Live on-chain options on BTC, ETH, SOL and HYPE (formerly Lyra)
View the live Derive chain →option.watch streams the Derive options chain in real time. For any expiry you see live bids, asks and quantities at every strike for both calls and puts, refreshed every 100ms over a WebSocket feed direct from the exchange — never delayed, never cached.
Derive — formerly Lyra Finance — is the largest on-chain options exchange, running a real order book (not an AMM) on its own Ethereum L2. It is a rare case of DeFi liquidity that rivals centralised venues. option.watch streams its full chain in real time.
BTC ETH SOL HYPE
Derive lists BTC, ETH, SOL and HYPE options, all settled in USDC on-chain. Because it uses a genuine central limit order book rather than an automated market maker, the bid/ask you see is real resting liquidity.
Most DeFi options venues use AMMs; Derive runs a real central limit order book on its own L2, so its quotes behave like a centralised exchange's. That makes it directly comparable to Deribit or Bybit for the same strike and expiry — a comparison option.watch makes easy by showing every venue together. For thinner strikes, especially on SOL and HYPE, the proprietary Middle Line provides a reliable price reference where raw bid/ask is wide or empty.
Open live Derive options →What is Derive (formerly Lyra)?
Derive is the largest on-chain options exchange, running a real order book on its own Ethereum L2. It was formerly known as Lyra Finance.
Which assets have options on Derive?
Derive lists BTC, ETH, SOL and HYPE options, all settled in USDC on-chain.
Is Derive an AMM?
No — Derive uses a real central limit order book, not an automated market maker, so its quotes are genuine resting liquidity.
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