Onchain Options Watchlist

This is not a points-farming leaderboard — options doesn't have one yet. It's the handful of market-structure questions that will actually decide how this category looks by the end of 2026: a proposed chain migration, an institutional liquidity network moving onchain, and one rumored competitor big enough to reset the whole board.

Shipping Live Proposed / Rumored

ShippingParadex / Paradigm RFQInstitutional block flow moving onchain · Paradigm is the offchain options RFQ network long associated with a large share of Deribit block volume. Whether that flow keeps landing onchain via Paradex, or this stays a launch-week spike, is the thing to watch — track RFQ counts, not TVL screenshots.
ShippingVault / one-click UX pulling in perp usersCovered-call and cash-secured-put vaults as the retail onramp · Rysk-style "deposit for income" wrappers are the most likely way perp-DEX users end up holding options exposure without learning strikes or Greeks. Worth tracking whether depositors understand they're structurally short volatility.
LiveOnchain share of Deribit-scale notionalDoes onchain options volume actually close the gap with Deribit · Public comparisons in 2026 still put onchain options notional at a small single-digit percentage of Deribit's. Coinbase's acquisition of Deribit and CME's 24/7 crypto options are context for how big the TradFi-adjacent benchmark actually is — not evidence onchain is catching up.
ProposedDerive V3zkVM execution + Ethereum settlement · Proposed rebuild: sunset the current Derive Chain, run matching/risk in a zkVM with proofs settled on Ethereum L1, add real portfolio margin, non-cash collateral, and a builder SDK. Treat as proposed infrastructure, not live, until migration actually completes.
ProposedRWA / tokenized-asset options listingsOptions on tokenized equities, Treasuries, credit · Part of the pitch behind Derive V3's "risk isolation" design — letting long-tail or RWA-linked listings sit in their own risk bucket instead of one shared pool. Not live size yet anywhere we could verify.
RumoredHyperliquid HIP-5 (options)Rumored native options market on Hyperliquid · Widely discussed on CT as the next HIP after HIP-4's prediction-style markets, but unconfirmed as an actual shipped proposal at the time of writing. If Hyperliquid ships a usable options book, it resets this entire ranking the same week — this is the single biggest overhang on every options token.

Want the full venue-by-venue picture instead? See the Onchain Options Rankings, or start with The Complete Guide to Onchain Options if you're new to the category.