Crypto Options DEX

Expand your trading strategies with decentralized exchanges (DEX) that offer crypto options trading. These platforms provide flexibility and potential for high returns in a decentralized environment. If you’re interested in options trading on a DEX, keep reading to discover the top platforms.
Dopex

Dopex

Hegic

Opyn

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The 7 Best Crypto Options DEX Platforms

Dopex

Dopex

Our evaluation

3

Network

Arbitrum

EARN

Fees

0.10%

Open account

Direct link to the exchange website

Hegic

Our evaluation

3

Commissions

Ethereum

Regulated

Yes

Investor protection

1%

Open account

Direct link to the exchange website

Opyn

Our evaluation

3

Commissions

Ethereum

Regulated

Yes

Investor protection

0.10%

Open account

Direct link to the exchange website

Lyra

Our evaluation

3

Commissions

Optimism

Regulated

Yes

Investor protection

0.30%

Open account

Direct link to the exchange website

Our evaluation

Commissions

Regulated

Yes

Investor protection

Open account

Direct link to the exchange website

Charm Finance

Our evaluation

3

Commissions

Ethereum

Regulated

Yes

Investor protection

Fluctuates

Open account

Direct link to the exchange website

Ribbon Finance

Our evaluation

3

Commissions

Ethereum

Regulated

Yes

Investor protection

2% management fee, 10% performance fee

Open account

Direct link to the exchange website

Let's Analyze the 7 Best Crypto Options DEX Platforms

Dopex

Why Choose Dopex?

Dopex is an excellent choice for those interested in decentralized options trading. One of its most compelling features is the Single Staking Option Vaults, which allow users to earn passive income by staking assets and selling them as call options simultaneously. This dual-purpose functionality enables users to maximize their returns with minimal effort​.
Another reason to choose Dopex is its innovative rebate system, which compensates option writers for their losses, enhancing the overall profitability of providing liquidity to the platform. This system ensures that even in less favorable market conditions, users have a safety net that improves their potential returns compared to traditional options trading strategies​​
Moreover, Dopex’s operation on Arbitrum, a layer-two scaling solution for Ethereum, ensures lower transaction fees and faster processing times, making it more accessible and efficient for traders. The platform’s focus on simplicity and user-friendliness means that even those new to options trading can participate and benefit from its offerings without needing extensive experience or knowledge​.

Pros

Cons

Editor's Note

Despite its strengths, Dopex has a few drawbacks. The anonymity of its founders might be a concern for users seeking transparency. Furthermore, the inherent complexity of options trading, even with Dopex’s simplifications, might still pose a learning curve for beginners. Overall, Dopex is recommended for users who have a basic understanding of options trading and are looking for a decentralized platform that offers high potential returns and innovative features​.

Hegic

Why Choose Hegic?

Choosing Hegic for your options trading needs comes with several compelling advantages. First, Hegic offers unparalleled flexibility by allowing traders to create options with any strike price and expiration date, which is not commonly available on traditional options platforms. This feature enables you to tailor your trading strategies more precisely to your market outlook and risk appetite​.
Secondly, Hegic’s non-custodial nature ensures that you maintain full control over your funds at all times. Transactions are executed through secure smart contracts on the Ethereum blockchain, reducing the risk associated with centralized exchanges. This setup enhances transparency and trust, as all trades are publicly verifiable on the blockchain​.
Lastly, Hegic’s innovative use of pooled liquidity simplifies the process for liquidity providers while offering competitive premium rates for traders. The transition to bidirectional liquidity pools, where ETH and WBTC pools are used for both call and put options, is set to improve liquidity further and make the platform even more attractive to a broader range of users​.

Pros

Cons

Editor's Note

As an expert on our site, I highly recommend Hegic for your options trading needs. The platform’s flexibility in allowing any strike price and expiration date is a game-changer, providing a level of customization rarely seen in traditional options markets. Additionally, the non-custodial nature of Hegic ensures that you maintain control over your funds, which is crucial for security-conscious traders. Lastly, the innovative pooled liquidity model offers competitive rates and simplifies the process for liquidity providers, making Hegic an excellent choice for both novice and seasoned traders looking to leverage decentralized finance benefits.

Opyn

Why Choose Opyn?

Opyn is an excellent choice for those interested in DeFi options trading due to its advanced trading interface and strong security measures. The platform is designed to cater to both novice and experienced traders, providing a customizable and user-friendly experience. Its focus on regulatory compliance and transparency ensures that users can trade with confidence, knowing that their funds are secure and the platform is operating within legal frameworks​.
Moreover, Opyn’s commitment to security is evident through its use of multi-signature wallets and regular smart contract audits. These measures help protect user funds and build trust within the community. The platform’s transparency about its operations and regulatory status further enhances its credibility, making it a reliable choice for DeFi enthusiasts​.
Lastly, Opyn’s robust customer service ensures that users have access to support whenever they need it, which is crucial for maintaining a positive user experience. Whether you’re looking to hedge your crypto assets, speculate on price movements, or earn yield, Opyn offers a comprehensive solution that stands out in the crowded DeFi space​.

Pros

Cons

Editor's Note

As an expert on our site, I highly recommend Opyn for those looking to delve into DeFi options trading. The platform stands out for its advanced, customizable interface that caters to both beginners and seasoned traders. Opyn’s emphasis on security and regulatory compliance ensures a trustworthy trading environment. While it has faced some regulatory challenges, the platform’s resilience and transparency make it a solid choice for anyone serious about decentralized finance.

Lyra

Why Choose Lyra?

Choosing Lyra as your cryptocurrency exchange offers several compelling advantages for traders, particularly those interested in advanced options trading. Firstly, Lyra’s unique portfolio margining system allows for more efficient use of capital by evaluating risks across your entire portfolio rather than individual positions. This means traders can deploy sophisticated multi-leg strategies with significantly lower margin requirements, making it an excellent choice for those who want to maximize their capital efficiency.
Secondly, Lyra’s support for cross-asset collateral provides unparalleled flexibility. Traders can use any cryptocurrency as collateral, not just stablecoins, enabling them to hedge positions or leverage assets more creatively. This feature greatly enhances trading possibilities and allows for more dynamic risk management, making Lyra a versatile tool for experienced traders.
Lastly, Lyra’s integration with the Optimism Layer-2 scaling solution ensures fast and low-cost transactions. This integration is crucial for active traders who need to execute trades swiftly without incurring high gas fees. The platform’s seamless and cost-effective transaction process makes it a highly efficient trading environment, ideal for those who frequently engage in options trading and other derivatives.

Pros

Cons

Editor's Note

As an expert from our site, I highly recommend Lyra for experienced traders looking to engage in advanced options trading. Its portfolio margining system offers unparalleled capital efficiency by assessing risks across your entire portfolio, allowing for more strategic and lower-cost trading. Additionally, the support for cross-asset collateral adds a layer of flexibility, enabling the use of various cryptocurrencies as collateral. Lyra’s integration with the Optimism Layer-2 solution ensures fast and low-cost transactions, making it a highly efficient and effective platform for sophisticated trading strategies.

Pros

Cons

Editor's Note

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

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Economist | Cryptocurrency exchange analyst

The author of the article

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.