#链上期权 Yesterday, Hyperliquid founder Jeff made it clear at an event: the next big opportunity on-chain may be options.
After hearing that, I’d guess we’ll see a wave of decentralized options products emerge on-chain over the next six months.
A quick explainer for those who don’t trade U.S. stocks much:
An option is the right to buy or sell an asset at an agreed-upon price in the future, purchased by paying a premium.
You can use options to bet on price movements, or buy them as “insurance” for your spot or perpetual positions.
Options have long been a mature market in traditional finance, and there are related products in crypto too: Deribit has always been a core platform for crypto options liquidity, while Binance started building out its options business as early as 2020.
But on-chain options have yet to truly take off at scale. User experience, liquidity, margin efficiency, and the barriers to using strategies are all still wide open.
For context, in 2025, U.S.-listed options cleared around 15.2 billion contracts over the year, while Deribit’s total trading volume was about $1.875 trillion. On-chain options could very well become the next trillion-dollar on-chain trading sector.
After hearing that, I’d guess we’ll see a wave of decentralized options products emerge on-chain over the next six months.
A quick explainer for those who don’t trade U.S. stocks much:
An option is the right to buy or sell an asset at an agreed-upon price in the future, purchased by paying a premium.
You can use options to bet on price movements, or buy them as “insurance” for your spot or perpetual positions.
Options have long been a mature market in traditional finance, and there are related products in crypto too: Deribit has always been a core platform for crypto options liquidity, while Binance started building out its options business as early as 2020.
But on-chain options have yet to truly take off at scale. User experience, liquidity, margin efficiency, and the barriers to using strategies are all still wide open.
For context, in 2025, U.S.-listed options cleared around 15.2 billion contracts over the year, while Deribit’s total trading volume was about $1.875 trillion. On-chain options could very well become the next trillion-dollar on-chain trading sector.