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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.

Derive market overview

SOL, ZEC and ADA options are priced for less movement than the market has actually delivered this month.

Page calculated 20 Sept, 08:13 UTC · Checks for updates every 5 min while visible

Data timing

Scheduled updates: quotes every minute; trade sync and alerts every 5 minutes; wallet statistics, cohorts and idea results every 15 minutes; wallet performance hourly.

The timestamp shows when this page was calculated. Individual sources can be older, 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.

BTCoptions fair
$80,474-0.9%
IV 33% · RV 38%smart long $2M
ETHoptions fair
$2,586-1.8%
IV 48% · RV 46%smart long $2.4M
SOLoptions cheap
$108.65-2.9%
IV 53% · RV 68%smart short $9.2K
XRPoptions fair
$1.38-2.8%
IV 59% · RV 69%smart long $43.8K
HYPEoptions fair
$91.25-2.0%
IV 64% · RV 74%smart long $956.5K
ZECoptions cheap
$1,453-7.1%
IV 115% · RV 147%smart long $484.9K
XAUToptions fair
$4,382+0.2%
IV 23% · RV 21%smart long $30.7K
ADAoptions cheap
$0.2206-0.4%
IV 78% · RV 98%smart flat
KoolKrypto
Trade spotlight

The ETH $5,000–$7,000 call spread

KoolKrypto (@koolkrypto223) bought 23,500 ETH 26 Mar 5000/7000 call spreads for $898.2K and said so on X. 138 other wallets hold matching legs; 109 first appear in our fill history on or after the post.

Matching positions
46,828 × · $1.4M
Spread now
$37.10 vs $38.22
At mark
+$264.5K
ETH needs
+95% in 187d
Every wallet, every entry →
spot 2.6k5.0k7.0k
Biggest Derive print, 24h
$16.2M notionalSold 200 BTC 110k call, 27 Nov 26 · $56K premium · package leg · 0x96b9…a701
Smart money, net
long $2.4METH delta · long $2M BTC
Ideas, last 30 days
+12.7%on cost · 135 ideas · 52% profitable

Trade ideas

rule-based, not advice; each card shows what triggered it
Track record, last 30 days: 135 ideas, average +12.7% on cost, 52% 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
68 ideas · -11.5% · 40% profitable
Gamma wall
29 ideas · +26.5% · 69% profitable
Vol mispricing
28 ideas · +12.3% · 57% profitable
Followed wallet
10 ideas · +138.3% · 70% profitable
Followed walletBTC
@koolkrypto223

KoolKrypto bought the bull call spread BTC 125k/200k 25 Jun 27

spot 82k125k200k
They paid
$2,135 · $427k for 200
Now
$2,128 mark
Their P&L
-$1k
Why this fires
Breakeven
$127,222
Best case
$75,000 (35×)
Traded
09-19 16:12 · $32.68M

Buy the bull call spread BTC 125k/200k 25 Jun 27 on Derive.

KoolKrypto (@koolkrypto223), a wallet we follow, paid $427k for 200 of them on Derive by RFQ (buy BTC 125k call, 25 Jun 27, sell BTC 200k call, 25 Jun 27) with BTC at $81,717. 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 $32.68M notional, 2026-09-19 16:12 UTC.

KoolKrypto's wallet →
Vol mispricingSOL

SOL options look cheap: buy a straddle

spot 10998.00108118
Cost
$9.7 (8.9%)
Max loss
$9.7
Breakeven
$98.3 / $117.7
Why this fires
Move
±8.9%
Expiry
2 Oct · 12d
Trigger
IV 53% vs RV 68%

Buy the 2 Oct 108 straddle on Derive.

SOL has moved at 68% annualised over the last month (97% over the last week), but options are only pricing 53%. When the market moves more than options price in, owning options pays.

Rule: Implied 53% vs realized 68%, ratio 0.78 (rule fires below 0.85).

SOL 2OCT26 chain →
Gamma wallSOL

SOL has a call wall at 110 for 25 Sep

spot 109110
Credit
$1.3 (1.20%)
Max gain
$1.3
Max loss
unlimited
Why this fires
Breakeven
$111.32
Expiry
25 Sep · 5.0d
Trigger
$1.97M OI at 110, 1.2% above

Sell the 25 Sep 110 call on Derive.

$1.97M of open interest sits at 110 (mostly calls), 1.2% above spot, expiring in 5.0 days. Dealers hedging that strike sell as price approaches it from below and buy as it approaches from above, which tends to pin price near it into expiry.

Rule: Largest open interest within 5% of spot on the nearest expiry: 18,119 contracts.

SOL 25SEP26 chain →
Pin riskXRP

XRP max pain for 25 Sep is 5.9% below spot

spot 1.381.301.40
Cost
$0.05 (3.45%)
Max loss
$0.05
Max gain
$0.05 (1.1×)
Why this fires
Breakeven
$1.35
Expiry
25 Sep · 5.0d
Trigger
max pain $1.3 vs $1.38

Buy the 25 Sep 1.4/1.3 put spread on Derive.

Max pain is the expiry price at which option holders collectively lose the most. For 25 Sep it is $1.3, against spot at $1.38. Price often drifts toward it in the last days as hedges unwind; a tendency, not a rule.

Rule: Max pain $1.3 vs spot $1.38, gap -5.9% (rule fires beyond 1.5%).

XRP 25SEP26 chain →
Followed walletBTC
@koolkrypto223

KoolKrypto sold the bear call spread BTC 78k/80k 20 Sep 26

spot 81k78k80k
They paid
$1,940 · $388k for 200
Now
no quote
Their P&L
n/a
Why this fires
Breakeven
$79,949
Best case
n/a
Traded
09-20 01:40 · $32.43M

Sell the bear call spread BTC 78k/80k 20 Sep 26 on Derive.

KoolKrypto (@koolkrypto223), a wallet we follow, collected $388k for 200 of them on Derive by RFQ (sell BTC 78k call, 20 Sep 26, buy BTC 80k call, 20 Sep 26) with BTC at $81,065. 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 $32.43M notional, 2026-09-20 01:40 UTC.

KoolKrypto's wallet →
Cross-venueETH

The same contract is 28 bps cheaper on Deribit than on Derive

Edge
$7.34 (28.1 bps)
Size
1 · $7.34
Risk
leg risk
Why this fires
Trigger
>5 bps after fees

Buy on Deribit at $50.1, sell on Derive at $59.

The ETH 5k call, 26 Mar 27 is offered at $50.1 on Deribit and bid at $59 on Derive. After both venues' fees that is $7.34 per contract of locked-in edge.

Rule: 28.1 bps of forward after fees (rule fires above 5 bps).

Arb scanner →

Notable trades

Derive · Last 24h · Ranked by unusual activity

Full tape
  1. Bought200 × bull call spread BTC 100k/110k 27 Nov 26

    KoolKrypto19 Sept, 22:53 UTC
    leg notional
    $16.2M
    net paid
    $107.3K
    Trade context: 92× this wallet's usual size

    hedger · 17% win rate · -$1.11M this month

    • Followed wallet
    • paid 10% over Deribit mark on the worst leg
    • 2-leg package, net debit
  2. Bought100 × bull call spread BTC 125k/200k 25 Jun 27

    KoolKrypto19 Sept, 16:12 UTC
    leg notional
    $8.2M
    net paid
    $214.1K
    Trade context: 46× this wallet's usual size

    hedger · 17% win rate · -$1.11M this month

    • Followed wallet
    • hit 7% under Deribit mark on the worst leg
    • 2-leg package, net debit
  3. Bought21 × bull call spread BTC 100k/125k 25 Dec 26

    0x7195…362319 Sept, 23:28 UTC
    leg notional
    $1.7M
    net paid
    $25.9K
    Trade context: 8× this wallet's usual size

    rfq block

    • paid 11% over Deribit mark on the worst leg
    • 2-leg package, net debit
  4. Bought260 × bull call spread ETH 5k/7k 26 Mar 27

    0x6f91…300220 Sept, 07:43 UTC
    leg notional
    $669.2K
    net paid
    $9.8K
    Trade context: hit 78% under Deribit mark on the worst leg

    rfq block

    • 2-leg package, net debit
  5. Bought240 × bull call spread ETH 5k/7k 26 Mar 27

    0xbc7e…037020 Sept, 03:50 UTC
    leg notional
    $620.5K
    net paid
    $9.3K
    Trade context: hit 68% under Deribit mark on the worst leg

    rfq block

    • 2-leg package, net debit
Open interest and flow chartsnearest expiry by strike · net premium by expiry, 24h
BTC 21SEP261.0 days
spot $80,474 max pain $81,000 wall $79,000
ETH 21SEP261.0 days
spot $2,586 max pain $2,525 wall $2,550
← 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
Whale20 Sep 07:43
Sold 260 ETH 7k call, 26 Mar 27 @ $8.75
$669.2K notional, $2.3K premium · 0x6f91…3002, rfq block
Whale20 Sep 07:43
Bought 260 ETH 5k call, 26 Mar 27 @ $46.53
$669.2K notional, $12.1K premium · 0x6f91…3002, rfq block
Whale20 Sep 03:50
Sold 240 ETH 7k call, 26 Mar 27 @ $9.30
$620.5K notional, $2.2K premium · 0xbc7e…0370, rfq block
Whale20 Sep 03:50
Bought 240 ETH 5k call, 26 Mar 27 @ $47.84
$620.5K notional, $11.5K premium · 0xbc7e…0370, rfq block
KoolKrypto (@koolkrypto223)20 Sep 02:11
Bought 2,500 ETH 2.6k call, 20 Sep 26 @ $19.83
$6.5M notional, $49.6K premium · 0x96b9…a701, hedger
KoolKrypto (@koolkrypto223)20 Sep 02:11
Sold 2,500 ETH 2.5k call, 20 Sep 26 @ $117.39
$6.5M notional, $293.5K premium · 0x96b9…a701, hedger

Who is positioned how

Cohorts →
Whale
+$24.7M
Leviathan
-$43.7M
Shrimp
+$523K
Smart money
+$5.4M
premium seller
-$26.4M

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

Trending wallets

most traded in 24h
Leaderboard →
KoolKryptofollowedhedger$181.3M 24h
1278 fills, 99% optionstoday +$952K30d -$1M
0x8e87…6a3aperp trader$17.8M 24h
3229 fills, 0% optionstoday +$4K30d -$126K
0x15ef…51f3perp trader$7.1M 24h
2084 fills, 0% optionstoday +$36K30d +$22K
0xb901…0247perp trader$6.9M 24h
2354 fills, 0% optionstoday +$83K30d -$262K
0x9e04…1172rfq block$6.5M 24h
6 fills, 100% optionstoday -$9K30d -$13K
0xcda4…98b0hedger$5M 24h
2263 fills, 0% optionstoday -$899K30d -$827K

Smart money

the steadiest 20 of 79
All →
0xd699…5a26wing buyer+$41.6K0xd339…a77epremium seller+$26K0xffd6…10b3hedger+$15.3K
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.