law;","d. your RFQs, orders, quotes, trades, positions, hedges, transfers, margin activity, liquidation activity, settlement activity, API activity, automated trading activity, market data activity, or other interactions;","e. any activity by another person using your wallet, account, subaccount, device, credentials, API keys, session keys, bots, algorithms, systems, or access method;","f. any information you provide that is false, inaccurate, incomplete, or misleading;","g. any claim that your use of the Application, Derive Protocol, Derive Data, API, wallet, account, subaccount, bots, algorithms, systems, or trading activity infringes, misappropriates, or violates any intellectual property, privacy, confidentiality, data, contractual, regulatory, or other right of any person;","h. any tax, duty, levy, reporting obligation, withholding obligation, or similar amount arising from or relating to your activity; or","i. any fraud, manipulation, market abuse, sanctions breach, financial crime, security breach, unauthorised access, or other unlawful or prohibited activity by you or through your wallet, account, subaccount, credentials, API keys, session keys, systems, or access method.","Where you are obliged to indemnify any Protected Party under this section 12.1, we will have the right, in our sole discretion, to control any related action, proceeding, investigation, settlement, defence, or response, including the right to determine whether to settle and on what terms. You agree to cooperate reasonably in the defence of any such claim and not to take any action in relation to such claim that could prejudice the position of any Protected Party without our prior written consent.","Your liability under this section 12.1 will be proportionately reduced to the extent that we caused or contributed to the relevant claim, damage, obligation, loss, liability, cost, or expense, provided that no reduction will apply to the extent that the relevant contribution arose from our exercise, or a Protected Party’s exercise, of rights expressly permitted under these Terms or the Trading Rules, including any review, corrective action, temporary measure, voluntary resolution, access restriction, data restriction, or market integrity action.","12.2 Limitation of liability","The limitations and exclusions in this section 12.2 apply to the maximum extent permitted by Applicable Law for the benefit of each Protected Party.","12.2.1 Our sole obligation under these Terms is to make the Application available on an as-is and as-available basis in accordance with Section 6.9. We do not guarantee continuous, uninterrupted, or error-free access to the Application, and the existence of any period of inaccessibility, downtime, or restricted functionality does not constitute a breach of any obligation owed to you. 12.2.2 To the maximum extent permitted by Applicable Law, and subject to any Consumer Guarantee that cannot be excluded, we will not be liable to you for any loss or damage of any kind, including Consequential Loss, whether the claim arises under statute, in contract, in tort including negligence, or otherwise, arising out of or in connection with:","b. any transaction, RFQ, quote, order, fill, position, liquidation, settlement, transfer, wallet interaction, API activity, automated trading activity, market integrity review, Mistrade review, Erroneous Transaction review, correction, restriction, suspension, or failure to take action;","c. any hacking, tampering, unauthorised access, security incident, smart contract issue, wallet issue, private key issue, API issue, bot issue, oracle issue, index issue, data issue, market maker issue, liquidity provider issue, counterparty issue, third-party service issue, blockchain issue, network issue, or infrastructure issue;","d. any error, mistake, inaccuracy, omission, interruption, suspension, restriction, delay, bug, virus, defect, or failure relating to the Application or Derive Protocol;","e. any change to these Terms, the Trading Rules, the Application, fees, markets, instruments, access, APIs, risk parameters, or related functionality; or","f. any defamatory, offensive, unlawful, fraudulent, deceptive, or illegal conduct of any third party;","g. any personal injury or property damage of any nature whatsoever resulting from any access to or use of the Application or Derive Protocol;","h. any unauthorised access to or use of any secure server, database, system, infrastructure, or information controlled by us or any service provider, or any information or data stored therein;","i. any bugs, viruses, trojan horses, malware, denial of service attack, or similar harmful material or method transmitted to or through the Application, the Derive Protocol, or related infrastructure;","j. any error or omission in, or any loss or damage incurred as a result of the use of, any content, data, information, output, quote, mark, index, oracle value, settlement value, analytics, or other material made available through or in connection with the Application or Derive Protocol; or","k. your need to modify your practices, content, behaviour, systems, trading activity, API usage, or business arrangements, or your loss of or inability to do business, as a result of changes to these Terms, the Trading Rules, the Application, the Derive Protocol, markets, parameters, access, or related functionality.","12.2.3 You acknowledge that the limitation of liability in this section 12.2.3 reflects a reasonable allocation of risk between the parties, that we would not have provided access to the Application on these Terms without this limitation.  To the extent liability is not otherwise limited and to the maximum extent permitted by Applicable Law, the total aggregate liability of all Protected Parties to you for all claims arising out of or relating to these Terms, the Trading Rules, the Application, the Derive Protocol, Derive Data, or any related activity will not exceed USD 100.","12.2.4 You agree that any instructions you provide to us or through the Application are your responsibility and must be accurate, correct, complete, and intended by you. We are not liable for any loss or claim arising from our actions or inactions in accordance with your instructions.","12.2.5 Any claim or cause of action arising out of or relating to these Terms, the Trading Rules, the Application, or the Derive Protocol must be commenced within one year after the claim arose, otherwise the claim is permanently barred.","12.2.6 To the maximum extent permitted by Applicable Law, where our liability cannot be excluded because of a Consumer Guarantee or equivalent mandatory consumer protection right, our liability is limited, at our election, to one or more of the following: in the case of goods, replacement, supply of equivalent goods, repair, or payment of the cost of doing any of those things; and in the case of services, resupplying the services or paying the cost of having them resupplied.  Nothing in this section 12.2 excludes or limits our liability for fraud, fraudulent misrepresentation, gross negligence or willful misconduct.","13. Arbitration and Class Action Waiver","13.1 Binding arbitration","13.1.1 Except for disputes in which either party seeks to bring an individual action in small claims court or seeks injunctive or other equitable relief for alleged unlawful use of intellectual property, each party waives:","a. the right to have any and all disputes or claims arising from these Terms, the Trading Rules, your access to or use of the Application, or any other dispute with us, collectively “Disputes”, resolved in a court; and","b. any right to a jury trial.","13.1.2 The parties agree to arbitrate Disputes that are not resolved informally through binding arbitration instead of having the Dispute decided by a judge or jury in court.","13.2 No class arbitrations, class actions, or representative actions","13.2.1 The parties agree that any Dispute is personal to them and will be resolved solely through individual arbitration and will not be brought as a class arbitration, class action, or any other representative proceeding.","13.2.2 Neither party agrees to class arbitration or to any arbitration in which an individual attempts to resolve a Dispute as a representative of another individual or group of individuals.","13.2.3 A Dispute cannot be brought as a class action or other representative action, whether within or outside arbitration, or on behalf of any other individual or group of individuals.","13.2.4 If any court or arbitrator determines that the class action waiver in this Section 13.2 is unenforceable for any reason, the parties agree that any class or representative claim will be severed from the arbitration and brought exclusively in the courts of Panama under Section 14.2. No arbitration will proceed on a class or representative basis under any circumstances.","13.3 Process","13.3.1 The parties agree to notify the other in writing of any Dispute within 30 days of when it arises so that the parties can attempt in good faith to resolve the Dispute informally.","13.3.2 Notice to us must be provided by sending an email to legal@derive.xyz.","13.3.3 Your notice must include:","a. your name, postal address, and email address;","b. the wallet address, account, or subaccount associated with the Dispute, where applicable;","c. a description of the nature or basis of the Dispute; and","d. the specific action that you are seeking.","13.3.4 If the parties cannot resolve the Dispute within 30 days of us receiving the notice, either party may commence arbitration.","13.3.5 The arbitration will be conducted in accordance with the UNCITRAL Arbitration Rules. The seat of arbitration will be Panama City, Panama. The appointing authority will be the Centro de Conciliacion y Arbitraje de Panama (CAP). The arbitration will be conducted in the English language before a sole arbitrator, unless either party requests a panel of three arbitrators within 14 days of the notice of arbitration, in which case the tribunal will consist of three arbitrators.","13.4 Authority of arbitrator","13.4.1 As limited by these Terms and applicable arbitration rules, the arbitrator will have:","a. the exclusive authority and jurisdiction to make all procedural and substantive decisions regarding a Dispute; and","b. the authority to grant any remedy that would otherwise be available in court.","13.4.2 The arbitrator may only conduct an individual arbitration and may not consolidate more than one individual claim, preside over any type of class or representative proceeding, or preside over any proceeding involving more than one individual.","13.5 Confidentiality","All arbitration proceedings, submissions, evidence, disclosures, awards, and related communications will be kept strictly confidential by both parties and the arbitrator, except to the extent disclosure is required by Applicable Law, necessary to enforce an award, or required by a court of competent jurisdiction. Neither party will disclose the existence, content, or outcome of any arbitration without the prior written consent of the other party, except as required by Applicable Law.","13.6 Non-Assignability of Claims","You may not assign, transfer, or fund any Dispute or arbitration claim, in whole or in part, to any third party, including any litigation funder, claims aggregator, or legal finance entity, without our prior written consent. Any purported assignment or funding arrangement made without such consent is void.","14. General","14.1 Changes to these Terms and Trading Rules","14.1.1 We may amend, modify, update, replace, or supplement these Terms and the Trading Rules in our reasonable discretion from time to time.","14.1.2 We will endeavor to give you at least 10 days prior notice of any change that is likely to materially affect or disrupt the manner in which you use the Application, except where we reasonably consider that a shorter period or immediate change is required because of market integrity, security, technical, operational, legal, compliance, risk, oracle, settlement, liquidation, third-party service provider, or other urgent considerations.","14.1.3 We may require you to click to accept updated Terms or Trading Rules before continuing to access or use the Application.","14.1.4 Any subsequent access, viewing, connection, acceptance, or use of the Application constitutes your acceptance of any new or modified Terms or Trading Rules. If you do not agree with any new or modified Terms or Trading Rules, you must immediately cease using the Application.","14.2 Choice of law","These Terms, the Trading Rules, and any Dispute will be governed by and construed in accordance with the laws of Panama. Each party irrevocably submits to the non-exclusive jurisdiction of the courts of Panama for the purpose of any Dispute that is not subject to arbitration under Section 13, or any proceedings to enforce an arbitral award. Nothing in this Section 14.2 limits the right of either party to seek urgent injunctive or other equitable relief in any court of competent jurisdiction.","14.3 Subcontracting","We may subcontract, including to affiliates, contractors, service providers, infrastructure providers, technology providers, risk and compliance providers, wallet providers, market data providers, analytics providers, and other third parties, the whole or any part of our obligations under these Terms or the Trading Rules without your prior written consent. Where we subcontract functions that materially affect your access to the Application or the processing of your Personal Information, we will identify the general categories of subcontractors involved in our Privacy Policy where required by Applicable Law.","14.4 Assignment","We may assign our rights and obligations either in whole or in part under these Terms or the Trading Rules. Your rights and obligations are personal to you and are not assignable without our prior written consent.","14.5 Invalidity and severability","14.5.1 If a provision of these Terms or the Trading Rules, or a right or remedy of a party, is invalid or unenforceable in a particular jurisdiction:","a. it is read down or severed in that jurisdiction only to the extent of the invalidity or unenforceability; and","b. it does not affect the validity or enforceability of that provision in another jurisdiction or the remaining provisions in any jurisdiction.","14.5.2 Any term which is wholly or partially void or unenforceable is severed to the extent that it is void or unenforceable. The validity or enforceability of the remainder is not affected.","14.6 Force majeure","We will not be liable for delays, failure in performance, or interruption of service resulting directly or indirectly from any cause or condition beyond our reasonable control, including act of God, act of civil or military authority, act of terrorism, civil disturbance, war, strike or labour dispute, fire, interruption in telecommunications or internet services, network failure, blockchain issue, oracle issue, data provider issue, bridge issue, failure of equipment or software, smart contract issue, market disruption, DAO governance delay or failure, regulatory change or action, including any sanction, order, direction, or restriction imposed on us, the Derive Protocol, or Derive DAO by any governmental, regulatory, or judicial authority, or other occurrence beyond our reasonable control. For the avoidance of doubt, nothing in this section 14.6 creates any custody obligation, return obligation, lien, charge, or claim in respect of crypto assets held in a user's wallet or on-chain to which we have no access or control, and nothing in this section limits any ability a user may have to interact directly with the Derive Protocol through means other than the Application.","14.7 Enforcement of our rights","We may not always strictly enforce our rights under these Terms or the Trading Rules. If we do not enforce our rights at any time, this is a temporary measure and we may enforce our rights strictly again at any time.","14.8 Survival","All provisions contained in these Terms or the Trading Rules which by their nature extend beyond expiration or termination will continue to be binding after expiration or termination. Without limiting the foregoing, sections 4.3 (Market Integrity, Trade Finality, Mistrades and Erroneous Transactions), 6A (Privacy and Data), 8 (Derive Data), 9 (Fees, Rebates, Rewards and Charges), 12 (Indemnification and Limitation of Liability), 13 (Arbitration and Class Action Waiver), and this section 14.8 will survive expiration or termination of these Terms.","15. Definitions and Interpretation","15.1 Definitions","“Affiliate” means, with respect to a person or entity, any other person or entity that directly or indirectly controls, is controlled by, or is under common control with that person or entity. For the purposes of these Terms, Derive DAO is not treated as an Affiliate of Lyra Technologies Corp solely by reason of Lyra Technologies Corp operating the Application through which the Derive Protocol is accessed, unless Lyra Technologies Corp otherwise directly or indirectly controls Derive DAO.","“Affiliate Liquidity Provider” has the meaning given in section 3.4.1.","“Applicable Law” means any domestic or foreign law, rule, statute, regulation, by-law, order, protocol, code, decree, directive, requirement, guideline, judgment, or other requirement issued by any domestic or foreign governmental, regulatory, judicial, administrative, self-regulatory, or other authority having jurisdiction over us, you, the Application, or the Derive Protocol.","“Application” has the meaning given in section 1.2.","“Consequential Loss” means any loss, damage, or cost incurred by you that is indirect or consequential, including loss of revenue, income, business, profits, production, goodwill, credit, reputation, future reputation, publicity, use, interest, anticipated savings, opportunity, loss of or damage to credit rating, loss or denial of opportunity, or losses arising from third-party claims.","“Consumer Guarantee” means any right you may have under consumer protection laws that cannot be excluded.","“Derive DAO” has the meaning given in section 1.1.","“Derive Data” has the meaning given in section 8.1.","“Derive Protocol” has the meaning given in section 1.1.","“Dispute” has the meaning given in section 13.1.1. For the avoidance of doubt, any claim or dispute arising out of or in connection with any review, corrective action, temporary measure, voluntary resolution, or restriction under section 4.3 or section 11 constitutes a Dispute for the purposes of these Terms.","“Embedded Wallet” has the meaning given in section 5.1.1.","“Erroneous Transaction” has the meaning given in section 4.3.3, as determined in accordance with the procedure and evidentiary requirements set out in that section.","“Mistrade” has the meaning given in section 4.3.3, as determined in accordance with the procedure and evidentiary requirements set out in that section.","“Personal Information” means any information that is personal information, personally identifiable information, or similar under Applicable Law. The collection, use, storage, and handling of Personal Information is governed by our Privacy Policy.","“Protected Parties” means us, our Affiliates, subsidiaries, officers, directors, employees, contractors, agents, representatives, licensors, service providers, delegates, and assigns, and each of their respective officers, directors, employees, contractors, agents, and representatives.","“Restricted Person” means any person, entity, organisation, company, trust, partnership, estate, resident, citizen, tax resident, agent, or person acting on behalf of a person or entity that is restricted under this definition, including any person or entity that is:","a. a United States person, United States resident, United States citizen, United States tax resident, or a person or entity incorporated in, governed by, established under the laws of, located in, or ordinarily resident in the United States of America;","b. an Australian tax resident, or a person or entity incorporated in, governed by, established under the laws of, located in, or ordinarily resident in Australia;","c. a Canada resident, Canada citizen, Ontario resident, or a person or entity incorporated in, governed by, established under the laws of, located in, or ordinarily resident in Canada;","d. a Panama resident or tax resident, or a person or entity incorporated in, governed by, established under the laws of, located in, or ordinarily resident in Panama;","e. incorporated in, governed by, established under the laws of, located in, or ordinarily resident in Iran, Iraq, Libya, Mali, Nicaragua, Cuba, Democratic People's Republic of Korea (North Korea), Russia, Somalia, Sudan, Syria, Yemen, Zimbabwe, Myanmar (Burma), Cote D'Ivoire (Ivory Coast), Democratic Republic of Congo, the regions of Crimea, Donetsk, or Luhansk, or any jurisdiction, country, territory, or region subject to comprehensive sanctions, embargoes, or similar restrictions;","f. incorporated in, governed by, established under the laws of, located in, or ordinarily resident in any jurisdiction, country, territory, or region that we determine or notify as restricted from time to time;","g. located in any other jurisdiction where your access to or use of the Application would breach Applicable Law applicable to you, or where we have determined and notified that access is restricted; or","h. acting on behalf of, controlled by, or majority-owned by a Restricted Person where such access or use would cause the restrictions in these Terms to be circumvented.","“Sanctioned Person” means a person, resident, citizen, agent, entity, organisation, company, trust, partnership, estate, beneficial owner, controller, or person acting on behalf of or incorporated in any jurisdiction that is listed on, or otherwise subject to, any economic or trade restriction, sanctions list, embargo list, or specifically designated persons list published by any international organisation, state, government, or authority, including the United Nations, European Union, United States, United Kingdom, Australia, Panama, or any other relevant sanctions authority.","“Self Hosted Wallet” has the meaning given in section 5.1.1.","“Trading Rules” has the meaning given in section 1.4. In the event of any inconsistency between the Trading Rules and these Terms, the hierarchy set out in section 1.4 applies.","“USD” means United States dollars.","15.2 Interpretation","In these Terms and the Trading Rules, unless the contrary intention appears:","a. headings are for convenience only and do not affect interpretation;","b. the singular includes the plural and vice versa;","c. a reference to a person includes a natural person, partnership, joint venture, government agency, association, corporation, trust, or other body;","d. a reference to a document includes all amendments or supplements to that document;","e. including, such as, particularly, and similar expressions are not words of limitation;","f. a reference to a law includes that law as amended, consolidated, or replaced;","g. a reference to these Terms or the Trading Rules includes any amendment, supplement, replacement, or update made in accordance with section 14.1; for the avoidance of doubt, a reference to these Terms or the Trading Rules does not include DAO governance decisions, smart contract parameters, protocol rules, or on-chain governance votes except to the extent such matters are expressly incorporated into these Terms or the Trading Rules or are otherwise made available to users by us;","h. a reference to a transaction includes any order, RFQ, quote, fill, transfer, settlement, liquidation, smart contract interaction, wallet interaction, account update, corrective action, voluntary resolution, or other activity through or in connection with the Application or Derive Protocol;","i. no rule of construction applies to the disadvantage of a party because that party was responsible for preparation of these Terms or any Trading Rules;","j. unless otherwise stated, monetary amounts are stated in USD;","k. a day means the period commencing at midnight and ending immediately before the next midnight; and","l. if a period of time is calculated from a particular day, act, or event, it is calculated exclusive of that day or event unless otherwise stated.","m. where these Terms or the Trading Rules refer to an action available to us through the Application, such reference means an action available through Application functionality and does not imply that we have the ability to take equivalent action at the protocol level unless expressly stated; where these Terms or the Trading Rules refer to an action facilitated through governance, smart contract mechanics, risk parameters, or governance-approved processes, such action is taken by or through the Derive Protocol and not solely by us, and is subject to the technical and operational constraints of the relevant process.","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/terms-of-use"},"/drv":{"version":1,"title":"Derive.xyz | DRV Token","description":"DRV is the native token of Derive, powering governance, rewards, and liquidity across the leading onchain options exchange.","keywords":"","h1":["Staking","+3.99%","326m stDRV","38.2%","What is DRV?","Buybacks","Rewards","Fee Discounts","Governance","Ready to Trade Smarter?"],"h2":["Staking","+1.58%","305m stDRV","30.6%","DRV is the native token of the Derive Protocol, utilized for governance and incentive alignment across trading and liquidity programs.","Ready to Trade Smarter?"],"h3":["Stay ahead with exclusive news straight to your inbox."],"h4":["DRV","Your Questions Answered."],"h5":[],"h6":["What is the DRV token?","What is the role of DRV in the Derive ecosystem?","Why should I stake DRV?","Which network is DRV on?","How aligned is the team?","Where can I get DRV?","How can I vote on Governance proposals"],"p":["Derive is bringing institutional-grade execution onchain.","Hold, stake, and earn rewards with DRV","Buy DRV","Stake","Stake your DRV tokens to earn passive rewards while supporting network security. Lock your holdings for flexible periods and watch your portfolio grow through automated yield generation and bonus incentives.","Staking APY","Total Staked","% Circ. Supply Staked","Utility","35% of Derive protocol fees are allocated to DRV token buybacks. Buybacks are executed once a month.","Learn More","Earn staked DRV when you generate protocol fees by trading or depositing collateral into vaults.","DRV stakers get discounted fees on spot, perps and options trades based on their staked balance.","DRV stakers get the power to delegate, vote, and make decisions to steward the future of the Derive ecosystem.","Exchanges","KRAKEN","GATE.IO","COINBASE","DERIVE","Token Addresses","ETHEREUM","ARBITRUM","BASE","OPTIMISM","FAQ","Frequently asked questions from the Derive community. Learn more","Start Trading Now","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App","import * as React from \"react\""],"codeblock":[],"url":"/drv"},"/about":{"version":1,"title":"Derive.xyz | About Crypto Options & Perps","description":"Discover the story behind Derive. We’re building the most capital-efficient, customizable, and fast onchain options exchange for the Superchain era.","keywords":"","h1":["Derive is bringing institutional-grade crypto options execution onchain.","About  Derive","Ready to Trade Smarter?"],"h2":["Our Story","About Derive"],"h3":["Partnerships","Stay ahead with exclusive news straight to your inbox."],"h4":["Derive’s strategic ecosystem network, including partners like Ethena, EtherFi, and Swell, bridges TradFi and DeFi by building institutional-grade derivatives infrastructure that drives the future of finance.","Derive utilizes TradingView charting technology to display crypto options quotes and provide tools for technical analysis of BTCUSD, ETHUSD, and other perps pairs performance. Through TradingView charts allow you to dive deeper into crypto market research all while using multiple indicators and drawing tools to capture trends and predict price movements."],"h5":[],"h6":[],"p":["Derive is bringing institutional-grade execution onchain.","Derive, formerly Lyra was founded in 2021 by Nick Forster, Michael Spain, Jake Fitzgerald and Dominic Romanowski as a decentralized options trading protocol on Optimism. After three years and two bear markets, Lyra rebranded to Derive, evolving to pioneer onchain options growth in DeFi's transforming landscape.","Derive, formerly Lyra was founded in 2021 by Nick Forster, Michael Spain, Jake Fitzgerald and Dominic Romanowski as a decentralized options trading protocol on Optimism.","After three years and two bear markets, Lyra rebranded to Derive, evolving to pioneer onchain options growth in DeFi's transforming landscape.","Ecosystem","Derive’s core team, originally behind Lyra and led by Nick Forster, a former Susquehanna options trader, combines deep options market expertise with world‑class engineering and DeFi experience.","With backgrounds spanning institutional trading, big‑tech product design at Meta, and decentralized protocol development, the team has built Derive to deliver institutional‑grade execution, innovative risk systems, and a seamless on‑chain trading experience.","This unique blend of financial and technical expertise has positioned Derive as the leading on‑chain options protocol in DeFi.","Nick Forster","Co-Founder & CEO","CEO and Founder","Hitesh Donga","Head of Product","Dominic Romanowski","Co-Founder (Foundation)","Josh Kim","Head of Engineering","Sean Dawson","Head of Research","Ian Randle","Head of Operations (Foundation)","Dillon Lin","Head of Growth","Andras Caron","Head of Marketing","AMBERDATA","Derive utilizes TradingView charting technology to display crypto options quotes and provide tools for technical analysis of BTCUSD, ETHUSD, and other perps pairs performance. Through TradingView charts allow you to dive deeper into crypto market research all while using multiple indicators and drawing tools to capture trends and predict price movements.","Trade Now","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","DRV","Trade","Enter App"],"codeblock":[],"url":"/about"},"/":{"version":1,"title":"Derive.xyz | Trade Onchain Crypto Options & Perps","description":"Institutional-grade crypto options & futures trading onchain. Start trading crypto options & perps on BTC, ETH, and altcoins.","keywords":"","h1":["Crypto Options & Futures Protocol"],"h2":["Institutional-grade options & futures trading onchain.","Integrated with DeFi’s leading protocols"],"h3":["Start trading Crypto Options & Perps on BTC, ETH, and Altcoins.","Built for Professionals","Builder, Integrator, Trader?","Get in touch.","-","Stay ahead with exclusive news straight to your inbox."],"h4":["Integrated with DeFi’s leading protocols","Ready to Trade Smarter?"],"h5":["White-glove Service","Latest Posts"],"h6":["What is Derive?","Which products can I trade?","What’s so special about Derive’s Standard Margin and Portfolio Margin?","What collateral is supported?","Do you support APIs, RFQ and subaccounts?","How are orders executed and settled? Is custody self-managed?","What are the fees?","Who can and can’t use Derive?"],"p":["Start trading Crypto Options & Perps on BTC, ETH, and Altcoins.","Trade Now","DRV Stats","Trusted by:","Featured in:","Features","Derive is built on Ethereum, delivering TradFi-level speed and CEX-like trading onchain, with unique features for traders seeking an edge across options, perpetuals, and yield products.","Portfolio and cross-margining","Highly capital efficient with optimized portfolio margin, and unified collateral management.","Block RFQ","For large size blocktrades, and complex multi-leg structures.","Cross-asset Collateral","Use up to X assets as collateral for trades, from the most popular stablecoins to staked / restaked ETH and BTC.","Audited and Monitored","Audited and monitored infrastructure with zero-trust security principles.","Rust-Powered Orderbook","Blazing fast orderbook with offchain matching (up to 20M TPS), and WebSocket First low latency streaming.","Built on Ethereum","Derive is an optimistic rollup settling to Ethereum, balancing fast, cheap transactions with the superpower of self-custody.","Submit","HFT & Market maker-friendly with tailored support for institutions, and integration partners.","FAQ","Your Questions Answered.","Blog","Updates and announcements from the Derive community","I consent to receive marketing updates","Company","About","Insights","Articles","Partners","Status","Media Kit","Contact Us","Terms of Use","Trading Rules and Market Integrity Policy","RFQ and Block Trading Rules","Oracle, Mark Price and Settlement Policy","Margin, Liquidation and Loss Allocation Rules","Market Maker and Liquidity Provider Supplement","Fee Schedule","Privacy Policy","Data Usage Policy","Help Center","Products","Options","Perpetuals","Spot","Vaults","Stats","Technology","Documentation","API Reference","Audits","Whitepaper","MiCA Whitepaper","Learning","DRV Token","About DRV","Buy DRV","Stake DRV","Snapshot","Governance","Info","Vault Info","MM Fees","RFQ Info","Derive Overview","Governance Portal","Trade","DRV","Enter App"],"codeblock":[],"url":"/"}}