Derive dominates Delphi options dashboard with top ETH and SOL contracts
The onchain options venue commands roughly 95% of onchain premium volume, with its positions topping Delphi Digital's new cross-venue analytics tool
Delphi Digital’s Cross-Venue Options Dashboard, launched in early July 2026, was supposed to give traders a panoramic view of crypto options across five major venues. Instead, it mostly confirmed what the onchain derivatives market already suspected: Derive is running the table.
The platform, formerly known as Lyra, holds the top three Ethereum options positions and the top two Solana options positions displayed on the dashboard.
The numbers behind the dominance
Derive currently accounts for approximately 95% of all onchain options premium volume. On the Ethereum side, Derive’s options open interest sits at $1.09 billion. Its Solana options book, which only launched in mid-March 2026, already shows about $36.3 million in open interest. Across all its contracts, the platform’s total open interest stands at roughly $2.4 billion, with $262 million in 24-hour ETH volume alone.
The broader derivatives market tracked by Delphi Digital’s dashboard encompasses approximately $40 billion in options trading activity. Onchain options still represent only about 4.3% of overall activity compared to centralized exchanges like Deribit, OKX, Bybit, and Binance, all of which are also featured as data sources on the dashboard.
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What the Delphi dashboard actually does
The Cross-Venue Options Dashboard aggregates options data for BTC, ETH, SOL, and HYPE across five platforms. It surfaces metrics like open interest, 24-hour volume, and implied volatility in a single interface, giving traders a way to compare pricing and positioning across venues without toggling between five different tabs.
How Derive got here
Derive’s path to onchain options dominance has been methodical. The platform rebranded from Lyra and steadily expanded its product suite, adding SOL options in March 2026 to complement its existing BTC and ETH offerings.
Perhaps the most consequential move on Derive’s roadmap is its planned V3 upgrade, which involves migrating to a zkVM architecture on the Ethereum mainnet. That upgrade, slated for mid-2026, is designed to increase throughput and appeal to institutional participants who need the performance guarantees that zero-knowledge virtual machines can provide.