Derive’s options premiums reached nearly five times last year’s level in the first nine months of 2026, while active addresses rose 20%. In Q3, the largest 1% of option legs made up 53% of notional volume, up from 22% a year earlier.
Why it matters
The gap between premium growth and address growth suggests Derive’s expansion has been driven more by larger trading activity than by a comparable increase in active users. The rising share of volume from the biggest option legs underscores how concentrated that activity has become.
Market impact
Derive’s figures point to growing options activity, but the concentration in the largest trades is an important part of the picture. Whether that pattern persists will help show if growth is broadening or remains heavily dependent on the biggest trades.
Source: [source](https://webappcsdfedsssd.controller.bot/media/files/8336652911/AgACAgIAAxkBAAJaLGrqGDIk6nmXMq5sPYQRMO1ec3DWAAK1ImsbsatRS0xBBA2_M6gNAQADAgADeQADPQQ?sig=yNuKtpqWEIMIIf5ROVQfJAUMCB9rZSrw2UNKLAtjfvY)
Frequently asked questions
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How much did Derive’s options premiums grow in the first nine months of 2026?
They reached nearly five times last year’s level.
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How much did Derive’s active addresses increase?
Active addresses rose 20% over the period described.
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What share of Q3 notional volume came from the largest 1% of option legs?
The largest 1% of option legs accounted for 53% of Q3 notional volume.
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How did the largest trades’ share of Derive volume change year over year?
Their share rose to 53% in Q3 from 22% a year earlier.
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What does the gap between premium and address growth indicate?
Premium growth far outpaced the rise in active addresses, while the largest option legs accounted for a growing share of notional volume.
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