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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 20 Sept, 21:09 UTC · auto-checks every 5 min

Track the traders making money on Derive

Smart money (22 of 85 wallets whose returns hold up) is net long $3M ETH. Cheap options: SOL, ZEC, ADA.

Markets · 8swipe for more →
BTCoptions fair
$80,932-0.2%
IV 34% · RV 37%smart long $2M
ETHoptions fair
$2,628-0.2%
IV 49% · RV 45%smart long $3M
SOLoptions cheap
$110.10-0.9%
IV 54% · RV 68%smart short $9.7K
XRPoptions fair
$1.40-2.1%
IV 60% · RV 69%smart long $53.9K
HYPEoptions fair
$92.64+0.9%
IV 64% · RV 74%smart long $1.2M
ZECoptions cheap
$1,491+1.2%
IV 110% · RV 147%smart long $510.8K
XAUToptions fair
$4,378+0.1%
IV 23% · RV 21%smart long $24.6K
ADAoptions cheap
$0.2261-1.9%
IV 81% · RV 98%smart flat

Smart money

22 of 85 wallets whose returns hold up · the five with the best 30-day P&L and 12+ weeks of history
How it's picked →
10x75d2…ef41upside buyer+$205.5K 30d
all time
+$300.5K
on exposure
+17%
weeks up
60% of 15
max DD
-$38K
last bought 2.5 BTC 76k call, 30 Oct 26 3 days agoall time +$300.5K+17% on exposure60% of 15 weeks upmax DD -$38Klast bought 2.5 BTC 76k call, 30 Oct 26 3 days ago
20x31bd…34aaupside buyer+$190.9K 30d
all time
+$333.1K
on exposure
+30%
weeks up
38% of 13
max DD
-$37K
last bought 10000 HYPE 77.5 put, 30 Oct 26 2 days agoall time +$333.1K+30% on exposure38% of 13 weeks upmax DD -$37Klast bought 10000 HYPE 77.5 put, 30 Oct 26 2 days ago
30xd5af…1b09premium seller+$25.6K 30d
all time
+$74.6K
on exposure
+11%
weeks up
73% of 15
max DD
-$18K
last sold 500 HYPE 80 put, 25 Sep 26 11 days agoall time +$74.6K+11% on exposure73% of 15 weeks upmax DD -$18Klast sold 500 HYPE 80 put, 25 Sep 26 11 days ago
40xd699…5a26wing buyer+$11K 30d
all time
+$42.6K
on exposure
+11%
weeks up
53% of 15
max DD
-$5K
last bought 9 ETH 3.2k call, 30 Oct 26 4 days agoall time +$42.6K+11% on exposure53% of 15 weeks upmax DD -$5Klast bought 9 ETH 3.2k call, 30 Oct 26 4 days ago
50xacef…1eadpremium seller+$9.2K 30d
all time
+$16.1K
on exposure
+4%
weeks up
77% of 13
max DD
-$8K
last sold 1 BTC 75k put, 30 Oct 26 2 days agoall time +$16.1K+4% on exposure77% of 13 weeks upmax DD -$8Klast sold 1 BTC 75k put, 30 Oct 26 2 days ago
KoolKrypto
Trade spotlight

The ETH $5,000–$7,000 call spread

at mark
+$269.2K

KoolKrypto bought 23,500 spreads for $898.2K, posted it on X, and 138 wallets followed. (@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.

ETH needs
+92% in 186d
Positions
47,894 · $1.5M
Spread now
$37.20 vs $38.22
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 $3METH delta · long $2M BTC
Ideas, last 30 days
+12.7%on cost · 137 ideas · 49% profitable

Trade ideas

rule-based, not advice; each card shows what triggered it
Track record, last 30 days: 137 ideas, average +12.7% on cost, 49% 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 · -13.4% · 38% profitable
Vol mispricing
29 ideas · +17.5% · 48% profitable
Gamma wall
29 ideas · +24.6% · 69% profitable
Followed wallet
11 ideas · +129.7% · 64% profitable
6 ideasswipe for more →
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
$2,201 mark
Their P&L
+$13k
Why this fires
Breakeven
$127,222
Best case
$75,000 (34×)
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 mispricingZEC

ZEC options look cheap: buy a straddle

spot 1.5k1.3k1.5k1.7k
Cost
$232.8 (15.6%)
Max loss
$232.8
Breakeven
$1,267 / $1,733
Why this fires
Move
±15.6%
Expiry
2 Oct · 11d
Trigger
IV 110% vs RV 147%

Buy the 2 Oct 1.5k straddle on Derive.

ZEC has moved at 147% annualised over the last month (165% over the last week), but options are only pricing 110%. When the market moves more than options price in, owning options pays.

Rule: Implied 110% vs realized 147%, ratio 0.75 (rule fires below 0.85).

ZEC 2OCT26 chain →
Pin riskXRP

XRP max pain for 25 Sep is 7.3% below spot

spot 1.401.301.40
Cost
$0.04 (2.94%)
Max loss
$0.04
Max gain
$0.06 (1.4×)
Why this fires
Breakeven
$1.36
Expiry
25 Sep · 4.5d
Trigger
max pain $1.3 vs $1.4

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 $1.4. Price often drifts toward it in the last days as hedges unwind; a tendency, not a rule.

Rule: Max pain $1.3 vs spot $1.4, gap -7.3% (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 →
Vol mispricingSOL

SOL options look cheap: buy a straddle

spot 110101110119
Cost
$9.2 (8.4%)
Max loss
$9.2
Breakeven
$100.8 / $119.2
Why this fires
Move
±8.4%
Expiry
2 Oct · 11d
Trigger
IV 54% vs RV 68%

Buy the 2 Oct 110 straddle on Derive.

SOL has moved at 68% annualised over the last month (95% over the last week), but options are only pricing 54%. When the market moves more than options price in, owning options pays.

Rule: Implied 54% vs realized 68%, ratio 0.80 (rule fires below 0.85).

SOL 2OCT26 chain →
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.

Notable trades

Derive · Last 24h · Ranked by unusual activity

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

    $16.2M
    $107.3K net paid
    KoolKryptospread trader19 Sept, 22:5393× this wallet's usual size
    4 more
    • 16% win rate · -$885k this month
    • Followed wallet
    • paid 8% over Deribit mark on the worst leg
    • 2-leg package, net debit
  2. Bought200 × bull put spread BTC 79k/81k 21 Sep 26

    $16.2M
    $66.6K net paid
    KoolKryptospread trader20 Sept, 01:2993× this wallet's usual size
    4 more
    • 16% win rate · -$885k this month
    • Followed wallet
    • hit 23% under Deribit mark on the worst leg
    • 2-leg package, net debit
  3. Bought500 × bull call spread ETH 5k/7k 26 Mar 27

    $1.3M
    $19.7K net paid
    0x0cb3…ddd3wing buyer20 Sept, 11:348× this wallet's usual size
    3 more
    • 50% win rate · -$7k this month
    • hit 159% under Deribit mark on the worst leg
    • 2-leg package, net debit
  4. Sold5,000 × bear call spread HYPE 75/100 25 Dec 26

    $462.6K
    $61.7K net received
    0x56d3…4f83two-way trader20 Sept, 18:0486× this wallet's usual size
    3 more
    • 40% win rate · +$39k this month
    • hit 7% under Deribit mark on the worst leg
    • 2-leg package, net credit
  5. Bought21 × bull call spread BTC 100k/125k 25 Dec 26

    $1.7M
    $25.9K net paid
    0x7195…3623wing buyer19 Sept, 23:288× this wallet's usual size
    2 more
    • paid 6% over Deribit mark on the worst leg
    • 2-leg package, net debit

Open interest and flow

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

swipe →
BTC 21SEP260.5 days
spot $80,932 max pain $81,000 wall $79,000
ETH 21SEP260.5 days
spot $2,628 max pain $2,550 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 19:11
Sold 5,000 HYPE 125 call, 30 Oct 26 @ $1.12
$467.2K notional, $5.6K premium · 0x8bec…f66e, two-way trader
Whale20 Sep 19:11
Bought 5,000 HYPE 100 call, 30 Oct 26 @ $5.61
$467.2K notional, $28.1K premium · 0x8bec…f66e, two-way trader
Whale20 Sep 18:14
Sold 360 ETH 3k call, 30 Oct 26 @ $60.19
$945K notional, $21.7K premium · 0x32d0…4ac6, wing buyer
Whale20 Sep 18:09
Sold 120 ETH 3.5k call, 27 Nov 26 @ $40.91
$315.3K notional, $4.9K premium · 0xa68c…05fc, wing buyer
Whale20 Sep 18:09
Bought 120 ETH 3k call, 27 Nov 26 @ $115.61
$315.3K notional, $13.9K premium · 0xa68c…05fc, wing buyer
Whale20 Sep 18:09
Sold 120 ETH 3.5k call, 25 Dec 26 @ $74.31
$315.3K notional, $8.9K premium · 0xa68c…05fc, wing buyer

Who is positioned how

Cohorts →
Whale
-$8.2M
Leviathan
-$14.7M
Shrimp
+$625.1K
Smart money
+$6.3M
downside buyer
-$2.5M

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

Trending wallets

most traded in 24h
Leaderboard →
KoolKryptofollowedspread trader$112.6M 24h
686 fills, 99% optionstoday +$750K30d -$885K
0x9e04…1172wing buyer$13.7M 24h
14 fills, 100% optionstoday +$1K30d +$8K
0xa68c…05fcwing buyer$8.7M 24h
42 fills, 100% optionstoday -$11K30d -$7K
0x95f7…319fupside buyer$7.3M 24h
45 fills, 100% optionstoday -$35K30d -$152K
0x15ef…51f3perp trader$7.1M 24h
1659 fills, 0% optionstoday +$18K30d +$18K
0xb901…0247perp trader$6.8M 24h
2282 fills, 0% optionstoday +$73K30d -$302K
Data timing

This page was calculated at 20 Sept, 21:09 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.