OptionlyOptionly
HomeTradersCohortsSmart MoneyFlowArbOptionsMarkets
DeriveDeribit
Trade on Derive
HomeTradersCohortsSmart moneyFlowArbOptionsMarketsHow smart money is scoredHow the homepage is built

Optionly is trader intelligence for Derive, built from the exchange's public fills and Deribit's public quotes. Every number on the site is computed from that 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.

Market overview

BTC, ETH, SOL, XRP and HYPE options are priced for less movement than the market has actually delivered this month. The steadiest traders on the exchange are net long $4.4M of ETH delta. Updated 03:12 UTC; refreshes every five minutes.

BTC
$77,866
+0.8% 24h
options cheap
implied
36%
realized
48%
7d
smart moneylong $731.3K Δ
7d
put/call
0.56
max pain 15 Sep
$77,000
wall
$81,000
ETH
$2,522
+0.1% 24h
options cheap
implied
52%
realized
71%
7d
smart moneylong $4.4M Δ
7d
put/call
0.50
max pain 15 Sep
$2,540
wall
$2,580
SOL
$101.21
-0.7% 24h
options cheap
implied
53%
realized
67%
7d
smart moneylong $0.0 Δ
7d
put/call
0.47
max pain 15 Sep
$99
wall
$97
XRP
$1.37
+0.6% 24h
options cheap
implied
53%
realized
91%
7d
smart moneylong $0.0 Δ
7d
put/call
0.54
max pain 15 Sep
$1.2
wall
$1.32
HYPE
$79.75
+0.7% 24h
options cheap
implied
62%
realized
87%
7d
smart moneylong $309K Δ
7d
put/call
0.47
max pain 15 Sep
$77
wall
$77

Newer markets

smaller Derive listings: price, open interest and the last 24 hours of option trading
All chains →
ZEC$1,118-1.0%
OI
$13M
put/call
0.31
IV 25 Sep
117%
24h vol
$3.5M
trades
45
wallets
9
XAUT$4,349-0.0%
OI
$39.8M
put/call
0.13
IV 25 Sep
25%
24h vol
$278.4K
trades
12
wallets
8
ADA$0.21-0.7%
OI
$46.5K
put/call
0.64
IV 25 Sep
77%
24h vol
$0.0
trades
0
wallets
0

Trade ideas

rule-based, not advice; each card shows what triggered it
Track record, last 30 days: 10 ideas, average -14.5% on cost, 30% 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.

Followed wallet
3 ideas · -10.7% · 0% profitable
Vol mispricing
3 ideas · -7.9% · 33% profitable
Gamma wall
2 ideas · -16.5% · 50% profitable
Pin risk
2 ideas · -27.9% · 50% profitable
Followed walletHYPEshort HYPE 60 call, 25 Sep 26

KoolKrypto sold the short HYPE 60 call, 25 Sep 26

Sell 1× HYPE 60 call, 25 Sep 26.

spot 79.2760.0076.00
They paid
$19.38 · $485k for 25,000
Now
$15.5 (mark $20.08)
Their P&L
-$17k
Breakeven
$75.54
Best case
n/a
Traded
09-13 00:39 · $1.98M
Why this fires

KoolKrypto (@koolkrypto223), a wallet we follow, collected $485k for 25,000 of them on Derive by RFQ (sell HYPE 60 call, 25 Sep 26) with HYPE at $79.27. 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 $1.98M notional, 2026-09-13 00:39 UTC.

KoolKrypto's wallet →@koolkrypto223
Vol mispricingXRPlong straddle

XRP options look cheap: buy a straddle

Buy the 25 Sep 1.35 straddle on Deribit.

spot 1.371.001.001.35
Cost
$0.11 (8.0%)
Max loss
$0.11
Breakeven
$1.24 / $1.46
Move
±8.0%
Expiry
25 Sep · 11d
Trigger
IV 53% vs RV 91%
Why this fires

XRP has moved at 91% annualised over the last month (48% 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 91%, ratio 0.59 (rule fires below 0.85).

XRP 25SEP26 chain →
Gamma wallETHshort call

ETH has a call wall at 2.6k for 15 Sep

Sell the 15 Sep 2.6k call on Deribit.

spot 2.5k2.6k
Credit
$9.32 (0.37%)
Max gain
$9.32
Max loss
unlimited
Breakeven
$2,590
Expiry
15 Sep · 1.2d
Trigger
$4.39M OI at 2.6k, 2.3% above
Why this fires

$4.39M of open interest sits at 2.6k (mostly calls), 2.3% above spot, expiring in 1.2 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: 1,740 contracts.

ETH 15SEP26 chain →
Pin riskHYPEbear put spread

HYPE max pain for 15 Sep is 3.5% below spot

Buy the 15 Sep 80/77 put spread on Derive.

spot 79.7577.0080.00
Cost
$1.46 (1.83%)
Max loss
$1.46
Max gain
$1.54 (1.1×)
Breakeven
$78.54
Expiry
15 Sep · 1.2d
Trigger
max pain $77 vs $79.75
Why this fires

Max pain is the expiry price at which option holders collectively lose the most. For 15 Sep it is $77, against spot at $79.75. Price often drifts toward it in the last days as hedges unwind; a tendency, not a rule.

Rule: Max pain $77 vs spot $79.75, gap -3.5% (rule fires beyond 1.5%).

HYPE 15SEP26 chain →
Followed walletBTCbull call spread BTC 82k/88k 30 Oct 26

KoolKrypto bought the bull call spread BTC 82k/88k 30 Oct 26

Buy the bull call spread BTC 82k/88k 30 Oct 26 on Derive.

spot 77k82k88k
They paid
$1,264 · $126k for 100
Now
$1,438 (mark $1,295)
Their P&L
+$3k
Breakeven
$83,468
Best case
$6,000 (4×)
Traded
09-13 14:06 · $15.38M
Why this fires

KoolKrypto (@koolkrypto223), a wallet we follow, paid $126k for 100 of them on Derive by RFQ (buy BTC 82k call, 30 Oct 26, sell BTC 88k call, 30 Oct 26) with BTC at $76,904. 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 $15.38M notional, 2026-09-13 14:06 UTC.

KoolKrypto's wallet →@koolkrypto223
Cross-venueNo cross-venue mispricing worth trading right now

The same option on Derive and Deribit is quoted within fees of each other on every contract we can match, or the gap is under a dollar a contract. That is the normal state; edges appear briefly when one book lags. Arb scanner.

Open interest by strike

nearest expiry, strikes within 20% of spot
All chains →
BTC 15SEP261.2 days
spot $77,866 max pain $77,000 wall $81,000
ETH 15SEP261.2 days
spot $2,522 max pain $2,540 wall $2,580

Net options flow by expiry

premium bought minus sold on the aggressor side, last 24h, prints over $50k
Full tape →

Notable trades, last 24h

ranked by how unusual each print is · times in UTC
Full tape →
13 Sep 14:06Bought100 × bull call spread BTC 82k/88k 30 Oct 26$126K premium · $7.7M notional · Derive
0x96b9…a701, KoolKrypto (@koolkrypto223), hedger, 13% win rate, +$7.14M this month32× this wallet's usual sizefollowed: KoolKryptohit 19% under Deribit mark on the worst leg2-leg package, net debit
13 Sep 14:08Bought3,500 × bull call spread ETH 5k/7k 26 Mar 27$117K premium · $8.7M notional · Derive
0x96b9…a701, KoolKrypto (@koolkrypto223), hedger, 13% win rate, +$7.14M this month36× this wallet's usual sizefollowed: KoolKrypto2-leg package, net debit
13 Sep 08:26Sold1,250 × bear call spread HYPE 90/130 25 Dec 26$6K premium · $98.1K notional · Derive
0x56d3…4f83, hedger, 37% win rate, +$54k this month18× this wallet's usual sizepaid 13% over Deribit mark on the worst leg2-leg package, net credit
14 Sep 00:56Bought10 × bull call spread BTC 70k/75k 25 Sep 26$41K premium · $767.9K notional · Derive
0x3aaa…471b, market maker, 55% win rate, +$134k this month33× this wallet's usual sizehit 24% under Deribit mark on the worst leg2-leg package, net debit
13 Sep 21:30Bought100 × bull call spread ETH 4.5k/6k 25 Jun 27$7K premium · $251.2K notional · Derive
0xc640…93fc, mixed retail, 67% win rate, +$21k this month4× this wallet's usual sizehit 10% under Deribit mark on the worst leg2-leg package, net debit

Alerts

whales, smart money, followed · times in UTC
Whale14 Sep 03:07
Sold 2,000 ETH 4.5k call, 26 Mar 27 @ $57.29
$5M notional, $114.6K premium · 0x20bb…abe8, rfq block
Whale14 Sep 03:07
Bought 2,000 ETH 3.6k call, 26 Mar 27 @ $134.1
$5M notional, $268.2K premium · 0x20bb…abe8, rfq block
Whale14 Sep 03:04
Sold 300 ETH 6k call, 26 Mar 27 @ $16.03
$753.5K notional, $4.8K premium · 0x3a1d…d54b
Whale14 Sep 03:04
Bought 300 ETH 3.5k call, 26 Mar 27 @ $148.55
$753.5K notional, $44.6K premium · 0x3a1d…d54b
Whale14 Sep 02:30
Bought 350 ETH 5k call, 26 Mar 27 @ $39.07
$876.8K notional, $13.7K premium · 0x0874…79a5, rfq block
Whale14 Sep 02:28
Bought 700 ETH 4k call, 25 Dec 26 @ $29.32
$1.8M notional, $20.5K premium · 0xff90…8a5b, rfq block

Smart money

the steadiest 17 of 67 eligible wallets
All →

ETH

+$4.4M

short vol

BTC

+$731.3K

short vol

HYPE

+$309K

long vol

0xd339…a77epremium seller+$22.9K
sold 502 HYPE 79 put, 18 Sep 26, 11 Sep 10:02
0x8f45…f6aerfq block+$36.7K
bought 1 BTC 72k put, 2 Oct 26, 13 Sep 10:40
0x75d2…ef41mixed retail+$238.4K
sold 0.5 BTC 74k put, 25 Sep 26, 11 Sep 22:56

Trending wallets

most traded in 24h; followed wallets first
Leaderboard →
KoolKryptofollowedhedger$33.2M 24h
272 fills, 99% optionstoday -$22K30d +$7M
Last: bought 0.101 ETH perp, 14 Sep 03:00
0xb460…ceb6rfq block$27.6M 24h
20 fills, 100% optionstoday +$13K30d +$14K
Last: sold 555 ETH 7k call, 26 Mar 27, 13 Sep 15:29
0x95f7…319fmixed retail$24.1M 24h
47 fills, 100% optionstoday +$10K30d -$64K
Last: bought 2.09 BTC 82k call, 18 Sep 26, 14 Sep 02:20
0x20bb…abe8rfq block$10M 24h
14 fills, 100% optionstoday -$6K30d +$0
Last: sold 400 ETH 4.5k call, 26 Mar 27, 14 Sep 03:07
0xff90…8a5brfq block$9M 24h
28 fills, 100% optionstoday +$2K30d -$941
Last: sold 500 ETH 6k call, 25 Dec 26, 14 Sep 02:28
0x5580…e37fhedger$7.9M 24h
178 fills, 96% optionstoday +$12K30d -$212K
Last: bought 10 ETH 2.5k call, 25 Sep 26, 13 Sep 23:23

Cohort positioning

All cohorts →
🐋Whale
49
+$7.7Mneutral (3% of gross)
-9 pts in 7d
Gross $263.4MIn position 96%
🦐Shrimp
1,263
+$350.6Kneutral (3% of gross)
+11 pts in 7d
Gross $13.2MIn position 72%
🧾premium seller
72
-$29.3Mvery bearish (-40% of gross)
-27 pts in 7d
Gross $72.6MIn position 92%
📈perp trader
83
-$3Mbearish (-13% of gross)
-90 pts in 7d
Gross $22.9MIn position 70%
How to read this page

Implied is the at-the-money vol interpolated to 30 days from the live 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; the bar under each asset is their net delta as a share of their gross book. The wall is the strike with the most open interest within 5% of spot on the nearest expiry. 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.