Delphi Digital(@Delphi_Digital):Onchain options are no longer a one-venue market. Notional volume more than doubled to $4.83B in September. Derive nearly kept pace and remains the clear leader. Its share of notional eased from 88.1% to 79.3% as two smaller venues grew even faster. Hypercall and Paradex together held under 4% of the market in August. Hypercall went from $9.4M to $538.8M in a single month and now ranks second. Paradex nearly quadrupled after opening its request-for-quote system to the public. Onchain options are starting to look like a competitive market.

2026.10.05 12:21

Onchain options are no longer a one-venue market. Notional volume more than doubled to $4.83B in September. Derive nearly kept pace and remains the clear leader. Its share of notional eased from 88.1% to 79.3% as two smaller venues grew even faster. Hypercall and Paradex together held under 4% of the market in August. Hypercall went from $9.4M to $538.8M in a single month and now ranks second. Paradex nearly quadrupled after opening its request-for-quote system to the public. Onchain options are starting to look like a competitive market.