Perpetuals may dominate crypto volumes, yet global options turnover is at record highs and inevitably seeks the same KYC-free, self-custodial rails that Hyperliquid proved workable: CEX-grade UX, instant onramps, and tokenomics that let holders monetize protocol flow. Even if only a modest slice of that demand moves onchain, the addressable market is already structurally meaningful.
Derive is the market leader, commands the majority of that nascent flow onchain, and trades at < $30m FDV. For pers...