Best of · Arbitrum · Updated Nov 8, 2026

The best Options dApps on Arbitrum in 2026

We track 19 Options dApps that run on Arbitrum and have reviewed 10 of them in full. Our top pick is Derive V1. Each one is scored on security, ease of use, fees and features.

1
Derive V1
Options · Ethereum, Arbitrum, Optimism
Derive offers onchain crypto options and perpetuals with self-custody and advanced margin tools. Check fees, collateral rules and liquidation risk before trading.
Read the Derive V1 review Visit Derive V1(opens in a new tab)
ScoreScore 6.4 out of 10
TVL $134K−0.1%
2
Zomma Protocol
Options · zkSync Era, Arbitrum
Zomma is a DeFi options protocol on zkSync Era and Arbitrum, offering European-style calls and puts. Trading costs, contract details and audit reports need closer checking before you commit funds.
Read the Zomma Protocol review Visit Zomma Protocol(opens in a new tab)
ScoreScore 5.2 out of 10
TVL $79.8K−0.0%
3
Flat Money V2
Options · Arbitrum, Optimism
Flat Money V2 is an options-liquidity protocol, not a simple yield account. It offers a way to provide liquidity to perpetual leveraged-call products, but fees, withdrawal details and returns are not published.
Read the Flat Money V2 review Visit Flat Money V2(opens in a new tab)
ScoreScore 5.0 out of 10
TVL $1.05M−5.2%
4
TYMIO
Options · Arbitrum, Ethereum
TYMIO is a DeFi protocol for placing time-limit orders that can earn yield while you wait to buy or sell crypto. Its basic idea is clear, but costs, order mechanics and key safety details need checking before you commit funds.
Read the TYMIO review Visit TYMIO(opens in a new tab)
ScoreScore 5.0 out of 10
TVL $197K−1.0%
5
Rysk V1
Options · Arbitrum, Ethereum, Hyperliquid L1
Rysk V1 lets you earn option premiums upfront by writing crypto options. The trade-off is real: you may have to sell an asset at a set price or buy one after its value falls.
Read the Rysk V1 review Visit Rysk V1(opens in a new tab)
ScoreScore 5.0 out of 10
TVL $193K−0.0%
6
Premia V3
Options · Arbitrum
Premia V3 is an Arbitrum protocol for trading options through peer-to-pool markets and strategy vaults. It may suit experienced DeFi users, but check current markets, contract details and fees before putting funds at risk.
Read the Premia V3 review Visit Premia V3(opens in a new tab)
ScoreScore 4.8 out of 10
TVL $65.6K−87.7%
7
Pods Finance
Options · Polygon, Ethereum, Arbitrum
Pods Finance is a non-custodial options protocol with an options AMM, but its current product scope and fees need checking before you connect a wallet.
Read the Pods Finance review Visit Pods Finance(opens in a new tab)
ScoreScore 4.7 out of 10
TVL $389K−0.1%
8
Hegic
Options · Arbitrum, Ethereum
Hegic is an on-chain options protocol for ETH and WBTC, but key details about costs, audits and using the app are unclear. Treat it as a smart-contract risk, not a simple way to buy crypto.
Read the Hegic review Visit Hegic(opens in a new tab)
ScoreScore 4.5 out of 10
TVL $9.09M+1.0%
9
Stryke CLAMM
Options · Arbitrum, Robinhood Chain, Sonic +3
Stryke CLAMM is an on-chain options liquidity protocol. You can provide concentrated liquidity, but published fee details and independent audit information are limited.
Read the Stryke CLAMM review Visit Stryke CLAMM(opens in a new tab)
ScoreScore 4.5 out of 10
TVL $176K−0.1%
10
Deri V4
Options · Linea, BNB Chain, zkSync Era +9
Deri V4 advertises gas-free, no-expiry options trading across multiple chains. The product is identifiable, but fees, custody details and audit coverage are not clear enough to treat it as a low-risk place to trade.
Read the Deri V4 review Visit Deri V4(opens in a new tab)
ScoreScore 3.5 out of 10
TVL $7.19M−1.9%
11
SOFA.org
Options · Ethereum, Arbitrum, BNB Chain +1
SOFA.org is an open-source DeFi project for crypto options and structured products. Its basic purpose is clear, but there isn’t enough detail to assess costs, security or how to use it safely.
Read the SOFA.org review Visit SOFA.org(opens in a new tab)
ScoreNot rated yet
TVL $1.25M+47.3%
12
Thetanuts Finance
Options · Ethereum, Base, Robinhood Chain +11
Thetanuts Finance is a multi-chain on-chain options protocol that also advertises perpetuals. You can identify its product and supported networks, but key details on fees, custody and trading are not established here.
Read the Thetanuts Finance review Visit Thetanuts Finance(opens in a new tab)
ScoreNot rated yet
TVL $222K−0.8%
13
Premia V2
Options · Arbitrum, Optimism, Ethereum +2
Premia V2 is a DeFi options market described as peer-to-pool, but there isn’t enough verified detail to assess its costs, safety or how to use it.
Read the Premia V2 review Visit Premia V2(opens in a new tab)
ScoreNot rated yet
TVL $208K−1.2%
14
Cega V2
Options · Arbitrum, Ethereum
Cega V2 was an exotic-options DeFi protocol, but Cega announced it would shut down its platform by the end of 2024 after an acquisition. Don’t treat it as an active place to deposit funds.
Read the Cega V2 review
ScoreNot rated yet
TVL $108K−0.2%
15
Opium
Options · Ethereum, Polygon, Arbitrum +1
Opium is a DeFi derivatives protocol, but the details here are too limited to judge its products, costs or safety. Treat it as a research lead, not a ready-to-use recommendation.
Read the Opium review Visit Opium(opens in a new tab)
ScoreNot rated yet
TVL $73.5K−0.3%
16
Oddz
Options · Avalanche, BNB Chain, Base +1
Oddz presents itself as a multi-chain perps and options aggregator, but its current operating status, fees and practical safety details are unclear. Treat it as unverified before connecting a wallet or funding a trade.
Read the Oddz review Visit Oddz(opens in a new tab)
ScoreNot rated yet
TVL $59.2K−0.1%
17
GammaSwap Open Interest
Options · Arbitrum, Base, Ethereum
GammaSwap Open Interest is difficult to assess because its app presents short-term up-or-down markets, while its listing describes an options product. Fees and the connection between these offerings are unclear, so verify what you are interacting with before connecting a wallet.
Read the GammaSwap Open Interest review Visit GammaSwap Open Interest(opens in a new tab)
ScoreNot rated yet
TVL $45.8K−2.4%
18
OptionBlitz
Options · Arbitrum
OptionBlitz is described as an Arbitrum options and perpetuals platform, but its official site currently displays unrelated IWIN casino content. Don’t connect a wallet or deposit until you verify you’re using a genuine OptionBlitz interface.
Read the OptionBlitz review Visit OptionBlitz(opens in a new tab)
ScoreNot rated yet
TVL $0
19
Lyra
Options · Optimism, Arbitrum
Lyra is an on-chain crypto options protocol associated with Optimism and Arbitrum. Its current availability, fees and safety record are unclear, so check those before connecting a wallet.
Read the Lyra review
ScoreNot rated yet
TVL —

Options dApps on Arbitrum: the numbers

Tracked: 19
Reviewed: 19
Total TVL: $20.5M
Avg. score: 4.9/10

The SkyBitcoins index lists 19 options dApps on Arbitrum. Every one of them has a full review. The 17 that report TVL hold $20.5M between them, counting value on every chain they support. Hegic is the clear leader, holding 44% of it. The five largest make up 92% of the total; the median is $193K.

By value locked, the largest options dApps on Arbitrum are Hegic ($9.09M), Deri V4 ($7.19M) and SOFA.org ($1.25M). On SkyBitcoins scores, Derive V1 ranks first at 6.4/10, ahead of Zomma Protocol (5.2) and Flat Money V2 (5.0). The 10 rated options dApps average 4.9/10, and none scores 8 or above yet.

Many also deploy elsewhere, most often on Ethereum (11), BNB Chain (6) and Base (5). Of the 14 with a confirmed status, 13 are active and 1 is inactive or wound down. Over the last seven days, combined TVL fell 0.9%. SOFA.org gained the most (+47.3%), while Flat Money V2 dropped the most (−5.2%).

Largest by TVL

1Hegic$9.09M
2Deri V4$7.19M
3SOFA.org$1.25M
4Flat Money V2$1.05M
5Pods Finance$389K

Highest rated

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.

Guides

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Frequently asked questions

What is the largest options dApp on Arbitrum by TVL?

Hegic is the largest options dApp on Arbitrum by total value locked, with $9.09M across all the chains it supports. It is followed by Deri V4 ($7.19M) and SOFA.org ($1.25M). TVL figures come from DefiLlama and change daily.

Which options dApp on Arbitrum has the highest SkyBitcoins score?

Derive V1 has the highest score at 6.4/10, ahead of Zomma Protocol (5.2) and Flat Money V2 (5.0). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.

How many options dApps on Arbitrum has SkyBitcoins reviewed?

SkyBitcoins tracks 19 options dApps on Arbitrum. Of these, 19 have a full review and 17 report value locked, $20.5M in total, counting value on every chain they support.

Which options dApps on Arbitrum grew the most this week?

Among options dApps with at least $1M locked, SOFA.org had the biggest 7-day TVL gain (+47.3%) and Flat Money V2 the biggest drop (−5.2%). Combined TVL moved −0.9% over the same seven days.

What is the average score for options dApps on Arbitrum?

The 10 rated options dApps on Arbitrum average 4.9 out of 10. Of these, 0 score 8 or higher and 5 score below 5.

Ranked list