Apps / Derive V2 / Alternatives

Alternatives to Derive V2

8 comparable derivatives apps to consider in place of Derive V2, ranked by value held. The largest is Jupiter Perpetual Exchange — but the right pick depends on your chain and risk tolerance.

Trade leveraged or perpetual contracts on-chain.

Ranked by value held

Comparable apps to Derive V2

Jupiter Perpetual Exchange Derivatives

Trade leveraged or perpetual contracts on-chain.

Value held: $710 M

Hyperliquid HLP Derivatives

Trade leveraged or perpetual contracts on-chain.

Value held: $390 M

Extended Derivatives

Trade leveraged or perpetual contracts on-chain.

Value held: $160 M

dYdX V4 Derivatives

Trade leveraged or perpetual contracts on-chain.

Value held: $100 M

Rysk V12 Derivatives

Trade leveraged or perpetual contracts on-chain.

Value held: $49 M

Synthetix V3 Derivatives

Trade leveraged or perpetual contracts on-chain.

Value held: $48 M

Ostium Derivatives

Trade leveraged or perpetual contracts on-chain.

Value held: $46 M Audits: 2

Decibel Derivatives

Trade leveraged or perpetual contracts on-chain.

Value held: $43 M

Frequently asked

Switching from Derive V2 — common questions

Why might I look for an alternative to Derive V2? +

Common reasons: better rates on a sister app, fewer chain dependencies, smaller smart-contract surface, or simply diversification. Concentration risk in a single protocol — no matter how well-known — is a real category of loss.

Are alternatives to Derive V2 safer or riskier? +

Same category usually means similar risk shape but different code. A smaller alternative may have less audit history; a larger one may have more attack surface. Compare value held + audit count, and don't move funds to a protocol you can't quickly summarise.

Is it costly to switch from Derive V2? +

You'll pay gas to exit and re-enter, plus any spread or unbonding delay. For LP and lending positions, accumulated rewards or withdrawal queues add friction. Calculate the break-even rate gap before moving.

How do I choose the right alternative? +

Match category first, then chain (you don't want to learn a new chain just for yield), then size (bigger usually safer), then rate. The 'best' alternative is the one whose risks you understand.