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Trader intelligence for Derive: who is trading, what they hold, who is good, and what the rules say is mispriced. Built from public fills and quotes, refreshed every few minutes.

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Every number on the site is computed from public data by fixed rules; nothing is hand-picked except the wallets we say we follow. Nothing here is investment advice. Links to Derive may use Optionly's broker code, which pays Optionly a share of exchange fees at no cost to you. © 2026 Optionly.

Updated 22 Sept, 23:42 UTC · auto-checks every 5 min

Track the traders making money on Derive

Smart money (27 of 106 wallets whose returns hold up) is net long $8.9M ETH. Cheap options: BTC, SOL, ZEC, CC, VVV.

Markets · 12swipe for more →
BTCoptions cheap
$86,144-0.4%
IV 36% · RV 42%smart long $4.1M
ETHoptions fair
$2,751-0.8%
IV 49% · RV 46%smart long $8.9M
SOLoptions cheap
$118.30-0.4%
IV 56% · RV 70%smart long $67.3K
XRPoptions fair
$1.57+2.0%
IV 71% · RV 74%smart long $194.5K
HYPEoptions fair
$96.81+3.1%
IV 61% · RV 72%smart long $3.8M
ADAoptions fair
$0.2551+3.8%
IV 82% · RV 86%smart flat
ZECoptions cheap
$1,635+11.1%
IV 116% · RV 148%smart long $633.2K
XAUToptions fair
$4,361-0.1%
IV 22% · RV 21%smart short $1.2K
CCoptions cheap
$0.115-1.0%
IV 61% · RV 86%smart flat
LIToptions fair
$5.03+1.0%
IV 87% · RV 90%smart flat
PUMPoptions fair
$0.0045+3.7%
IV 111% · RV 94%smart flat
VVVoptions cheap
$31.80-0.7%
IV 112% · RV 168%smart flat

Smart money

27 of 106 wallets whose returns hold up · the five with the best 30-day P&L and 12+ weeks of history
How it's picked →
10xe492…d08cpremium seller+$861.3K 30d
all time
+$1.2M
on exposure
+6%
weeks up
50% of 16
max DD
-$240K
last sold 50 ETH 4.2k call, 25 Jun 27 11 hours agoall time +$1.2M+6% on exposure50% of 16 weeks upmax DD -$240Klast sold 50 ETH 4.2k call, 25 Jun 27 11 hours ago
20xb4b8…4df9premium seller+$709K 30d
all time
+$1.1M
on exposure
+25%
weeks up
63% of 16
max DD
-$146K
last bought 26.3 ZEC 1.6k call, 9 Oct 26 12 hours agoall time +$1.1M+25% on exposure63% of 16 weeks upmax DD -$146Klast bought 26.3 ZEC 1.6k call, 9 Oct 26 12 hours ago
30x75d2…ef41upside buyer+$266.5K 30d
all time
+$400.5K
on exposure
+22%
weeks up
56% of 16
max DD
-$38K
last bought 2.5 BTC 76k call, 30 Oct 26 5 days agoall time +$400.5K+22% on exposure56% of 16 weeks upmax DD -$38Klast bought 2.5 BTC 76k call, 30 Oct 26 5 days ago
40x31bd…34aaupside buyer+$172.2K 30d
all time
+$372.1K
on exposure
+31%
weeks up
43% of 14
max DD
-$37K
last bought 4.968 BTC 89k call, 26 Sep 26 12 hours agoall time +$372.1K+31% on exposure43% of 14 weeks upmax DD -$37Klast bought 4.968 BTC 89k call, 26 Sep 26 12 hours ago
50x1680…5ab4wing buyer+$78.1K 30d
all time
+$301.3K
on exposure
+7%
weeks up
67% of 12
max DD
-$48K
last bought 93 HYPE perp 4 days agoall time +$301.3K+7% on exposure67% of 12 weeks upmax DD -$48Klast bought 93 HYPE perp 4 days ago
KoolKrypto
Trade spotlight

The ETH $5,000–$7,000 call spread

at mark
+$862.3K

KoolKrypto bought 23,500 spreads for $898.2K, posted it on X, and 151 wallets followed. (@koolkrypto223) bought 23,500 ETH 26 Mar 5000/7000 call spreads for $898.2K and said so on X. 151 other wallets hold matching legs; 120 first appear in our fill history on or after the post.

ETH needs
+83% in 184d
Positions
48,950 · $1.5M
Spread now
$45.60 vs $38.22
Every entry →
spot 2.8k5.0k7.0k
Biggest Derive print, 24h
$2.1M notionalSold 770 ETH 4k call, 27 Nov 26 · $18K premium · 0x32d0…4ac6
Smart money, net
long $8.9METH delta · long $4.1M BTC
Ideas, last 30 days
+7.0%on cost · 176 ideas · 56% profitable

Trade ideas

rule-based, not advice; each card shows what triggered it
Track record, last 30 days: 176 ideas, average +7.0% on cost, 56% profitable

Each idea is recorded the first time it fires and marked at the current mid every 15 minutes; expired legs settle at intrinsic. Return is per unit of the structure as a share of the entry cost, before fees. Ideas open for less than a day are not scored yet.

Pin risk
89 ideas · -34.4% · 30% profitable
Gamma wall
42 ideas · +9.3% · 76% profitable
Vol mispricing
32 ideas · +73.7% · 91% profitable
Followed wallet
13 ideas · +119.6% · 77% profitable
6 ideasswipe for more →
Followed walletBTC
@koolkrypto223

KoolKrypto sold the bear call spread BTC 100k/125k 25 Dec 26

spot 87k100k125k
They paid
$2,225 · $445k for 200
Now
$2,054 (mark $2,045)
Their P&L
+$36k
Why this fires
Breakeven
$102,086
Best case
n/a
Traded
09-21 20:39 · $34.61M

Sell the bear call spread BTC 100k/125k 25 Dec 26 on Derive.

KoolKrypto (@koolkrypto223), a wallet we follow, collected $445k for 200 of them on Derive by RFQ (sell BTC 100k call, 25 Dec 26, buy BTC 125k call, 25 Dec 26) with BTC at $86,948. Large active book, about $1B notional and +$8M realized a month. Explained the ETH March-27 call-spread thesis on X on 11 Sep 2026.

Rule: Followed wallet traded $34.61M notional, 2026-09-21 20:39 UTC.

KoolKrypto's wallet →
Vol mispricingZEC

ZEC options look cheap: buy a straddle

spot 1.7k1.4k1.7k2.0k
Cost
$317.7 (19.0%)
Max loss
$317.7
Breakeven
$1,382 / $2,018
Why this fires
Move
±19.0%
Expiry
2 Oct · 9d
Trigger
IV 116% vs RV 148%

Buy the 2 Oct 1.7k straddle on Derive.

ZEC has moved at 148% annualised over the last month (162% over the last week), but options are only pricing 116%. When the market moves more than options price in, owning options pays.

Rule: Implied 116% vs realized 148%, ratio 0.78 (rule fires below 0.85).

ZEC 2OCT26 chain →
Crowded tradeHYPE

5 smart-money wallets are long the HYPE perp

Wallets
5 long
Net
+24,797.5 contracts
Trigger
≥5 wallets one side
Why this fires

Buy the HYPE perp on Derive, in small size.

The steadiest traders on Derive rarely agree. Here 5 of them are on the same side of one contract, net +24,797.5 contracts. Their edge persists only weakly from month to month, so treat this as a shortlist, not something to copy blindly.

Rule: 5 wallets same side (rule fires at 5 or more).

Smart money book →
Followed walletETH
@koolkrypto223

KoolKrypto bought the 3-leg ETH package

spot 2.8k2.9k3.0k3.1k
They paid
$21.95 · $398k for 18,140
Now
$7.1 (mark $5)
Their P&L
-$308k
Why this fires
Breakeven
$2,858
Best case
$50 (7×)
Traded
09-21 20:57 · $201.86M

Buy 1× ETH 2.9k call, 24 Sep 26, Sell 2× ETH 3k call, 24 Sep 26, Buy 1× ETH 3.1k call, 24 Sep 26.

KoolKrypto (@koolkrypto223), a wallet we follow, paid $398k for 18,140 of them on Derive by RFQ (buy ETH 2.9k call, 24 Sep 26, sell ETH 3k call, 24 Sep 26, buy ETH 3.1k call, 24 Sep 26) with ETH at $2,782. Large active book, about $1B notional and +$8M realized a month. Explained the ETH March-27 call-spread thesis on X on 11 Sep 2026.

Rule: Followed wallet traded $201.86M notional, 2026-09-21 20:57 UTC.

KoolKrypto's wallet →
Vol mispricingSOL

SOL options look cheap: buy a straddle

spot 118108118128
Cost
$10.4 (8.8%)
Max loss
$10.4
Breakeven
$107.6 / $128.4
Why this fires
Move
±8.8%
Expiry
2 Oct · 9d
Trigger
IV 56% vs RV 70%

Buy the 2 Oct 118 straddle on Derive.

SOL has moved at 70% annualised over the last month (79% over the last week), but options are only pricing 56%. When the market moves more than options price in, owning options pays.

Rule: Implied 56% vs realized 70%, ratio 0.80 (rule fires below 0.85).

SOL 2OCT26 chain →
Cross-venueETH

The same contract is 18 bps cheaper on Deribit than on Derive

Edge
$5.07 (18.2 bps)
Size
5 · $25.36
Risk
leg risk
Why this fires
Trigger
>5 bps after fees

Buy on Deribit at $94.26, sell on Derive at $101.

The ETH 4.5k call, 26 Mar 27 is offered at $94.26 on Deribit and bid at $101 on Derive. After both venues' fees that is $5.07 per contract of locked-in edge.

Rule: 18.2 bps of forward after fees (rule fires above 5 bps).

Arb scanner →

Notable trades

Derive · Last 24h · Ranked by unusual activity

Full tape
  1. Bought500 ZEC 1k put, 30 Oct 26

    $750.8K
    $22.3K premium
    0xb4b8…4df9premium seller22 Sept, 09:5133% from spot
    3 more
    • 80% win rate · +$709k this month · on the smart money list
    • 26× this wallet's usual size
    • smart-money wallet
  2. Sold10,000 HYPE 110 call, 25 Dec 26

    $970.9K
    $77.6K premium
    KoolKryptospread trader22 Sept, 22:5713% from spot
    3 more
    • 22% win rate · -$783k this month
    • 5× this wallet's usual size
    • Followed wallet
  3. Sold3,300 HYPE 130 call, 30 Oct 26

    $318.8K
    $5K premium
    0x8bec…f66etwo-way trader22 Sept, 17:5135% from spot
    3 more
    • on the smart money list
    • 9× this wallet's usual size
    • smart-money wallet
  4. Bought50 × bull call spread ETH 3k/4k 25 Jun 27

    $137.5K
    $12K net paid
    0xe492…d08cpremium seller22 Sept, 08:49smart-money wallet
    2 more
    • 29% win rate · +$861k this month · on the smart money list
    • 2-leg package, net debit
  5. Bought50 × bull call spread ETH 3.2k/4.2k 25 Jun 27

    $137.5K
    $10.3K net paid
    0xe492…d08cpremium seller22 Sept, 12:49smart-money wallet
    2 more
    • 29% win rate · +$861k this month · on the smart money list
    • 2-leg package, net debit

Open interest and flow

nearest expiry by strike · net premium by expiry, 24h

swipe →
BTC 23SEP260.3 days
spot $86,144 max pain $84,000 wall $87,500
ETH 23SEP260.3 days
spot $2,751 max pain $2,575 wall $2,850
← Net soldNet bought →

Premium bought minus premium sold, measured from the side initiating each trade. These are option payments, not profit or loss. Last 24 hours; trades of at least $50k notional.

Alerts

whales, smart money, followed
KoolKrypto (@koolkrypto223)22 Sep 23:28
Sold 500 HYPE 100 call, 2 Oct 26 @ $2.74
$48.5K notional, $1.4K premium · 0x96b9…a701, spread trader
KoolKrypto (@koolkrypto223)22 Sep 22:57
Sold 10,000 HYPE 110 call, 25 Dec 26 @ $7.76
$970.9K notional, $77.6K premium · 0x96b9…a701, spread trader
Whale22 Sep 20:42
Bought 100 ETH 5k call, 26 Mar 27 @ $62.49
$275.5K notional, $6.2K premium · 0x4804…c4ea, unlabelled
Whale22 Sep 19:13
Bought 300 ETH 2.8k call, 24 Sep 26 @ $19.93
$827.1K notional, $6K premium · 0x3a67…0058, vol buyer
Whale22 Sep 18:54
Bought 380 XAUT 4.6k call, 25 Dec 26 @ $114.27
$1.7M notional, $43.4K premium · 0x38f9…00be, wing buyer
Whale22 Sep 18:11
Sold 100 ETH 6k call, 25 Jun 27 @ $70.87
$275.2K notional, $7.1K premium · 0xc640…93fc, wing buyer

Who is positioned how

Cohorts →
Whale
+$17.2M
Leviathan
+$14.1M
Shrimp
+$519.1K
Smart money
+$16.8M
perp trader
-$9M

Net delta in dollars, 30 days; the bar is net as a share of gross.

Trending wallets

most traded in 24h
Leaderboard →
KoolKryptofollowedspread trader$1.2M 24h
241 fills, 84% optionstoday -$207K30d -$783K
0x95f7…319fupside buyer$16.7M 24h
131 fills, 97% optionstoday -$58K30d -$2K
0xe492…d08cpremium seller$13.5M 24h
99 fills, 100% optionstoday +$453K30d +$861K
0x5580…e37fhedger$6.7M 24h
115 fills, 82% optionstoday -$124K30d -$248K
0xd988…2680premium seller$5.2M 24h
30 fills, 100% optionstoday -$382K30d +$81K
0x4ccd…e700wing buyer$4.7M 24h
18 fills, 100% optionstoday -$5030d +$10K
Data timing

This page was calculated at 22 Sept, 23:42 UTC and checks for updates every 5 minutes while visible. Scheduled updates: quotes every minute; trade sync and alerts every 5 minutes; wallet statistics, cohorts and idea results every 15 minutes; wallet performance hourly.

Individual sources can be older than the page, and a check can return the same cached page while a newer version is prepared. Automatic checks pause in hidden tabs and catch up when you return.

Calculations and trade ideas use fixed rules and templates, not AI.

How to read this page

Market prices, open interest, volatility signals and flow on this page come from Derive. The biggest print is the largest contract execution or same-second sweep by underlying notional, before notable-trade ranking; a package leg is not the whole spread. Premium is the amount paid for the option. Deribit supplies comparison prices and the cross-venue scanner. Implied is the at-the-money vol interpolated to 30 days from the Derive chain; realized is the annualised standard deviation of daily index moves over the last 30 days. Below 0.85× we call options cheap, above 1.25× expensive. Smart money is the top quarter of wallets by risk-adjusted 90-day results, among those that made at least $5k and traded in the last two weeks, with market makers removed; "smart long" on an asset chip is their net delta. Ideas are generated by fixed rules from these numbers, not by a person or a model; payoff diagrams are per unit at expiry and ignore fees. Notable trades are ranked by size against the wallet's usual size, distance from spot, smart-money or followed status, price versus Deribit's mark, and package legs. Alerts are aggressor fills over $250k notional in options (with at least $2k premium) or $1M in perps, over $50k by a smart-money wallet, or over $10k by a wallet we follow by hand; market makers are left out of the whale rows. The same rules feed the Telegram alerts.