Derive V2 at a glance: 5.75/10 in July 2026
Derive V2 is a perpetual DEXs protocol deployed across 7 chains, primarily on Hyperliquid L1. On our 6-criterion composite methodology for perpetual DEXs, it ranks below Jupiter Perpetual Exchange and GMX V2 Perps while sitting above Ostium and dYdX V4 in our current composite.
Perpetual futures DEXs let users trade leveraged crypto positions on-chain without a centralized custodian. Perps have no expiry date and use funding rates to keep prices anchored to spot markets. Every score below comes from DefiLlama's on-chain aggregation. No affiliate arrangement influences the ranking.
Capital depth and market position
TVL of $114.95M — meaningful capital base, though not top-quartile.
Ranked #5 in the category — top-5 by TVL, materially larger than the long tail.
For perp DEXs, TVL represents the liquidity backing trader positions. Higher TVL means larger positions can be opened without hitting liquidity limits, and correlates with tighter funding rates during volatile periods.
Battle-tested history
Launch date not clearly documented in public data.
Perp DEXs handle leveraged positions, liquidations, and complex funding mechanisms — protocol age is a strong safety signal here. Multi-year operation without a mispriced liquidation or oracle exploit is what separates the leaders from the long tail.
Chain reach
Deployed on 7 chains — solid multi-chain coverage across major L1s and L2s.
Perp DEXs often run on their own app-chains (Hyperliquid, dYdX v4) for speed, or on established L2s like Arbitrum (GMX). Chain choice affects execution latency, fee structure, and which wallets can connect.
Fee generation and capital productivity
Annualised fee/TVL ratio of 1.5% — low revenue relative to capital committed.
Fee-to-TVL ratio is one of the cleanest signals of real usage in DeFi. High revenue on modest TVL indicates efficient markets where users actually pay to use the product. Low revenue on massive TVL typically means the protocol is subsidising deposits with token emissions.
Recent momentum
+1.0% TVL over 7 days — flat-to-positive; steady state.
Short-term momentum reflects both organic growth and incentive-driven flows. Sustained TVL over multiple months is a stronger signal than any single-week move.
Who Derive V2 is for — and who should look elsewhere
Best fit: Users with specific requirements Derive V2 meets — verify the underlying data before committing capital.
Look elsewhere if: Derive V2 is less suitable for users whose primary priority is tvl or battle-tested.
Direct alternatives worth comparing: Jupiter Perpetual Exchange and GMX V2 Perps score higher on our composite. See the full Best Perpetual Futures DEXs ranking.
