DeFi Derivative Landscape

A hopefully comprehensive guide to the defi derivative landscape

Projects

Options

• Panoptic - Decentralized Perpetual Oracle-Free Options built on top of concentrated liquidity AMMs
  • Whitepaper
  • Video
  • Twitter
• Opyn - Orderbook options protocol with power perpetuals and power perpetual strategies launching soon
  • Trade
  • Gamma Portal
  • Opyn Analytics
  • Opyn Developer Kit
• Predy - Drivative AMM protocol with Power Perpetual using Portfolio Margin. Live on Arbitrum.
  • Trade
  • Doc
• Hegic - Options with a liquidity pool
  • Trade on v888
  • Trade on v1
  • v888 Whitepaper
  • v1 Whitepaper
  • Whiteheart - Onchain Hedging contracts using hegic
• Hedgey - Decentralized Orderbook options protocol for any pair of tokens (primarily long tail assets), targetted at Token Treasury & Community
  • Create/Trade
  • Buy
  • Analytics
  • Docs
  • Github
• Dopex - Decentralized options pooled exchange on arbitrum
  • Trade
  • Docs
  • Single Staking Vaults
  • Curve Gauge War Options
• Primitive - Crypto Derivatives Without Oracles
  • Trade
  • Introducing Primitive
  • Docs
    • RMM SDK
    • RMM Simulations
    • RMM Examples
  • In depth Primitive Overview
• Premia - Options AMM
  • Trade
  • Docs
  • Premia volatility surface oracle
  • Premia AMM
• Opium Protocol - Decentralized Derivatives Settlement Protocol and Infrastructure
  • Trade - Automated derivative trading strategies built on protocol
  • Dashboard
  • Docs
  • Github
• Siren - Polygon derivative trading with, leverage without liquidations
  • Trade
  • Siren V2
  • Docs
• Pods - Options AMM
  • Trade
  • Docs
  • Whitepaper
• Vega - Derivative layer 1 based on tendermint
  • Trade
  • Published Papers
  • Research Forum
• Lyra - Options AMM protocol with a dynamic volatility input, on Optimism
  • Trade
  • Docs
  • Whitepaper, good for understanding why dynamic volatility is important in an AMM
• PsyOptions - Solana american style options
  • Trade
  • Docs
• Zeta - Solana options and futures exchange
  • Trade
  • Docs
    • The OMM
  • Fuze SDK
• Arrow - Democratize Option Market Making, Brokering, Clearing and Settlement
  • Trade(TestNet)
  • Litepaper
• Levana - American style options on Juno
  • Trade(TestNet)
  • Docs

Perpetuals

Swaps

• DyDx - Perpetual Contracts on StarkWare
  • Trade
  • Docs
  • Dashboard
• Perpetual Protocol - Arbitrum and Optimism Perpetual contracts
  • Trade
    • Trade on V2
  • Docs
    • Litepaper
    • Deep dive into vAMM
    • Perp V2 (Curie) Technical Details
    • V2 (Curie) Docs
• DerivaDEX - DEX for trading derivatives
  • Beta Trade
• FutureSwap - Perpetuals trading pools
  • Trade
  • Docs
• Kine Protocol - Peer to Peer derivative trading
  • Trade
  • Docs
  • Dashboard
  • Trade NFTs
• Mango - Solana lending, spot and perpetuals trading
  • Trade
  • Docs
  • Dashboard
• Drift - Solana perpetual trading based on a vAMM
  • Trade
  • Docs
  • Dashboard
• Hubble Exchange - Avalanche perpetual trading based on a vAMM with dynamic repegging
  • Trade
  • Whitepaper
• Tracer - Perpetual derivative pools
  • Trade
  • Docs
• Injective - Trade perpetual contracts
  • Trade
  • Docs
• Deri Protocol - Perpetual futures and everlasting options
  • Trade
  • Docs
  • Whitepaper
    • Whitepaper V3
• Pika - Perpetual trading on optimism
  • Trade
  • Docs
• MCCDEX - AMM perpetual trading with a shared liquidity model
  • Trade
  • Docs
    • V3 AMM Design
    • Shared Liquidity Model
• GMX - Arbitrum and Avalanche perpetual contracts
  • Trade
  • Docs
  • Leaderboard
  • Dashboard
• Cap Finance - Perpetual contracts on arbitrum
  • Trade
  • Docs
  • Whitepaper
• Anon Farm - Permisonless perpetual contracts backed by uniswap v3 positions
  • Trade
  • Docs
• Levana - Perpetual swaps on Osmosis
  • Trade(Testnet)
  • Docs

Options

• 01 protocol - Solana everlasting options
  • Trade
  • Everlasting Options
  • Binary Options
• Opyn
  • Squeeth (ETH^2)
    • Intro to Squeeth
    • Crab Strategy
    • Understanding Perpetual Vaults in DeFi: Options Strategies
    • Squeeth insides volume 1: funding and volatility
• Predy
  • (ETH)²-Perpetual

Volatility

• CVI - Tokenized volatility protocol
  • Trade
  • Docs
• Volmex - Tokenized volatility protocol
  • Trade
  • Docs
• Qilin - Decentralized volatility protocol
  • Trade
  • Docs
• Divergence Protocol - Trade volatility
  • Trade
  • Docs

Composable Yield and Interest Rate Swaps

• Pendle - Trade and hedge future income
  • Trade
  • Docs
  • Yield token capital efficiency
  • Locking Yield with Pendle — Case Study #1, Locking Swap Fees — Case Study #2
  • Pendle — Base Use Cases & Strategies
  • Pendle AMM
• Element - Fixed rate lending protocol
  • Trade
  • Docs
  • Whitepaper
  • The Automated Fixed Rate Rebalancer
  • De-Collateralize, an Alternative to Collateral Backed Loans
  • Component Yield Token Compounding
• Prism - Split digital assets into yield and principal components
  • Whitepaper
• Volt - Interest rate swap AMM
  • Overview
  • Litepaper

Structured Products

• Antimatter - Principal protected structured products
  • Trade
  • Docs
• UXD - Algorithmic stablecoin backed by delta neutral positions on Solana
  • Trade
  • Docs
• Lemma - Basis trading protocol
  • Trade
  • Docs

Option Vaults

• Ribbon - Option vault structured product protocol
  • Trade
  • Docs
• Friktion - Option vaults on Solana
  • Trade
  • Docs
• Thetanuts - Option Vaults for long tail assets
  • Trade
  • Docs
• StakeDAO - Portfolio manager with option vaults
  • Trade
  • Docs
• Katana - Yield generation protocol for Solana
  • Trade
  • Docs

Staking Derivatives

• Lido - Liquidity for staked assets
  • Trade
  • Docs
  • Dashboard
• Marinade - Solana staking derivative
  • Trade
  • Docs
• Stakewise - ETH2 liquid staking
  • Trade
  • Docs
• Rocketpool - ETH2 liquid staking
  • Trade
  • Docs
    • Guides
• Solana native stake pool
• Claystack - Liquid staking for many assets
  • Trade
  • Overview

NFT options and fractional shares

Reading

• A Guide to Designing Effective NFT Launches
• Recurrently Issued Collectively Kept Shards
• Martingale Shares
• Floor Perps

Projects

• Floor - Liquidity for NFTs
  • Introducing FloorDAO
• Fraction

Other

• UMA - Various structured and financial products
  • Products
    • Optimistic Oracle
    • Long Short Tokens
    • Call/Put Options
    • Range Tokens
    • KPI Options
    • Success Tokens
  • Docs
• Barnbridge - Tokenized risk protocol
  • Products
    • Smart Yield Bonds
    • Smart Exposure
    • Smart Alpha
  • Docs
  • Whitepaper
• Saffron - Traunched Risk
  • Trade
  • Docs
• Thales - Binary options trading
  • Trade
  • Docs
• Synthetix - Derivatives liquidity protocol
  • Trade
  • Docs
  • Dashboard
• Kwenta - Derivatives trading, with zero slippage powered by synthetix
  • Trade
  • KIPs
• Synfutures - Future trading
  • Trade
  • Trade NFT Futures
  • Dashboard
  • Whitepaper
  • Technical Paper
• Risedle - Leveraged Tokens protocol
  • Trade Demo
  • Docs
  • Litepaper
• Overlay Protocol - Trade data streams
  • Trade
  • Docs
  • Whitepaper

Selected Reading

Option AMMs

• Single-Sided Automated Market Maker for European Options
• Hegic Whitepaper
• Dynamic Curves for Decentralized Autonomous Cryptocurrency Exchanges
• A primer on perpetuals

Replicating Payoffs

• Replicating Market Makers
• The Replicating Portfolio of a Constant Product Market
• The Replicating Portfolio of a Constant Product Market with Bounded Liquidity
• Replicating Monotonic Payoffs Without Oracles

Concentrated Liquidity and Option Payoffs

• Uniswap V3 LP Tokens as Perpetual Put and Call Options
• Pricing Uniswap v3 LP Positions: Towards a New Options Paradigm?
• How to Create Perpetual Options in Uniswap v3
• Synthetic Options and Short Calls in Uniswap V3

vAMMs

• On vAMM's unnecessity for liquidity pool
• Perpetual Protocol Deep Dive into vAMM
• Drift Dynamic AMM
• Drift dAMM Deep Dive
• A reinforcement learning based approach to optimizing vAMMs

Power Perpetuals, Everlasting Options, and Perpetual Swaps

• Cartoon Guide to Perps
• Everlasting Options
• Power Perpetuals
• Power Claims
• Raw Moments
• Unbundling Gamma - ETH^2-PERP Proposal
• Floor Perps

Other

• A Protocol for Margining Derivatives
• An automatic market maker with a dynamic repeg