Convert between DRV and US dollars at the live rate.
$0.228265
−48.77% from current
$0.012437
+841.53% from current
Independent editorial ranking. Score is 0–10 across six criteria: Security, Fees, UX, Features, Support, Reputation.
US and EU users who prioritise a spotless security record — no major hack since 2011 — and want a serious pro-grade trading terminal.
Institutions and funds requiring an SEC-registered venue with segregated qualified custody and audited on-chain reserves.
Active spot traders chasing the deepest global liquidity and the widest listing catalogue outside the US perimeter.
Traders who mix spot and on-chain — the Web3 wallet, DEX aggregator and Ethereum L2 X Layer sit inside the same account as CEX pairs.
Long-horizon EU holders who want the oldest continuously-operating exchange (2011) with conservative listings and full MiCA licensing.
Derivatives-first traders who want tighter perp funding and a maker-friendly fee schedule; accept offshore regulatory footprint.
Top coins in the same category, ordered by market cap.
Derive (formerly Lyra Finance) is a decentralized options and derivatives protocol. It was founded in 2021 as Lyra Finance, an Ethereum-native options AMM backed by Synthetix liquidity, and rebranded to Derive in 2024 after pivoting to a standalone Layer 2 chain — Derive Chain — and expanding beyond options to a broader derivatives suite.
DRV is the governance token of the Derive DAO. The rebrand from Lyra to Derive was accompanied by a token migration from LYRA to DRV. For context on the options and derivatives layer in DeFi, see our DeFi market overview page.
DRV trades on centralized exchanges and decentralized venues. The primary pairs are DRV/USDT and DRV/ETH. Price data on this page updates every 60 seconds. The token has been volatile since its launch and is closely correlated with DeFi sentiment and Ethereum options market activity.
Key factors moving DRV:
For multi-year Derive price scenarios, see our Derive forecast.
Derive uses an automated market maker specifically designed for options rather than a traditional order book. The core design challenge for options AMMs is pricing: unlike fungible token swaps, each option has a unique strike price, expiry, and implied volatility that determines its fair value.
The Derive Chain L2 allows the protocol to settle trades faster and cheaper than Ethereum mainnet, enabling tighter spreads and more frequent hedging without high gas costs.
Derive Chain is a purpose-built Layer 2 blockchain for derivatives settlement, launched as part of the rebrand from Lyra to Derive. It is built on the OP Stack and uses ETH as gas.
Lyra Finance launched in 2021 as an options AMM on Optimism using Synthetix as a hedging layer. It processed significant options volume during the 2021-2022 cycle. By 2023, the team identified limits in the original design: dependence on Synthetix for delta hedging, gas costs on general-purpose L2s, and the narrowness of a pure options product versus the broader derivatives market.
The rebrand to Derive in 2024 accompanied a shift to the standalone Derive Chain, a full portfolio margin engine, and expansion into perpetuals and structured products alongside options. LYRA token holders migrated to DRV via a community-approved swap at a fixed ratio.
DRV is available on major centralized exchanges and on DEXes. To get started:
If you want to use Derive as a trader or liquidity provider, you will need to bridge assets to the Derive Chain. The official bridge is accessible from the Derive app.
DRV is a small-to-mid-cap governance token for a specialized derivatives protocol. Key risks:
This page is information, not financial advice. Talk to a licensed advisor before allocating real capital.
Analysis last updated:
Derive (DRV) trades at $0.117098 with a 24-hour volume of $924.49K and a market capitalization of $117.06M. The asset is currently ranked #235 among all tracked cryptocurrencies.
In the last 24 hours, the DRV price has fallen +2.13%. On a seven-day window, Derive has retraced +9.35%, under sustained selling pressure on both windows. Short-term moves are often amplified by liquidity, news flow, and derivatives positioning, so confirm signals across multiple indicators before acting.
Derive's all-time high of $0.228265 was set on January 15, 2025. The current price sits +48.77% below that peak. Distance from the all-time high is a common reference point when evaluating long recoveries and macro support or resistance.
Buying Derive (DRV) is a five-step routine once you have picked the right venue and pair. The steps below mirror what most investors do today.
You can also use the Derive converter above to estimate how much DRV you would get for a given dollar amount before placing the order.
Whether Derive is a good investment depends on your goals, time horizon, and tolerance for volatility. Like all cryptocurrencies, DRV carries real market risk: prices can rise or fall sharply in a day, and past performance is not a reliable indicator of future returns.
This page provides data and analysis for educational purposes only. It is not financial advice. Always do your own research, diversify, and never invest more than you can afford to lose.
