Derive Alternatives: Similar Derivatives Protocols Compared

Derive carries a risk grade of B- (35/100) and ranks #17 of 53 rated Derivatives protocols. Below are 52 Derivatives protocols ranked by safety — from safest to riskiest. 16 of these protocols score lower (safer) than Derive, and 36 score higher (riskier).

The single safest alternative is MUX Perps (B, 27/100 — 8 points safer than Derive). See the Derive vs MUX Perps comparison to weigh the tradeoffs.

Current Protocol

Derivatives

Risk

B-

Value

C+

TVL

$123M

Safety analysis →Investment analysis →

AlternativeRiskValueTVL

1

B

D+

$10M

2

B-

C-

$39M

3

B-

D-

$8M

4

Drift ProtocolSafer

B-

B-

$6M

5

B-

B

$102M

6

B-

D+

$525,000

7

TorosSafer

B-

D

$10M

8

Helix PerpSafer

B-

C+

$6M

9

B-

D

$37M

10

BorosSafer

B-

B

$11M

11

B-

D+

$161M

12

B-

C-

$38M

13

B-

C+

$20M

14

Contango V2Safer

B-

D-

$16M

15

B-

B-

$19M

16

B-

D+

$50M

17

B-

D-

$13M

18

C+

C-

$55M

19

C+

D

$32M

20

C+

D-

$2M

21

Kinetiq Markets

C+

D

$32M

22

C+

D

$31M

23

C+

C+

$40M

24

C+

C-

$10M

25

C+

B-

$15M

26

C+

C-

$10M

27

C+

C

$6M

28

C+

C-

$14M

29

C+

D-

$4M

30

C+

D

$14M

31

C+

D

$2M

32

C+

C-

$50M

33

C+

C

$32M

34

C+

D

$676,000

35

C+

D

$14M

36

C+

D

$9M

37

C+

C

$353M

38

C+

D+

$36M

39

C+

C

$120M

40

Jupiter Perpetual Exchange

C+

B

$690M

41

C+

C+

$100M

42

C

D+

$6M

43

C

D+

$3M

44

C

C-

$3M

45

C

D

$10M

46

C

B-

$240M

47

Hyperliquid HLP

C

B

$395M

48

C

D+

$20M

49

C-

B-

$4.7B

50

C-

C

$4M

51

Thetanuts Finance

C-

B-

$660,000

52

D+

D-

$4M

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