In September 2026, the total notional volume of onchain options trading reached between $4.8 billion and $5.66 billion, nearly doubling over the month. One data source recorded a monthly total of $4.829 billion, marking a 121.7% increase compared to the previous month.
Derive, formerly known as Lyra Finance, maintained its market leadership by processing approximately $3.8 billion in notional volume in September. This accounts for roughly 79% of the total market share, while its share of premiums reached between 91% and 92%.
Year-to-date, Derive has captured approximately 87.4% of onchain option premiums, totaling $362.5 million out of a market-wide $414.9 million. The platform's native token, DRV, reached an all-time high of $0.3857 in mid-September, with a market cap of around $385 million.
Competitors Paradex and Hypercall are challenging Derive's dominance. Paradex saw growth after integrating the Paradigm RFQ system, with its open interest exceeding $250 million. Hypercall secured an estimated 11.2% share of notional trading volume in September.
