Venues / Perp DEX

Perp DEXSelf-custody Ethereum live

Derive

As of Nov 9, 2026, Derive is a perp DEX on Ethereum costing 0.06% per round trip ($0.60 on a $1,000 buy and sell). Sign up with code 0xA724…D65f. Not available in the US.

Checked 2026-11-09 · sources below
Open Derive — code 0xA724…D65f

Derive, formerly Lyra, is an onchain options and perpetuals exchange. Orders match offchain, while margin and settlement are proven with zero-knowledge proofs on Ethereum, where user funds sit in L1 contracts.

Cost: Perps: 0.01% maker, 0.03% taker, plus a $0.01 base fee per trade. Options: 0.01% maker, 0.03% taker on the underlying's value, plus a $0.50 base fee, with the rate-based fee capped at 12.5% of the option's price. A $1,000 buy-and-sell costs about $0.60 in Derive fees.

Sign-up perk: None documented: Derive's broker program pays the referrer and gives invited traders no discount.

More on Derive: Overview · Referral code · US alternatives

Derive code
0xA724fE0DEc9B330a5BE96Bc679Cff04C2efED65f

You get: None documented: Derive's broker program pays the referrer and gives invited traders no discount.

Round trip fee
0.06%
buy + sell, platform fee
$1,000 buy + sell
$0.60
before network + pool fees
Fees paid, 30d
—
not tracked by DefiLlama
US availability
Not available
UK: partly available · EU: unverified

Quick answers

Custody
Self-custody
KYC
none
Platforms
web
Launched
—

Best for: Onchain options traders outside the US who want an order book and RFQ with funds held in Ethereum contracts.

Derive fees

FeeTypeRateApplies toNote
Perps taker fee protocol 0.03% Buy and sell Same rate on every live perp, per Derive's public instrument data.
Perps maker fee protocol 0.01% Buy and sell Resting limit orders that add liquidity.
Perps base fee protocol $0.01 Buy and sell Flat fee per trade on top of the rate.
Options fee protocol 0.03% Buy and sell 0.03% taker or 0.01% maker on the underlying's value, plus $0.50 per trade. The rate-based part is capped at 12.5% of the option's price.

Perps: taker 0.03%, maker 0.01% — Read from Derive's public instrument data (maker 1 bp, taker 3 bps, $0.01 base fee) on 2026-11-09.

Platform fees only. On-chain network/priority fees, pool (LP) fees and price impact are extra and vary by trade.

Is Derive legit?

Docs say the account is owned by your Ethereum wallet, and an escape-hatch contract lets you withdraw if the operator goes offline. At launch, a multisig run by Derive Subsidiary (BVI) Ltd can update the state root and verifying key, subject to a timelock. The app also offers an embedded wallet.

We found no reported hacks or fund losses in the sources we checked. That is not a guarantee.

Where Derive is available

RegionStatus
United StatesNot available
United KingdomPartly available
European UnionUnverified

The Terms of Use bar US persons, Australian tax residents, Ontario residents and sanctioned persons. UK users may use the app only as investment professionals or high-net-worth companies. EU countries are not named as restricted. The app also turns referrals off in some regions. (source)

We report what the venue's own terms say. Don't use a VPN to get around restrictions; venues can freeze accounts that do.

Pros and cons

Pros

  • One of the few onchain venues with a full options order book plus RFQ for multi-leg trades.
  • Low perp fees: 0.01% maker and 0.03% taker.
  • Funds sit in Ethereum L1 contracts, with an escape hatch if the operator goes offline.

Cons

  • US persons, Australian tax residents and Ontario residents are barred, and UK access is limited to professionals.
  • At launch, a company-run multisig can update the settlement contract, subject to a timelock.
  • Far fewer perp markets than the big perp venues.
  • Invited traders get no fee discount.

Features

optionsperpsRFQ / block tradesportfolio marginvaultsAPI/SDKbuilder codes

Derive code

Derive code
0xA724fE0DEc9B330a5BE96Bc679Cff04C2efED65f

You get: None documented: Derive's broker program pays the referrer and gives invited traders no discount.

Open Derive

Alternatives to Derive

Lighter

Non-US, non-UK retail perps traders who want zero trading fees and can accept slower taker execution than paid accounts.

0%Round trip

Paradex

Non-US traders who place orders manually through a web UI and want zero-fee perps plus options from one margin account.

0%Round trip

trade.xyz

Traders outside the US, UK and Canada who want leveraged, round-the-clock exposure to stocks, indices, commodities, FX and pre-IPO companies from a self-custodied Hyperliquid account.

0.018%Round trip

Extended

Traders outside the US, UK and Canada who want low taker fees on crypto plus stock, FX, commodity and index perps from one USDC margin account in their own wallet.

0.05%Round trip

Where Derive ranks

Derive FAQ

Is Derive the same as Lyra?

Yes. Lyra Finance renamed itself Derive. The Terms of Use name Lyra Technologies Corp as the operator of the app.

What are Derive's trading fees?

Perps cost 0.01% for makers and 0.03% for takers, plus a $0.01 base fee per trade. Options charge the same rates on the underlying's value plus a $0.50 base fee, with the rate-based part capped at 12.5% of the option's price.

Can US users trade on Derive?

No. Derive's Terms of Use bar US persons, residents, citizens and tax residents.

Is Derive on Elysium?

Not yet. Kinetiq's Elysium ecosystem directory lists Derive V3 as coming to Elysium. Today Derive settles on Ethereum.

Sources

Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.

  1. Derive Docs: public/get_instrument (live maker, taker and base fees) — checked 2026-11-09
  2. Derive Docs: API Broker Program — checked 2026-11-09
  3. Derive Docs: Depositing — checked 2026-11-09
  4. Derive Docs: Contracts — checked 2026-11-09
  5. Derive Terms of Use (updated 2026-09-23) — checked 2026-11-09
  6. Bankless: Derive V3 goes live, moving onchain options custody to Ethereum — checked 2026-11-09