95% of onchain options volume runs through Derive. Volume and open interest are still small, but they keep shipping and growth is fast. The token already has over 60% of its supply circulating, and the burn model is aggressive. @HyperliquidX's thesis is to become the home of all finance, and I'm sure they'll eventually move into options. However, HIP-4 was supposed to challenge Polymarket at first, but volumes fell to almost zero after the World Cup. If HIP-4 ever moves into options, I don't think they'll beat @derive_xyz from day one. Options are a very different game, and Derive already has the experience and users. Onchain, perpetuals trade 116x the volume of options. In TradFi, futures trade only 5.4x more than options. That gap is potential growth, and Derive owns that niche with a huge lead. The niche grows either way. Hyperliquid might end up owning the whole sector long term, but I think Derive has a lot of room to run before that happens.