Derive V2
Best for documented on-chain trading
How it rates
- Documentation published at a public address
- Deployed across 7 chains
- No audit report linked in the public dataset at this check
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- Not metIndependent audit published with a linked report
No audit report linked in the public protocol dataset at this check.
defillama.com/protocol/derive-v2 - Not met
- MetProtocol tracked by an independent analytics platform
Listed with published TVL and history.
defillama.com/protocol/derive-v2 - Met
- Met
- MetDocumentation published where fees are described
Documentation reachable for fee review.
docs.derive.xyz/ - Met
- MetIndependent dataset publishes protocol economics
TVL and change history published independently.
defillama.com/protocol/derive-v2 - PartialFee model documented publicly
Documentation available; specific fee tiers not captured at this check.
docs.derive.xyz/ - Met
- Met
- Met
- Met
- Met
- MetListed on the independent dataset for over a year
Listing date recorded in the dataset.
defillama.com/protocol/derive-v2
- MetIndependent analytics page published
Public protocol page with history.
defillama.com/protocol/derive-v2 - Not metAudit documentation linked publicly
No audit report linked at this check.
defillama.com/protocol/derive-v2 - Met
- MetProtocol identity and chains disclosed
Chains and category published: Derivatives.
defillama.com/protocol/derive-v2 - Met
- Met
- Met
- Met
- Not met
- Met
A derivatives protocol combining options and perpetuals across seven chains, holding $117m with the broadest chain coverage in this category.
Our assessment
Derive v2 covers seven chains, more than any other perpetuals venue in this comparison, and combines options with perps in one protocol. It holds $117m at this check.
Options are the harder product
Perpetuals are relatively simple to build on-chain: a price, a funding rate, a liquidation engine. Options require a pricing model, a volatility surface, and market makers willing to quote both sides — which is why almost every attempt at on-chain options has struggled with liquidity. A protocol offering both is attempting the harder problem.
What combining them enables
Options and perps together allow real hedged structures: a covered position, a collar, a delta-neutral book. On venues that only offer perps, the only expressions available are long, short and leverage. Traders who think in terms of risk rather than direction need both instruments in one margin account, and that is the argument for this design.
No linked audit report
No audit report was retrievable at a public address at this check. For a protocol handling options margin — where liquidation logic is materially more complex than for linear perps — a published review would carry more weight than it does for a simpler venue.
Who it suits
Derive fits traders who want to combine options and perpetuals in one on-chain account and understand options risk. Directional perp traders will find deeper markets at GMX, Hyperliquid or Jupiter.
How rivals compare
| Service | Score | Best for | |
|---|---|---|---|
| GMX V2 Perps | 9.3 | audited, multi-chain deployment | Read → |
Frequently asked
Does this score mean Derive V2 is safe to use?
No. It measures what an outsider can verify: linked audits, published documentation and independently recorded market data. Contract behaviour is not tested by us.
Where does the TVL figure come from?
An independent public analytics platform, queried at the verification date. Anyone can re-run the same query.
Why do some protocols score zero on audits?
Because no audit report is linked in the public dataset. It records what a user can reach, not a claim that no audit was ever performed.