Derive, Hyperliquid, Aerodrome, Uniswap, Near, and Pendle collectively generated ~$560m in revenue YTD. Their tokens are also among the strong performers. The market is increasingly pricing in revenue and token alignment.

One Derive trader put $2,753 into four Sep. 25 XRP calls across the $1.20 to $1.50 strikes. It is currently worth $43,590, a 1,483% return. Reminder: Options are capable of this because the payoff curve gets steeper as price moves in your direction. At its peak, this position was worth around $170,000.

Big Sunday on the Derive tape. $196M+ notional traded, almost entirely BTC and ETH. Bullish flow across the board. BTC call spreads and butterflies up to $92K strikes. ETH $2,600/$3,000 spreads and $2,800 weeklies. And a very bullish 450x ZEC $2,500 October call to close it out.

Options flow on Derive this month has been telling three very different stories. ETH is the conviction long: +$2.4M net bullish premium, mostly put underwriting between $1.8k and $2k and synthetic longs. Positive flows every single week. BTC came in hot with an early month bull put spread, went quiet, then started chasing ATM calls once spot pushed toward $66k. +$2.0M overall. HYPE is the interesting one: -$0.9M. Overwriters sold the $71 top almost perfectly, and dip buyers have been fighting the tape ever since.