Onchain options just hit different in September.
Notional volume DOUBLED to $4.83B. Derive still runs the show at 79.3% market share (down from 88.1%), but the game's changing fast.
Hypercall went absolutely nuclear: $9.4M → $538.8M in ONE month. Now sitting at #2.
Paradex opened their RFQ system to everyone and nearly 4x'd their volume.
August? Hypercall + Paradex combined were sub-4% of the market. Now they're forcing Derive to actually compete.
This is what real market structure looks like when protocols stop being monopolies. Onchain options finally heating up.
Notional volume DOUBLED to $4.83B. Derive still runs the show at 79.3% market share (down from 88.1%), but the game's changing fast.
Hypercall went absolutely nuclear: $9.4M → $538.8M in ONE month. Now sitting at #2.
Paradex opened their RFQ system to everyone and nearly 4x'd their volume.
August? Hypercall + Paradex combined were sub-4% of the market. Now they're forcing Derive to actually compete.
This is what real market structure looks like when protocols stop being monopolies. Onchain options finally heating up.
