Best of · Ethereum · Updated
The best Interest Rate Derivatives dApps on Ethereum in 2026
We track 8 Interest Rate Derivatives dApps that run on Ethereum and have reviewed 3 of them in full. Our top pick is Pendle. Each one is scored on security, ease of use, fees and features.
Ranked list
- 1
Pendle
Interest Rate Derivatives · Ethereum
Pendle lets you trade tokenized future yield or target fixed returns through DeFi markets. The strategy is clear, but check each market’s risks and costs before committing funds.
ScoreScore 6.2 out of 10TVL — - 2
Hyperdrive
Interest Rate Derivatives · Ethereum, Linea, xDai +1
Hyperdrive lets you trade fixed-rate positions against variable-yield assets and provide liquidity. The contract mechanics are described, but fees, audit details and pool-by-pool liquidity need checking before you deposit.
ScoreScore 5.2 out of 10TVL $66.4K−0.7% - 3
Spectra V2
Interest Rate Derivatives · Flare, Stellar, Ethereum +10
Spectra V2 offers fixed-rate yield products, yield exposure and curated vaults across multiple chains. Its fee schedule and security assurances are unclear, so inspect each product and its risks before depositing.
ScoreScore 4.3 out of 10TVL $10.6M+6.5% - 4
Rho X
Interest Rate Derivatives · Ethereum, Arbitrum
Rho X is an onchain market for trading crypto interest rates, but key details about fees, custody and how to use it remain unclear.
ScoreNot rated yetTVL $589K−0.0% - 5
IPOR Derivatives
Interest Rate Derivatives · Arbitrum, Ethereum, Base
IPOR’s app presents Fusion onchain vaults, while IPOR Derivatives is described as an interest-rate swap protocol. The product mismatch and missing fee and safety details make it hard to assess before you deposit.
ScoreNot rated yetTVL $484K−0.3% - 6
Voltz
Interest Rate Derivatives · Ethereum, Arbitrum, Avalanche
Voltz is a non-custodial AMM for trading interest rate swaps. Its fees, current operating status and audit details are unclear, so check these before using it.
ScoreNot rated yetTVL $223K−0.5% - 7
Spectra V1
Interest Rate Derivatives · Polygon, Ethereum
Spectra V1 pools are discontinued following the migration to Spectra. Don’t make new deposits into V1; details about any remaining legacy positions are unclear.
ScoreNot rated yetTVL $172K−2.1% - 8
Tranche Finance
Interest Rate Derivatives · Ethereum, Polygon, Avalanche +1
Tranche Finance is a interest rate derivatives project on Ethereum, Polygon, Avalanche and Fantom. Its team publishes little about how it works, what it costs or how funds are secured, so treat it with care.
ScoreNot rated yetTVL $32.3K−0.5%
Interest Rate Derivatives dApps on Ethereum: the numbers
- Tracked
- 8
- Reviewed
- 8
- Total TVL
- $12.2M
- Avg. score
- 5.2/10
SkyBitcoins tracks 8 interest rate derivatives dApps on Ethereum. Every one of them has a full review. The 7 that report TVL hold $12.2M between them, counting value on every chain they support. Spectra V2 dominates, with 87% of that total. The top five account for 99%, while the median interest rate derivatives dApp holds $223K.
By value locked, the largest interest rate derivatives dApps on Ethereum are Spectra V2 ($10.6M), Rho X ($589K) and IPOR Derivatives ($484K). On SkyBitcoins scores, Pendle ranks first at 6.2/10, ahead of Hyperdrive (5.2) and Spectra V2 (4.3). The 3 rated interest rate derivatives dApps average 5.2/10, and none scores 8 or above yet.
Many also deploy elsewhere, most often on Arbitrum (4), Base (3) and Avalanche (3). All 5 with a confirmed status are active. Over the last seven days, combined TVL rose 5.6%. Spectra V2 gained the most (+6.5%).
Largest by TVL
- 1
Spectra V2$10.6M
- 2
Rho X$589K
- 3IPOR Derivatives$484K
- 4
Voltz$223K
- 5
Spectra V1$172K
Highest rated
- 1
Pendle6.2
- 2
Hyperdrive5.2
- 3
Method
How we ranked them
Reviewed dApps come first. Each SkyBitcoins review scores security, ease of use, fees and features from 0 to 10 using public facts such as audits, documentation and on-chain data; the overall score orders the list, with total value locked as the tie-breaker. Projects we have not reviewed yet follow, ordered by total value locked. Scores are never sold.
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Frequently asked questions
What is the largest interest rate derivatives dApp on Ethereum by TVL?
Spectra V2 is the largest interest rate derivatives dApp on Ethereum by total value locked, with $10.6M across all the chains it supports. It is followed by Rho X ($589K) and IPOR Derivatives ($484K). TVL figures come from DefiLlama and change daily.
Which interest rate derivatives dApp on Ethereum has the highest SkyBitcoins score?
Pendle has the highest score at 6.2/10, ahead of Hyperdrive (5.2) and Spectra V2 (4.3). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.
How many interest rate derivatives dApps on Ethereum has SkyBitcoins reviewed?
SkyBitcoins tracks 8 interest rate derivatives dApps on Ethereum. Of these, 8 have a full review and 7 report value locked, $12.2M in total, counting value on every chain they support.
Which interest rate derivatives dApps on Ethereum grew the most this week?
Among interest rate derivatives dApps with at least $1M locked, Spectra V2 had the biggest 7-day TVL gain (+6.5%). Combined TVL moved +5.6% over the same seven days.
What is the average score for interest rate derivatives dApps on Ethereum?
The 3 rated interest rate derivatives dApps on Ethereum average 5.2 out of 10. Of these, 0 score 8 or higher and 1 score below 5.