Best of · Ethereum · Updated Nov 8, 2026

The best Options dApps on Ethereum in 2026

We track 21 Options dApps that run on Ethereum and have reviewed 9 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
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%
3
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%
4
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%
5
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%
6
Opyn Gamma
Options · Ethereum, Avalanche, Polygon
Opyn Gamma is associated with an options protocol, but Opyn’s current homepage promotes Opyn Markets, a perpetuals trading system. Check that markets are live and that you’re eligible before connecting a wallet or risking funds.
Read the Opyn Gamma review Visit Opyn Gamma(opens in a new tab)
ScoreScore 4.5 out of 10
TVL $935K−1.5%
7
Logium
Options · Ethereum
Logium is an Ethereum protocol for peer-to-peer, leveraged bets on crypto prices. Its costs, current availability, and important safeguards are not fully clear, so check these before risking funds.
Read the Logium review Visit Logium(opens in a new tab)
ScoreScore 4.5 out of 10
TVL —
8
Auctus
Options · Ethereum
Auctus is an Ethereum options protocol with transferable, fully collateralized positions and an AUC token. Its current operating status and costs are unclear, so verify the app and terms before connecting a wallet.
Read the Auctus review Visit Auctus(opens in a new tab)
ScoreScore 4.0 out of 10
TVL $14.1K−0.4%
9
Opyn Convexity
Options · Ethereum
Opyn Convexity is described as an Ethereum options protocol, but Opyn’s current site promotes a different, coming-soon perp product. Check which product is actually available before connecting a wallet.
Read the Opyn Convexity review Visit Opyn Convexity(opens in a new tab)
ScoreScore 3.2 out of 10
TVL $524K−1.2%
10
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%
11
FinNexus
Options · Ethereum, BNB Chain, Wanchain
FinNexus is described as a decentralized crypto options protocol using pooled liquidity. Its current app availability, fees and contract-safety details are unclear, so you can’t yet judge whether it is usable or suitable for funds.
Read the FinNexus review
ScoreNot rated yet
TVL $232K−0.1%
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
Lien
Options · Ethereum
Lien is a options 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 Lien review Visit Lien(opens in a new tab)
ScoreNot rated yet
TVL $82.0K−0.9%
16
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%
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
Siren
Options · Ethereum
Siren is a options 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 Siren review
ScoreNot rated yet
TVL —
19
Hilo
Options · Ethereum
Hilo is a options 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 Hilo review
ScoreNot rated yet
TVL —
20
Baex
Options · Ethereum
Baex is a options 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 Baex review
ScoreNot rated yet
TVL —
21
Bitswing
Options · Ethereum
Bitswing is a options 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 Bitswing review
ScoreNot rated yet
TVL —

Options dApps on Ethereum: the numbers

Tracked: 21
Reviewed: 21
Total TVL: $13.7M
Avg. score: 4.6/10

SkyBitcoins tracks 21 options dApps on Ethereum. Every one of them has a full review. Across the 16 with TVL data, the combined value locked is $13.7M, counting value on every chain they support. Hegic dominates, with 66% of that total. The top five account for 89%, while the median options dApp holds $197K.

Ranked by TVL, Hegic ($9.09M), SOFA.org ($1.25M) and Opyn Gamma ($935K) lead the field. The best-rated is Derive V1 with 6.4/10, followed by TYMIO (5.0) and Rysk V1 (5.0). The 9 rated options dApps average 4.6/10, and none scores 8 or above yet.

Many also deploy elsewhere, most often on Arbitrum (11), Polygon (5) and BNB Chain (5). Of the 13 with a confirmed status, 12 are active and 1 is inactive or wound down. In the past week, total value locked rose 3.5%. SOFA.org gained the most (+47.3%).

Largest by TVL

1Hegic$9.09M
2SOFA.org$1.25M
3Opyn Gamma$935K
4Opyn Convexity$524K
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.

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Frequently asked questions

What is the largest options dApp on Ethereum by TVL?

Hegic is the largest options dApp on Ethereum by total value locked, with $9.09M across all the chains it supports. It is followed by SOFA.org ($1.25M) and Opyn Gamma ($935K). TVL figures come from DefiLlama and change daily.

Which options dApp on Ethereum has the highest SkyBitcoins score?

Derive V1 has the highest score at 6.4/10, ahead of TYMIO (5.0) and Rysk V1 (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 Ethereum has SkyBitcoins reviewed?

SkyBitcoins tracks 21 options dApps on Ethereum. Of these, 21 have a full review and 16 report value locked, $13.7M in total, counting value on every chain they support.

Which options dApps on Ethereum grew the most this week?

Among options dApps with at least $1M locked, SOFA.org had the biggest 7-day TVL gain (+47.3%). Combined TVL moved +3.5% over the same seven days.

What is the average score for options dApps on Ethereum?

The 9 rated options dApps on Ethereum average 4.6 out of 10. Of these, 0 score 8 or higher and 6 score below 5.

Ranked list