Derive (formerly Lyra) is a self-custodial on-chain derivatives exchange offering perpetuals, options, spot trading, and structured yield vaults, settled on its own OP-Stack appchain.
Shape a position and watch its P&L-at-expiry curve redraw. Add a hedging leg to see how portfolio margin frees up capital.
Derive margins the whole sub-account on its worst-case loss, not each leg in isolation — so offsetting positions need far less collateral.
Illustrative numbers on an ETH-style underlying (spot ≈ $3,000). On Derive, matching is off-chain on the orderbook and settlement is on-chain and self-custodial on Derive Chain.
Live signals detected by Sentinel monitors across all five risk classes.
See each alert's affected component, root-cause analysis, and recommended action. Pro members get the full risk breakdown for every protocol.
On-chain derivatives venues historically traded off self-custody for performance, or vice versa. Options markets in particular lacked deep, capital-efficient on-chain venues.
Derive runs an OP-Stack appchain with portfolio-margin sub-accounts and a hybrid orderbook: matching is off-chain for low latency, settlement is fully on-chain and self-custodial. The protocol unifies perps, options, spot, and structured vaults under one risk engine.
Category leader for on-chain options after the Lyra V2 rebrand, with a dedicated appchain, portfolio margin, and structured-yield vaults that recycle option premia and basis-trade returns.
Derive is a DEX protocol operating on Ethereum, Optimism, Arbitrum, Base, Hyperliquid, Derive. Derive (formerly Lyra) is a self-custodial on-chain derivatives exchange offering perpetuals, options, spot trading, and structured yield vaults, settled on its own OP-Stack appchain.
Derive runs an OP-Stack appchain with portfolio-margin sub-accounts and a hybrid orderbook: matching is off-chain for low latency, settlement is fully on-chain and self-custodial. The protocol unifies perps, options, spot, and structured vaults under one risk engine.
DeFi Sentinel rates Derive AA with a safety score of 85/100, indicating very low risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Derive has 1 audit on record. DeFi Sentinel's analysis flagged 4 medium, 5 low risk alerts across Smart Contract & Technical Risk, Economic Design & Market Risk, Governance & Centralization and Sustainability & Competitive Position. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
Derive has a DeFi Sentinel safety score of 85/100 (rating AA), last updated May 21, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Derive is deployed on Ethereum, Optimism, Arbitrum, Base, Hyperliquid, Derive.
Yes. Derive has 1 audit report on record from firms including Sigma Prime. Audit reports and dates are linked under the Resources tab on this page.
