On-chain options trading volume hits a record high, with sluggish lending yields possibly being the main driver

ZkProver · 2026-02-12T06:16:29+00:00

The on-chain options market has recently seen a surge in trading volume, reaching $44 million in the first week of February, mainly concentrated on Ithaca and Derive protocols. The market has no definitive explanation for the increase in trading volume, but it may be related to the decline in USDT lending yields on Aave and expectations for the Hyperliquid market. A well-known trader mentioned that low yields have prompted users to seek alternative investments with higher returns.

ZkProver

2026-02-12 06:16:29

Abstract generation in progress

ChainCatcher reports that the on-chain options market has reached a record high trading volume in the past two weeks, with $44 million in the first week of February and $28 million in the last week of January. Currently, over 80% of the trading volume is concentrated on the Ithaca and Derive protocols, which handled $26 million and $11 million respectively last week, while the third-place Overtime recorded only $2 million.

The reasons for the surge in trading volume remain uncertain. Possible factors include the decline of USDT lending annualized yields on Aave to around 2%, reducing its attractiveness; and market anticipation for the upcoming HIP-4 market launch by Hyperliquid. Noted DeFi trader Route 2 Fi recently posted on X platform that the 2% USDT annualized yield on Aave has become unappealing, sparking widespread discussion in the community and indicating that some users are actively seeking alternative investment channels with higher returns.

ITHACA0,38%

DRV0,32%

AAVE4,28%

HYPE0,99%

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