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Best of · Ethereum · Updated

The best Options Vaults on Ethereum in 2026

We track 7 Options Vaults that run on Ethereum and have reviewed 3 of them in full. Our top pick is Rysk V12. Each one is scored on security, ease of use, fees and features.

Ranked list

  1. 1
    Rysk V12 logo

    Rysk V12

    Options Vault · Hyperliquid L1, Ethereum

    Rysk V12 lets you earn upfront by putting crypto into options strategies, including covered calls. The displayed yields are not guaranteed, and you should check the terms, costs and contract risks before depositing.

    Read the Rysk V12 reviewVisit Rysk V12(opens in a new tab)
    ScoreScore 4.8 out of 10
    TVL $36.3M−13.5%
  2. 2
    Rysk Premium logo

    Rysk Premium

    Options Vault · Hyperliquid L1, Ethereum

    Rysk Premium lets you access curated crypto options strategies that pay yield upfront. The trade-off is option-related risk, while fees, custody details and audits are not published.

    Read the Rysk Premium reviewVisit Rysk Premium(opens in a new tab)
    ScoreScore 4.4 out of 10
    TVL $81.4K−11.5%
  3. 3
    Ribbon Earn logo

    Ribbon Earn

    Options Vault · Ethereum

    Ribbon Earn is an Ethereum options-vault product, but its current operating status is unclear. Check that its vaults are active and review their terms before connecting a wallet or depositing.

    Read the Ribbon Earn reviewVisit Ribbon Earn(opens in a new tab)
    ScoreScore 4.0 out of 10
    TVL $976K−1.1%
  4. 4
    Ribbon logo

    Ribbon

    Options Vault · Ethereum, Solana, Avalanche +1

    Ribbon is a structured-products protocol with an options-vault focus, but its current fees, vault terms and safety details are unclear.

    Read the Ribbon reviewVisit Ribbon(opens in a new tab)
    ScoreNot rated yet
    TVL $3.73M−3.0%
  5. 5
    Cega V1 logo

    Cega V1

    Options Vault · Solana, Ethereum, Arbitrum

    Cega V1 is described as a DeFi vault for exotic options, but key details about costs, safety and how to use it are missing. Verify that the vault is active and understand its terms before depositing.

    Read the Cega V1 review
    ScoreNot rated yet
    TVL $308K−0.0%
  6. 6
    Ribbon Lend logo

    Ribbon Lend

    Options Vault · Ethereum

    Ribbon Lend is a options vault project on Ethereum. Its team publishes little about how it works, what it costs or how funds are secured, so treat it with care.

    Read the Ribbon Lend reviewVisit Ribbon Lend(opens in a new tab)
    ScoreNot rated yet
    TVL $52.3K−0.0%
  7. 7
    Olive logo

    Olive

    Options Vault · Ethereum, Polygon, Arbitrum

    Olive is a options vault project on Ethereum, Polygon and Arbitrum. Its team publishes little about how it works, what it costs or how funds are secured, so treat it with care.

    Read the Olive reviewVisit Olive(opens in a new tab)
    ScoreNot rated yet
    TVL $48.9K−0.3%

Options Vaults on Ethereum: the numbers

Tracked
7
Reviewed
7
Total TVL
$41.5M
Avg. score
4.4/10

The SkyBitcoins index lists 7 options vaults on Ethereum. Every one of them has a full review. Together they hold $41.5M in total value locked, counting value on every chain they support. Rysk V12 dominates, with 87% of that total. The five largest make up 100% of the total; the median is $308K.

By value locked, the largest options vaults on Ethereum are Rysk V12 ($36.3M), Ribbon ($3.73M) and Ribbon Earn ($976K). The best-rated is Rysk V12 with 4.8/10, followed by Rysk Premium (4.4) and Ribbon Earn (4.0). That makes Rysk V12 both the biggest and the best-rated. The 3 rated options vaults average 4.4/10, and none scores 8 or above yet.

Beyond Ethereum, these options vaults most often also run on Hyperliquid L1 (2), Solana (2) and Arbitrum (2). All 3 with a confirmed status are active. Over the last seven days, combined TVL fell 12.3%. Rysk V12 dropped the most (−13.5%).

Largest by TVL

  1. 1Rysk V12 logoRysk V12$36.3M
  2. 2Ribbon logoRibbon$3.73M
  3. 3Ribbon Earn logoRibbon Earn$976K
  4. 4Cega V1 logoCega V1$308K
  5. 5Rysk Premium logoRysk Premium$81.4K

Highest rated

  1. 1Rysk V12 logoRysk V124.8
  2. 2Rysk Premium logoRysk Premium4.4
  3. 3Ribbon Earn logoRibbon Earn4.0

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 options vault on Ethereum by TVL?

Rysk V12 is the largest options vault on Ethereum by total value locked, with $36.3M across all the chains it supports. It is followed by Ribbon ($3.73M) and Ribbon Earn ($976K). TVL figures come from DefiLlama and change daily.

Which options vault on Ethereum has the highest SkyBitcoins score?

Rysk V12 has the highest score at 4.8/10, ahead of Rysk Premium (4.4) and Ribbon Earn (4.0). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.

How many options vaults on Ethereum has SkyBitcoins reviewed?

SkyBitcoins tracks 7 options vaults on Ethereum. Of these, 7 have a full review and 7 report value locked, $41.5M in total, counting value on every chain they support.

Which options vaults on Ethereum grew the most this week?

Among options vaults with at least $1M locked, Rysk V12 the biggest drop (−13.5%). Combined TVL moved −12.3% over the same seven days.

What is the average score for options vaults on Ethereum?

The 3 rated options vaults on Ethereum average 4.4 out of 10. Of these, 0 score 8 or higher and 3 score below 5.