Compare the costs.
Understand the risks.

Curated starting points, including our disclosed BULK referral route. This is an editorial shortlist, not the live volume order. Fee and reward fields are dated snapshots.

Curated perpetual venue shortlist; not a measured ranking

Platform	Maker / Taker	Token	Airdrop
Hyperliquid	0.015% / 0.045%	HYPE	No new season confirmed
Aster	0.005% / 0.04%	ASTER	Stage 5 (token live)
Bulk	Phase / tier / Phase / tier	—	Ranked Aura
Variational	0% / 0%	—	Active
edgeX	0.012% / 0.038%	EDGE	Ended at TGE

44 venues tracked, with available volume/OI on the full rankings page. Researching rewards? Compare pre-TGE campaign evidence, or check live status on every season and campaign in the Season & Campaign Tracker.

Onchain options rankings

#	Venue	Model	Also lists	Status
1	Derive	CLOB + portfolio margin	Perps, spot, yield	Options and derivatives venue
2	Paradex	CLOB + Paradigm RFQ	Perps + pre-launch markets	RFQ block flow going onchain
3	Aevo	Hybrid CLOB (offchain match, onchain settle)	Perps + pre-launch markets	Smaller options share than Derive
4	Rysk	Vault / hybrid AMM + RFQ	No — income product only	Yield-first, not a trading book
5	Panoptic	Uniswap-native perpetual options (no CLOB)	No — different product	Different mechanism, not directly rankable vs a CLOB

Options is a different product from a perp — strike, premium, expiry — even on venues that list both. See the complete guide for how the category actually works, or the Q4 2026 watchlist for what's still unresolved (Derive V3, Paradex RFQ, a rumored Hyperliquid options market).