Derive Joins GammaFlip: Our First Decentralized Exchange, and the Full HYPE Options Book

GammaFlip now reads Derive, the on-chain options exchange, next to Deribit, Bybit and OKX. For HYPE, that's the difference between seeing part of the market and seeing almost all of it.

When we launched HYPE earlier this month, we built it on Deribit and Bybit, the two centralized exchanges that list HYPE options. One of our partners, a Japanese options creator who trades HYPE every week, pushed back: most of the HYPE options action happens on Derive, not on centralized exchanges.

He was right. So we measured it, and then we built it.

Why Derive, and why now

Gamma exposure is computed from open interest: the positions that are still open and that dealers have to hedge. So the question isn't where trading volume happens. It's where the open positions sit.

Here is HYPE options open interest by venue, measured on 28 September 2026:

Derive holds roughly 85% of the HYPE options book. Until today, our HYPE chart saw about 15% of it. Now it sees nearly all of it.

HYPE isn't the only coin that benefits. Derive also holds about $780M of ETH options open interest, roughly 14% of the ETH options market across the four venues we track. It also lists BTC, SOL and XRP options, and all five coins are wired in.

What's new in the app

• Derive in the exchange picker. Pick it on its own to see Derive's book in isolation, for BTC, ETH, SOL, XRP and HYPE.
• Derive in "All". The combined view now adds Derive to Deribit, Bybit and OKX. Chart titles show which venues contributed, for example Deribit+Bybit+Derive for HYPE (OKX doesn't list HYPE options).
• Mix venues. The exchange picker is now multi-select, so you can look at, say, Deribit + Derive together, or Derive next to any other exchange. For a mix, live charts, Flow, the History heatmap and the net / absolute GEX history are built from the chosen venues; flip history and the Time Machine stay with single exchanges and All.
• Every chart works. GEX by strike, gamma profile and flip point, expiry term structure, open interest by expiration (Derive is the violet segment), Monte Carlo forecast, Reach %.
• History starts today. Derive snapshots are captured every 15 minutes from launch, so the History tab and heatmap fill in going forward.
• Included in the Crypto plan at no extra cost.

What makes an on-chain book different

Derive runs its own chain. Trading happens on an order book quoted by market makers, and positions settle on-chain in USDC. Options are European and cash-settled, expiring at 08:00 UTC like Deribit's.

One thing matters a lot when you read Derive's gamma: a large share of its open interest comes from structured products, such as vaults that systematically sell covered calls. That changes what the chart is telling you.

Look at HYPE's 30 October expiry. Four call strikes, 85, 95, 100 and 105, hold about 1.04 million contracts between them. That looks like a single call-selling program, not thousands of traders placing independent bets. On a GEX chart it shows up as a wall of positive gamma around 95–100.

The wall is real: somebody holds the other side of those calls and hedges them. But it's one position, and it can roll, get closed or expire in one go. Our advice:

• Compare "Derive" with "All". If a level only appears on Derive, it's probably that program. If Deribit shows it too, it's broader positioning.
• Check the puts. On HYPE, most put open interest sits far below spot (40–45 strikes in December and March). That's why the chart near spot is almost entirely positive gamma right now.
• Watch expiry dates. A structured program's wall disappears at its expiry. Check the expiry term structure before you treat a strike as a long-term level.

Why this matters beyond HYPE

Derive is the first decentralized exchange on GammaFlip, and as far as we know, gamma exposure on an on-chain options book isn't something other GEX tools show today. We think that matters for two reasons.

First, open interest is moving on-chain. HYPE is the clearest case: its options market grew up on a decentralized exchange rather than a centralized one. If you only watch centralized exchanges, you miss where that positioning lives.

Second, on-chain venues need independent analytics. An exchange can't credibly grade its own order book. A neutral view of flip points, walls and max pain across centralized and on-chain venues side by side is exactly what we're here to provide.

Try it

Open the app, pick HYPE, and switch between Derive and All. Then open Expiry → Positioning to see how much of the HYPE book sits on Derive.

Open interest figures were measured on 28 September 2026 from each exchange's public API and will change over time.