Derive: Perp DEX Profile, Fees and Markets | DexPal

Derive

Supported DEX

Derive is a self-custodial trading platform for options, perpetuals and spot, charging by orderbook side and by instrument, with option fees capped at 12.5% of the option value.

Website Docs

Discord

Volume 24h: $26.9M
Open Interest: $75.7M
Fees 24h: $4,974
Pairs: 15
Max Leverage: 15.15x

Asset Categories

Crypto

Deposit Networks

Ethereum

Protocol Info

Launch Date

Dec 11, 2023

Raised

$6.3M

Open Source

Partially

Last Audit

Jan 1, 2024

Supported Wallets

Coinbase Wallet

Fireblocks

MetaMask

Rabby

WalletConnect

Supported Languages

EnglishChinese Simplified

Restricted Regions

No Restrictions

Trading and orders

Markets, leverage and the controls available before you enter a position.

Order Matching Model: Off-chain Clob
Max Leverage: 15
Margin Modes: Isolated Cross
Supported Order Types: Limit Orders, Market Orders, Stop Orders, TWAP
Min Position Size: $800 USDC (standard); $50-$800 varies by asset
Position Hedge Mode + Isolation Level: Yes

More about trading and orders

Subaccount Support: Yes
Reduce-Only Orders: Yes
Max Open Positions: 48
Leverage by Asset Tier: Margin requirements vary by asset: ETH/BTC (0.10 IM, 0.065 MM), SOL (0.33 IM, 0.067 MM), HYPE (0.15 IM, 0.10 MM), ADA (0.15 IM, 0.10 MM)
Time In Force Options: Gtc
Portfolio Margin: Yes

Costs and funding

Trading charges, discounts and the cost of keeping a position open.

Trading fee model: Maker/Taker
Maker Fee (Base): 0.010%
Taker Fee (Base): 0.030%
Funding Rate Interval: 1 Hr
Liquidation Fee / Penalty: 10.0000%
Fee Discount Mechanism: Token Staking, Volume Tiers

More about costs and funding

Variable Pair-Fee Schedule: Yes
Funding Rate Calculation: Dynamic
Funding Rate Cap: 0.0570%
Gas Fees — Order Management: Order placement and cancellation are gasless: orders are signed off-chain messages matched by the centralized orderbook; session keys enable one-click trading without wallet signatures per trade. ETH gas on Derive Chain only needed for on-chain actions (bridge deposits/withdrawals, escape-hatch).
Fee Inclusion Notes: 10% liquidation fee on the liquidated portfolio value, marked to market
Zero-Fee Promotion: No

Collateral and exits

What you can deposit, where funds are held and how you get them back.

Accepted Collateral Types: USDC, ETH, BTC, Native Token
Account Model: Wallet-Based
Withdrawal Settlement Time Median: 1-10 Min
Cross-Chain Deposit Method: Socket bridges from Ethereum L1, Optimism and Arbitrum
Multi-Collateral Support: Yes
Yield on Idle Collateral / Equity: Native Staking

Security and risk

Audits, liquidation rules and who can change the system.

Audit Firms: Sigma Prime
Most Recent Audit Date: Jan 1, 2024
Oracle Provider(s): Other
Liquidation Mechanism: Auction mechanism: solvent auction (5-30% discount over 15min, then to 100% over 12h), then insolvent auction (MtM starting point, up to maintenance margin over 60min)
Insurance Fund Mechanism: Security Module capitalized from trading fees and interest on borrowed USDC; pays liquidators for insolvent accounts; uses socialized withdrawal fees if depleted
Open Source Code: Partially

More about security and risk

Negative Balance Protection: Yes
Mark vs Last Price Liquidation: Mark Price

Token and rewards

Token utility, points and referral programmes available to traders.

Native token lifecycle: Launched
Ticker/Token Symbol: DRV
Has Points Program: Yes
Points Earning Mechanism: Trading volume, providing liquidity, holding positions
Referral Program Exists: Yes
Rewards Programs: Trading Rewards, Referrals, Token Staking

More about token and rewards

Token Use Cases: Governance, Staking Rewards, Liquidity Mining, Buyback Target, Fee Discount

Access and experience

Regional restrictions, wallet requirements and ways to use the venue.

Native Chain: Other
Mobile App: Browser App
Gas Abstraction: Fully Sponsored Gasless
Trading surfaces and pre-trade views: Web App

Venue notes

Derive is a rebrand of Lyra Protocol; Derive Chain is formerly Lyra Chain and DRV token replaced LYRA via a 2024-2025 migration+airdrop. Legacy lyra.finance domains (rpc, explorer, gov, forums, blog) are still in active use alongside derive.xyz branding. The operating-entity name is inconsistent across docs pages: reference/overview says the Exchange is Operated by Lyra Trading Co. while docs/about-derive says Operated by Derive Trading Co. Has Native Collateral: No Derive-issued stablecoin or LST; the CONFIRMED FACT collateral list (cbADA, cbBTC, DRV, ETH, fxUSDC, HYPE, JITOSOL, KHYPE, LBTC, OLAS, OP, SFP, SOL, sUSDe, USDe, USDT, wBTC, weETH, wstETH, XAUT) is entirely third-party assets except DRV, which is a governance token, not a stablecoin/LST. Variable Pair-Fee Schedule: no -- fees vary by INSTRUMENT TYPE (spot/perp/option) and by MM tier, not by trading pair; ETH, BTC and ALT are charged identical maker/taker rates Variable (Non-USD-Quote) Pairs: No non-USD-quoted pairs found; every live market (ETH, BTC, HYPE, XAUT, XRP, SOL, ZEC, CC, ADA) is quoted/traded against USD. Zero-Fee Promotion: Spot trading is zero-fee (docs: 'No taker fees' / 'No maker fees' for Spot) as a standing product design, not a time-limited promo; Perps and Options both carry non-zero taker/maker fees ($0.01+0.03%*notional / 0.01%*notional for perps).