CRYPTO MARKET INTELLIGENCE / ASSET DOSSIER

Derive.

drv · coingecko:derive

EVIDENCE · NOT A RECOMMENDATION

This dossier explains why the asset surfaced, what the stored evidence says, what changed, and which limitations remain. Deterministic signals are research questions, not investment conclusions.

Price$0.396354

Market cap$396.04M

Active signals2

Total / circulating1.50×

Longest active streak6

Snapshots compared6

Why it surfaced

peer valuation difference

The valuation multiple differs materially from the eligible peer median

Current streak: 2 snapshots · triggered 2/6 observed snapshots

high dilution

Total supply is high relative to circulating supply

Current streak: 6 snapshots · triggered 6/6 observed snapshots

What changed

peer valuation difference

continuing · streak 2 · 2/6 snapshots

high dilution

continuing · streak 6 · 6/6 snapshots

Latest fundamental observations

Metric	Period	Value	Observed
fees	24h	$8,830.00	2026-10-18T04:35:58.074Z
fees	30d	$169,612.00	2026-10-18T04:35:58.074Z
fees	7d	$112,498.00	2026-10-18T04:35:58.074Z
fees	daily	$4,407.00	2026-10-11T00:00:00.000Z
holders revenue	24h	$0.00	2026-10-18T04:36:12.168Z
holders revenue	30d	$0.00	2026-10-18T04:36:12.168Z
holders revenue	7d	$0.00	2026-10-18T04:36:12.168Z
holders revenue	daily	$0.00	2026-10-11T00:00:00.000Z
revenue	24h	$7,851.00	2026-10-18T04:36:00.033Z
revenue	30d	$158,442.00	2026-10-18T04:36:00.033Z
revenue	7d	$105,176.00	2026-10-18T04:36:00.033Z
revenue	daily	$3,960.00	2026-10-11T00:00:00.000Z
tvl	point in time	$183.07M	2026-10-18T04:35:46.584Z

Historical changes

Metric	Window	Change	Boundary
fees usd:24h	7d	129.89%	2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:30d	7d	196.97%	2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:7d	7d	96.97%	2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
market cap usd:point in time	7d	-21.76%	2026-10-11T03:45:49.000Z → 2026-10-18T03:40:58.000Z
revenue usd:24h	7d	125.28%	2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:30d	7d	197.45%	2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:7d	7d	97.45%	2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
tvl usd:point in time	7d	62.98%	2026-10-11T04:49:10.103Z → 2026-10-18T04:35:46.584Z
market cap usd:point in time	30d	55.41%	2026-09-18T00:00:00.000Z → 2026-10-18T03:40:58.000Z
market cap usd:point in time	90d	223.95%	2026-07-20T00:00:00.000Z → 2026-10-18T03:40:58.000Z
market cap usd:point in time	180d	418.20%	2026-04-21T00:00:00.000Z → 2026-10-18T03:40:58.000Z

Market snapshot

Circulating supply: 999.65M
Total supply: 1.5B
Max supply: 1.5B
Provider updated: 2026-10-18T03:40:58.000Z

Evidence coverage

Verified/provider links: 1
Stored fundamental observations: 39
Calculated history rows: 11
Signal comparison: prior snapshot

Evidence synthesis

Generate or open a cached AI research brief constrained to this dossier's stored evidence, calculations, and limitations.

Open AI research brief

Rule evaluations

revenue growth declining multiple · excluded · no signal

Insufficient actual 30-day revenue or market-cap history

Limits: No observation within 2 days of the 30-day boundary

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

activity growth stagnant market cap · excluded · no signal

Insufficient actual 30-day activity or market-cap history

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

improving tokenholder value capture · excluded · no signal

No observation within 2 days of the 30-day boundary

Limits: Requires holders revenue and fees at both boundaries

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

peer valuation difference · included · signal

The valuation multiple differs materially from the eligible peer median

Limits: A difference is not evidence of mispricing; protocol economics may not be comparable

Inputs and calculation

{
  "inputs": {
    "currentCap": 396038786,
    "latestRevenue": 7851,
    "peerMedian": 39.57062354650812
  },
  "calculation": {
    "annualizedRevenueMultiple": 138.20376638173656,
    "peerMultipleRatio": 3.4925850036025583
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

fundamental deterioration · excluded · no signal

Insufficient actual 30-day fundamental history

Inputs and calculation

{
  "inputs": {},
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

high dilution · included · signal

Total supply is high relative to circulating supply

Limits: Supply fields are provider-reported and do not describe unlock timing

Inputs and calculation

{
  "inputs": {
    "circulatingSupply": 999651282.5779791,
    "totalSupply": 1500000000
  },
  "calculation": {
    "totalToCirculatingRatio": 1.5005232586024222
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

data quality investigation · included · no signal

No provider identity conflict detected

Inputs and calculation

{
  "inputs": {
    "identityConflict": false
  },
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

Provenance and raw evidence

Classification evidence

[
  {
    "assetId": "coingecko:derive",
    "kind": "sector",
    "value": "other",
    "status": "classified",
    "reason": "Canonical mapping from DeFiLlama category Options",
    "sourceProvider": "defillama",
    "sourceRecord": "8931",
    "observedAt": "2026-10-18T04:35:46.584Z"
  },
  {
    "assetId": "coingecko:derive",
    "kind": "asset_type",
    "value": "protocol_token",
    "status": "classified",
    "reason": "Canonical type mapping from DeFiLlama category Options",
    "sourceProvider": "defillama",
    "sourceRecord": "8931",
    "observedAt": "2026-10-18T04:35:46.584Z"
  }
]

Identity relationships

[
  {
    "assetId": "coingecko:derive",
    "protocolId": "8931",
    "protocolSlug": "derive-v3-options",
    "method": "chain_contract",
    "evidence": "DeFiLlama address=0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be; CoinGecko platforms.ethereum=0xb1d1eae60eea9525032a6dcb4c1ce336a1de71be",
    "status": "verified_provider_relationship"
  }
]

Research statuses

[
  {
    "assetId": "coingecko:derive",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "analyzable",
    "method": "global",
    "reason": "At least one deterministic screening method is eligible"
  },
  {
    "assetId": "coingecko:derive",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "insufficient_historical_data",
    "method": "global",
    "reason": "One or more historical methods lack actual boundary observations"
  },
  {
    "assetId": "coingecko:derive",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "revenue_growth_declining_multiple",
    "reason": "Insufficient actual 30-day revenue or market-cap history"
  },
  {
    "assetId": "coingecko:derive",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "activity_growth_stagnant_market_cap",
    "reason": "Insufficient actual 30-day activity or market-cap history"
  },
  {
    "assetId": "coingecko:derive",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "improving_tokenholder_value_capture",
    "reason": "No observation within 2 days of the 30-day boundary"
  },
  {
    "assetId": "coingecko:derive",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "excluded_from_method",
    "method": "fundamental_deterioration",
    "reason": "Insufficient actual 30-day fundamental history"
  },
  {
    "assetId": "coingecko:derive",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "requires_manual_investigation",
    "method": "global",
    "reason": "At least one deterministic research signal triggered"
  }
]

Human review decisions

[]

Full fundamental evidence

[
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:237",
    "protocolId": "8931",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-11T04:49:10.103Z",
    "value": 112320779.16512871,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:14176",
    "protocolId": "8931",
    "metric": "fees_usd",
    "period": "24h",
    "observedAt": "2026-10-11T04:49:24.915Z",
    "value": 3841,
    "unit": "USD",
    "definition": "Trading fees and builder fees paid on Derive options trades.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:14177",
    "protocolId": "8931",
    "metric": "fees_usd",
    "period": "7d",
    "observedAt": "2026-10-11T04:49:24.915Z",
    "value": 57114,
    "unit": "USD",
    "definition": "Trading fees and builder fees paid on Derive options trades.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:14178",
    "protocolId": "8931",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-10-11T04:49:24.915Z",
    "value": 57114,
    "unit": "USD",
    "definition": "Trading fees and builder fees paid on Derive options trades.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:21509",
    "protocolId": "8931",
    "metric": "revenue_usd",
    "period": "24h",
    "observedAt": "2026-10-11T04:49:28.176Z",
    "value": 3485,
    "unit": "USD",
    "definition": "Trading fees minus maker rebates.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:21510",
    "protocolId": "8931",
    "metric": "revenue_usd",
    "period": "7d",
    "observedAt": "2026-10-11T04:49:28.176Z",
    "value": 53266,
    "unit": "USD",
    "definition": "Trading fees minus maker rebates.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:21511",
    "protocolId": "8931",
    "metric": "revenue_usd",
    "period": "30d",
    "observedAt": "2026-10-11T04:49:28.176Z",
    "value": 53266,
    "unit": "USD",
    "definition": "Trading fees minus maker rebates.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:25098",
    "protocolId": "8931",
    "metric": "holders_revenue_usd",
    "period": "24h",
    "observedAt": "2026-10-11T04:49:36.133Z",
    "value": 0,
    "unit": "USD",
    "definition": "Fees going to governance token holders",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:25099",
    "protocolId": "8931",
    "metric": "holders_revenue_usd",
    "period": "7d",
    "observedAt": "2026-10-11T04:49:36.133Z",
    "value": 0,
    "unit": "USD",
    "definition": "Fees going to governance token holders",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "5fde7da8-3c37-4879-8995-06f079ce2348:25100",
    "protocolId": "8931",
    "metric": "holders_revenue_usd",
    "period": "30d",
    "observedAt": "2026-10-11T04:49:36.133Z",
    "value": 0,
    "unit": "USD",
    "definition": "Fees going to governance token holders",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:fees:1791504000",
    "protocolId": "8931",
    "metric": "fees_usd",
    "period": "daily",
    "observedAt": "2026-10-09T00:00:00.000Z",
    "value": 7142,
    "unit": "USD",
    "definition": "Trading fees and builder fees paid on Derive options trades.",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyFees",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:fees:1791676800",
    "protocolId": "8931",
    "metric": "fees_usd",
    "period": "daily",
    "observedAt": "2026-10-11T00:00:00.000Z",
    "value": 4407,
    "unit": "USD",
    "definition": "Trading fees and builder fees paid on Derive options trades.",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyFees",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:tvl:1791590400",
    "protocolId": "8931",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-10T00:00:00.000Z",
    "value": 110956865,
    "unit": "USD",
    "definition": "DeFiLlama historical tvl; adapter methodology was not supplied",
    "sourceUrl": "https://api.llama.fi/protocol/derive-v3-options",
    "methodology": null
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:holders_revenue:1791504000",
    "protocolId": "8931",
    "metric": "holders_revenue_usd",
    "period": "daily",
    "observedAt": "2026-10-09T00:00:00.000Z",
    "value": 0,
    "unit": "USD",
    "definition": "Fees going to governance token holders",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:holders_revenue:1791676800",
    "protocolId": "8931",
    "metric": "holders_revenue_usd",
    "period": "daily",
    "observedAt": "2026-10-11T00:00:00.000Z",
    "value": 0,
    "unit": "USD",
    "definition": "Fees going to governance token holders",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:revenue:1791331200",
    "protocolId": "8931",
    "metric": "revenue_usd",
    "period": "daily",
    "observedAt": "2026-10-07T00:00:00.000Z",
    "value": 19560,
    "unit": "USD",
    "definition": "Trading fees minus maker rebates.",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:revenue:1791590400",
    "protocolId": "8931",
    "metric": "revenue_usd",
    "period": "daily",
    "observedAt": "2026-10-10T00:00:00.000Z",
    "value": 3230,
    "unit": "USD",
    "definition": "Trading fees minus maker rebates.",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:revenue:1791504000",
    "protocolId": "8931",
    "metric": "revenue_usd",
    "period": "daily",
    "observedAt": "2026-10-09T00:00:00.000Z",
    "value": 6255,
    "unit": "USD",
    "definition": "Trading fees minus maker rebates.",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:revenue:1791676800",
    "protocolId": "8931",
    "metric": "revenue_usd",
    "period": "daily",
    "observedAt": "2026-10-11T00:00:00.000Z",
    "value": 3960,
    "unit": "USD",
    "definition": "Trading fees minus maker rebates.",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:tvl:1791504000",
    "protocolId": "8931",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-09T00:00:00.000Z",
    "value": 111432797,
    "unit": "USD",
    "definition": "DeFiLlama historical tvl; adapter methodology was not supplied",
    "sourceUrl": "https://api.llama.fi/protocol/derive-v3-options",
    "methodology": null
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:tvl:1791676800",
    "protocolId": "8931",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-11T00:00:00.000Z",
    "value": 112110682,
    "unit": "USD",
    "definition": "DeFiLlama historical tvl; adapter methodology was not supplied",
    "sourceUrl": "https://api.llama.fi/protocol/derive-v3-options",
    "methodology": null
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:revenue:1791417600",
    "protocolId": "8931",
    "metric": "revenue_usd",
    "period": "daily",
    "observedAt": "2026-10-08T00:00:00.000Z",
    "value": 24221,
    "unit": "USD",
    "definition": "Trading fees minus maker rebates.",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:tvl:1791698147",
    "protocolId": "8931",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-11T05:55:47.000Z",
    "value": 112374026,
    "unit": "USD",
    "definition": "DeFiLlama historical tvl; adapter methodology was not supplied",
    "sourceUrl": "https://api.llama.fi/protocol/derive-v3-options",
    "methodology": null
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:fees:1791331200",
    "protocolId": "8931",
    "metric": "fees_usd",
    "period": "daily",
    "observedAt": "2026-10-07T00:00:00.000Z",
    "value": 20841,
    "unit": "USD",
    "definition": "Trading fees and builder fees paid on Derive options trades.",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyFees",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:fees:1791590400",
    "protocolId": "8931",
    "metric": "fees_usd",
    "period": "daily",
    "observedAt": "2026-10-10T00:00:00.000Z",
    "value": 3597,
    "unit": "USD",
    "definition": "Trading fees and builder fees paid on Derive options trades.",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyFees",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:holders_revenue:1791417600",
    "protocolId": "8931",
    "metric": "holders_revenue_usd",
    "period": "daily",
    "observedAt": "2026-10-08T00:00:00.000Z",
    "value": 0,
    "unit": "USD",
    "definition": "Fees going to governance token holders",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:fees:1791417600",
    "protocolId": "8931",
    "metric": "fees_usd",
    "period": "daily",
    "observedAt": "2026-10-08T00:00:00.000Z",
    "value": 25534,
    "unit": "USD",
    "definition": "Trading fees and builder fees paid on Derive options trades.",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyFees",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:holders_revenue:1791331200",
    "protocolId": "8931",
    "metric": "holders_revenue_usd",
    "period": "daily",
    "observedAt": "2026-10-07T00:00:00.000Z",
    "value": 0,
    "unit": "USD",
    "definition": "Fees going to governance token holders",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ef6b83f5-9f29-411b-a246-ee3ccf0c8ede:8931:holders_revenue:1791590400",
    "protocolId": "8931",
    "metric": "holders_revenue_usd",
    "period": "daily",
    "observedAt": "2026-10-10T00:00:00.000Z",
    "value": 0,
    "unit": "USD",
    "definition": "Fees going to governance token holders",
    "sourceUrl": "https://api.llama.fi/summary/fees/derive-v3-options?dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:177",
    "protocolId": "8931",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "value": 183065275.4573483,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:13393",
    "protocolId": "8931",
    "metric": "fees_usd",
    "period": "24h",
    "observedAt": "2026-10-18T04:35:58.074Z",
    "value": 8830,
    "unit": "USD",
    "definition": "Trading fees and builder fees paid on Derive options trades.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:13394",
    "protocolId": "8931",
    "metric": "fees_usd",
    "period": "7d",
    "observedAt": "2026-10-18T04:35:58.074Z",
    "value": 112498,
    "unit": "USD",
    "definition": "Trading fees and builder fees paid on Derive options trades.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:13395",
    "protocolId": "8931",
    "metric": "fees_usd",
    "period": "30d",
    "observedAt": "2026-10-18T04:35:58.074Z",
    "value": 169612,
    "unit": "USD",
    "definition": "Trading fees and builder fees paid on Derive options trades.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyFees",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:20812",
    "protocolId": "8931",
    "metric": "revenue_usd",
    "period": "24h",
    "observedAt": "2026-10-18T04:36:00.033Z",
    "value": 7851,
    "unit": "USD",
    "definition": "Trading fees minus maker rebates.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:20813",
    "protocolId": "8931",
    "metric": "revenue_usd",
    "period": "7d",
    "observedAt": "2026-10-18T04:36:00.033Z",
    "value": 105176,
    "unit": "USD",
    "definition": "Trading fees minus maker rebates.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:20814",
    "protocolId": "8931",
    "metric": "revenue_usd",
    "period": "30d",
    "observedAt": "2026-10-18T04:36:00.033Z",
    "value": 158442,
    "unit": "USD",
    "definition": "Trading fees minus maker rebates.",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:24519",
    "protocolId": "8931",
    "metric": "holders_revenue_usd",
    "period": "24h",
    "observedAt": "2026-10-18T04:36:12.168Z",
    "value": 0,
    "unit": "USD",
    "definition": "Fees going to governance token holders",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:24520",
    "protocolId": "8931",
    "metric": "holders_revenue_usd",
    "period": "7d",
    "observedAt": "2026-10-18T04:36:12.168Z",
    "value": 0,
    "unit": "USD",
    "definition": "Fees going to governance token holders",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  },
  {
    "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:24521",
    "protocolId": "8931",
    "metric": "holders_revenue_usd",
    "period": "30d",
    "observedAt": "2026-10-18T04:36:12.168Z",
    "value": 0,
    "unit": "USD",
    "definition": "Fees going to governance token holders",
    "sourceUrl": "https://api.llama.fi/overview/fees?excludeTotalDataChart=true&excludeTotalDataChartBreakdown=true&dataType=dailyHoldersRevenue",
    "methodology": {
      "UserFees": "Trading fees and builder fees paid on Derive options trades.",
      "Fees": "Trading fees and builder fees paid on Derive options trades.",
      "Revenue": "Trading fees minus maker rebates.",
      "ProtocolRevenue": "Trading fees minus maker rebates.",
      "HoldersRevenue": "Fees going to governance token holders",
      "SupplySideRevenue": "Maker rebates and builder fees."
    }
  }
]