# DeFi Derivative Landscape
## A hopefully comprehensive guide to the defi derivative landscape

## Projects
#### Options
- [Opyn](https://opyn.co/) - Orderbook options protocol with power perpetuals and power perpetual strategies launching soon
  - [Trade](https://v2.opyn.co/#/)
  - [Gamma Portal](https://gammaportal.xyz/#/)
  - [Opyn Analytics](https://opyn-dashboard-2.netlify.app/dashboards/default)
  - [Opyn Developer Kit](https://medium.com/opyn/introducing-opyn-developer-toolkit-2bfd5bcc7a92)
- [Hegic](https://www.hegic.co/) - Options with a liquidity pool
  - [Trade on v888](https://www.hegic.co/app.html)
  - [Trade on v1](https://old.hegic.co/)
  - [v888 Whitepaper](https://www.hegic.co/assets/img/f833742b60c73b71520647d2594733b8.pdf)
  - [v1 Whitepaper](https://github.com/hegic/whitepaper/blob/master/Hegic%20Protocol%20Whitepaper.pdf)
  - [Whiteheart](https://www.whiteheart.finance/#/) - Onchain Hedging contracts using hegic
- [Dopex](https://www.dopex.io/) - Decentralized options pooled exchange on arbitrum
    - [Trade](https://app.dopex.io/ssov)
    - [Docs](https://docs.dopex.io/)
    - [Single Staking Vaults](https://docs.dopex.io/single-staking-options-vault-ssov)
    - [Curve Gauge War Options](https://blog.dopex.io/introducing-the-redacted-option-vaults-947ad9b03f9f?source=collection_home---6------0-----------------------)
- [Primitive](https://primitive.finance/) - Crypto Derivatives
Without Oracles
  - [Trade](https://rinkeby.app.primitive.finance/)
  - [Introducing Primitive](https://primitive.finance/blog/introducing-primitive)
  - [Docs](https://docs.primitive.finance/concepts/overview)
    - [RMM SDK](https://primitive.finance/blog/rmm-sdk)
    - [RMM Simulations](https://github.com/primitivefinance/rmms-py)
    - [RMM Examples](https://github.com/primitivefinance/rmm-examples)
  - [In depth Primitive Overview](https://twitter.com/__Thermopylae/status/1472319414288760837?s=20)
- [Premia](https://www.premia.finance/) - Options AMM
  - [Trade](https://app.premia.finance/)
  - [Docs](https://docs.premia.finance/)
  - [Premia volatility surface oracle](https://blog.premia.finance/premias-volatility-surface-oracle-b53adc259e72)
  - [Premia AMM](https://premia.finance/amm.pdf)
- [Opium](https://opium.finance/) - Trustless derivative contracts
  - [Docs](https://docs.opium.network/for-users/opium.finance)
- [Siren](https://siren.xyz/) - Polygon derivative trading with, leverage without liquidations
  - [Trade](https://app.siren.xyz/trade/)
  - [Siren V2](https://medium.com/siren-markets/siren-v2-brings-defi-options-trading-to-polygon-a5e051795342)
  - [Docs](https://docs.sirenmarkets.com/siren-protocol/glossary)
- [Pods](https://www.pods.finance/) - Options AMM
  - [Trade](https://app.pods.finance/)
  - [Docs](https://docs.pods.finance/)
  - [Whitepaper](https://www.pods.finance/pods_v1_whitepaper.pdf)
- [Vega](https://vega.xyz) - Derivative layer 1 based on tendermint
  - [Trade](https://vega.xyz/use/)
  - [Published Papers](https://vega.xyz/background#published-papers)
  - [Research Forum](https://community.vega.xyz/c/protocol-research-and-markets/24)
- [Lrya](https://www.lyra.finance/) - Options AMM protocol with a dynamic volatility input, on Optimism
  - [Trade](Vhttps://app.lyra.finance/trade/eth)
  - [Docs](https://docs.lyra.finance/)
  - [Whitepaper](https://www.lyra.finance/files/whitepaper.pdf), good for understanding why dynamic volatility is important in an AMM
- [PsyOptions](https://www.psyoptions.io/) - Solana american style options
  - [Trade](https://trade.psyoptions.io/#/)
  - [Docs](https://docs.psyoptions.io/)
- [Zeta](https://zeta.markets/) - Solana options and futures exchange
  - [Trade](https://devnet.zeta.markets/)
  - [Docs](https://zetamarkets.gitbook.io/zeta/zeta-protocol/margin-system)
    - [The OMM](https://zetamarkets.gitbook.io/zeta/zeta-protocol-faq/faq/how-to-compete-with-the-options-mm-omm)
  - [Fuze SDK](https://github.com/zetamarkets/fuze)

#### Perpetuals
##### Swaps
- [DyDx](https://dydx.exchange/) - Perpetual Contracts on StarkWare
  - [Trade](https://trade.dydx.exchange/portfolio/overview)
  - [Docs](https://docs.dydx.exchange/)
  - [Dashboard](https://dydx.community/dashboard)
- [Perpetual Protocol](https://www.perp.com/) - Arbitrum and Optimism Perpetual contracts
  - [Trade](https://perp.exchange/t/BTC:USDC)
    - [Trade on V2](https://app.perp.com/)
  - [Docs](https://docs.perp.fi/sdk-documentation/smart-contract-javascript-dev-guide)
    - [Litepaper](https://docs.perp.fi/library/litepaper)
    - [Deep dive into vAMM](https://blog.perp.fi/a-deep-dive-into-our-virtual-amm-vamm-40345c522eeb?gi=332f4b34043)
    - [Perp V2 (Curie) Technical Details](https://docs.google.com/document/d/e/2PACX-1vRDdN03IvJFRMLolxBl4Np7OpzmniMXmJO0zQJNmndD1vL3YZ46bVgTc9VTy8KdCD4ZrnwYz7agbJJN/pub)
    - [V2 (Curie) Docs](https://v2docs.perp.fi/)
- [DerivaDEX](https://derivadex.com/) - DEX for trading derivatives
    - [Beta Trade](https://beta.derivadex.io/welcome)
- [FutureSwap](https://www.futureswap.com/) - Perpetuals trading pools
    - [Trade](https://app.futureswap.com/trade/ETH-USDC)
    - [Docs](https://docs.futureswap.com/)
- [Kine Protocol](https://kine.io/) - Peer to Peer derivative trading
  - [Trade](https://kine.finance/staking)
  - [Docs](https://docs.kine.io/)
  - [Dashboard](https://www.kine.vc/dashboard)
  - [Trade NFTs](https://nft.kine.vc/#/home?lang=en)
- [Mango](https://mango.markets/) - Solana lending, spot and perpetuals trading
  - [Trade](https://trade.mango.markets/)
  - [Docs](https://docs.mango.markets/)
  - [Dashboard](https://trade.mango.markets/stats)
- [Drift](https://www.drift.trade/) - Solana perpetual trading based on a vAMM
  - [Trade](https://app.drift.trade/)
  - [Docs](https://docs.drift.trade/)
  - [Dashboard](https://app.drift.trade/stats)
- [Hubble Exchange](https://hubble.exchange/) - Avalanche perpetual trading based on a vAMM with dynamic repegging
  - [Trade](https://milkyway.hubble.exchange/?ref=hubble.exchange)
  - [Whitepaper](https://docs.google.com/document/d/1v8V56_M30dyEbnCaUkEH18_S7YeApkNZin1NM8suPsQ/edit)
- [Tracer](https://tracer.finance/) - Perpetual derivative pools
  - [Trade](https://pools.tracer.finance/)
  - [Docs](https://docs.tracer.finance/)
- [Injective](https://injectiveprotocol.com/) - Trade perpetual contracts
  - [Trade](https://injective.exchange/derivatives/btc-usdt-perp)
  - [Docs](https://chain.injective.network/)
- [Deri Protocol](https://deri.finance/#/index) - Perpetual futures and everlasting options
  - [Trade](https://app.deri.finance/#/trade/futures)
  - [Docs](https://docs.deri.finance/)
  - [Whitepaper](https://docs.deri.finance/whitepaper)

##### Options
- [01 protocol](https://01.xyz/) - Solana everlasting options
  - [Trade](https://devnet.01protocol.com/)
  - [Everlasting Options](https://01protocol.medium.com/01s-everlasting-options-6d918d461a84)
  - [Binary Options](https://01protocol.medium.com/01s-binary-options-amm-d09db053e235)
- [Opyn](https://opyn.co/)
  - Squeeth (ETH^2)
    - [Intro to Squeeth](https://twitter.com/wadepros/status/1444690047639461893)
    - [Crab Strategy](https://twitter.com/wadepros/status/1476973710150152194)
    - [Understanding Perpetual Vaults in DeFi: Options Strategies](https://medium.com/opyn/understanding-perpetual-vaults-in-defi-structured-products-with-underlying-options-strategies-27610254475e)
    - [Squeeth insides volume 1: funding and volatility](https://medium.com/opyn/squeeth-insides-volume-1-funding-and-volatility-f16bed146b7d)

#### Volatility
- [CVI][https://cvi.finance) - Tokenized volatility protocol
  - [Trade](https://cvi.finance/platform)
  - [Docs](https://docs.cvi.finance/)
- [Volmex](https://volmex.finance/) - Tokenized volatility protocol
  - [Trade](https://app.volmex.finance/)
  - [Docs](https://docs.volmex.finance/)
- [Qilin](https://qilin.fi/) - Decentralized volatility protocol
  - [Trade](https://exchange.qilin.fi/#/)
  - [Docs](https://docs.qilin.fi/)

#### Composable Yield and Interest Rate Swaps
- [Pendle](https://pendle.finance/) - Trade and hedge future income
  - [Trade](https://app.pendle.finance/market)
  - [Docs](https://docs.pendle.finance/)
  - [Yield token capital efficiency](https://medium.com/pendle/yt-capital-efficiency-bc447366d38b)
  - [Locking Yield with Pendle — Case Study #1](https://medium.com/pendle/guaranteeing-yield-with-pendle-case-study-1-e32c169d1b75), [Locking Swap Fees — Case Study #2](https://medium.com/pendle/locking-swap-fees-case-study-2-3cba9730e028)
  - [Pendle — Base Use Cases & Strategies](https://medium.com/pendle/pendle-base-use-cases-strategies-f7d6447ada62)
  - [Pendle AMM](https://medium.com/pendle/pendle-amm-a-closer-look-1364aee5105d)
- [Element](https://www.element.fi/) - Fixed rate lending protocol
  - [Trade](https://app.element.fi/fixedrates)
  - [Docs](https://docs.element.fi/)
  - [Whitepaper](https://paper.element.fi//)
  - [The Automated Fixed Rate Rebalancer](https://medium.com/element-finance/the-automated-fixed-rate-rebalancer-1bf78010dce9)
  - [De-Collateralize, an Alternative to Collateral Backed Loans](https://medium.com/element-finance/de-collateralize-an-alternative-to-collateral-backed-loans-b4a7eb49f00)
  - [Component Yield Token Compounding](https://medium.com/element-finance/component-launches-yield-token-compounding-tool-built-on-element-finance-ea6da04bdf98)
- [Prism](https://prismfinance.app/) - Split digital assets into yield and principal components
  - [Whitepaper](https://prismfinance.app/PRISM-litepaper.pdf)
- [Volt](https://www.voltz.xyz/) - Interest rate swap AMM
  - [Overview](https://medium.com/voltz/voltz-the-interest-rate-swap-amm-announces-its-6m-seed-round-led-by-framework-ventures-8f26cb09ed22)
  - [Litepaper](https://www.voltz.xyz/litepaper)

#### Structured Products
- [Antimatter](https://antimatter.finance/) - Principal protected structured products
  - [Trade](https://app.antimatter.finance/#/option_trading)
  - [Docs](https://docs.antimatter.finance/disclaimer/notice-and-disclaimer)
- [UXD](https://uxd.fi/) - Algorithmic stablecoin backed by delta neutral positions on Solana
  - [Trade](https://app.uxd.fi/)
  - [Docs](https://docs.uxd.fi/uxdprotocol/)
- [Lemma](https://www.lemma.finance/) - Basis trading protocol
  - [Trade](https://www.lemma.finance/earn)
  - [Docs](https://docs.lemma.finance/)

##### Option Vaults
- [Ribbon](https://ribbon.finance/) - Option vault structured product protocol
  - [Trade](https://app.ribbon.finance/)
  - [Docs](https://docs.ribbon.finance/)
- [Friktion](https://friktion.fi/) - Option vaults on Solana
  - [Trade](https://app.friktion.fi/)
  - [Docs](https://docs.friktion.fi/friktion-finance/)
- [Thetanuts](https://thetanuts.finance/) - Option Vaults for long tail assets
  - [Trade](https://thetanuts.finance/vaults)
  - [Docs](https://thetanuts.gitbook.io/thetanuts/)
- [StakeDAO](https://stakedao.org/) - Portfolio manager with option vaults
  - [Trade](https://app.stakedao.org/)
  - [Docs](https://stakedao.gitbook.io/stakedaohq/)
- [Katana](https://katana.so/) - Yield generation protocol for Solana
  - [Trade](https://app.katana.so/vaults)
  - [Docs](https://docs.katana.so/overview/introduction-to-katana)

#### Staking Derivatives
- [Lido](https://lido.fi/) - Liquidity for staked assets
  - [Trade](https://stake.lido.fi/)
  - [Docs](https://docs.lido.fi/)
  - [Dashboard](https://dune.xyz/LidoAnalytical/Lido-Finance-Extended)
- [Marinade](https://marinade.finance/) - Solana staking derivative
  - [Trade](https://marinade.finance/app/staking)
  - [Docs](https://docs.marinade.finance/)
- [Stakewise](https://stakewise.io/) - ETH2 liquid staking
  - [Trade](https://stakewise.io/app/pool)
  - [Docs](https://docs.stakewise.io/)
- [Rocketpool](https://rocketpool.net/) - ETH2 liquid staking
  - [Trade](https://stake.rocketpool.net/)
  - [Docs](https://docs.rocketpool.net/overview/)
    - [Guides](https://docs.rocketpool.net/guides/)
- [Solana native stake pool](https://spl.solana.com/stake-pool)
- [Claystack](https://claystack.com/) - Liquid staking for many assets
  - [Trade](https://app.claystack.com/)
  - [Overview](https://blog.claystack.com/introducing-claystack-a-new-way-to-stake-crypto-e541648af3)

#### NFT options and fractional shares
##### Reading
- [A Guide to Designing Effective NFT Launches](https://www.paradigm.xyz/2021/10/a-guide-to-designing-effective-nft-launches/)
- [Recurrently Issued Collectively Kept Shards](https://www.paradigm.xyz/2021/10/ricks/)
- [Martingale Shares](https://www.paradigm.xyz/2021/09/martingale-shares/)
- [Floor Perps](https://www.paradigm.xyz/2021/08/floor-perps/)

##### Projects
- [Floor](https://floor.xyz/) - Liquidity for NFTs
  - [Introducing FloorDAO](https://floordao.medium.com/floordao-hello-defi-meet-nfts-f16b986ed3b7)
- [Fraction](https://fraction.art/)

#### Other
- [UMA](https://umaproject.org/) - Various structured and financial products
  - Products
    - [Optimistic Oracle](https://umaproject.org/optimistic-oracle.html)
    - [Long Short Tokens](https://umaproject.org/lsp.html)
    - [Call/Put Options](https://umaproject.org/call-put.html)
    - [Range Tokens](https://umaproject.org/range-tokens.html)
    - [KPI Options](https://umaproject.org/kpi-options.html)
    - [Success Tokens](https://umaproject.org/success-tokens.html)
  - [Docs](https://docs.umaproject.org/build-walkthrough/build-process)
- [Barnbridge](https://barnbridge.com/) - Tokenized risk protocol
  - Products
    - [Smart Yield Bonds](https://barnbridge.com/smart-yield/)
    - [Smart Exposure](https://barnbridge.com/smart-exposure/)
    - [Smart Alpha](https://barnbridge.com/smart-alpha/)
  - [Docs](https://docs.barnbridge.com/)
  - [Whitepaper](https://github.com/BarnBridge/BarnBridge-Whitepapers)
- [Saffron](https://saffron.finance/) - Traunched Risk
  - [Trade](https://app.saffron.finance/)
  - [Docs](https://docs.saffron.finance/)
- [Thales](https://thalesmarket.io/) - Binary options trading
  - [Trade](https://thalesmarket.io/markets)
  - [Docs](https://docs.thales.market/)
- [Synthetix](https://www.synthetix.io/) - Derivatives liquidity protocol
  - [Trade](https://www.synthetix.io/synths)
  - [Docs](https://docs.synthetix.io/)
  - [Dashboard](https://stats.synthetix.io/)
- [Kwenta](https://kwenta.io/) - Derivatives trading, with zero slippage powered by synthetix
  - [Trade](https://kwenta.io/dashboard)
  - [KIPs](https://github.com/Kwenta/KIPs)
- [Synfutures](https://www.synfutures.com/) - Future trading
  - [Trade](https://beta.synfutures.com/#/trade)
  - [Trade NFT Futures](https://nftures.com/)
  - [Dashboard](https://dune.xyz/bingsft/synfutures-v1)
  - [Whitepaper](https://www.synfutures.com/synfutures-whitepaper.pdf)
  - [Technical Paper](https://www.synfutures.com/synfutures-v1-techpaper.pdf)
- [Risedle](https://risedle.com/) - Leveraged Tokens protocol 
  - [Trade Demo](https://demo.risedle.com/)
  - [Docs](https://docs.risedle.com/)
  - [Litepaper](https://docs.risedle.com/litepaper)

## Selected Reading
### Option AMMs
- [Single-Sided Automated Market Maker for
European Options](https://www.pods.finance/pods_v1_whitepaper.pdf)
- [Hegic Whitepaper](https://github.com/hegic/whitepaper/blob/master/Hegic%20Protocol%20Whitepaper.pdf)
- [Dynamic Curves for Decentralized Autonomous Cryptocurrency Exchanges
](https://arxiv.org/abs/2101.02778)

#### Replicating Payoffs
- [Replicating Market Makers](https://stanford.edu/~guillean/papers/rmms.pdf)
- [The Replicating Portfolio of a Constant Product Market](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3550601)
- [The Replicating Portfolio of a Constant Product Market with Bounded Liquidity](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3898384)
- [Replicating Monotonic Payoffs Without Oracles](https://arxiv.org/abs/2111.13740)

#### Concentrated Liquidity and Option Payoffs
- [Uniswap V3 LP Tokens as Perpetual Put and Call Options](https://lambert-guillaume.medium.com/uniswap-v3-lp-tokens-as-perpetual-put-and-call-options-5b66219db827)
- [Pricing Uniswap v3 LP Positions: Towards a New Options Paradigm?](https://lambert-guillaume.medium.com/pricing-uniswap-v3-lp-positions-towards-a-new-options-paradigm-dce3e3b50125)
- [How to Create Perpetual Options in Uniswap v3](https://lambert-guillaume.medium.com/how-to-create-a-perpetual-options-in-uniswap-v3-3c40007ccf1)
- [Synthetic Options and Short Calls in Uniswap V3](https://lambert-guillaume.medium.com/synthetic-options-and-short-calls-in-uniswap-v3-a3aea5e4e273)

#### vAMMs
- [On vAMM's unnecessity for liquidity pool](https://github.com/Qmeasure/vAMM/blob/main/On%20vAMM's%20unnecessity%20for%20liquidity%20pool%20V1.1.pdf)
- [Perpetual Protocol Deep Dive into vAMM](https://medium.com/perpetual-protocol/a-deep-dive-into-our-virtual-amm-vamm-40345c522eeb)
- [Drift Dynamic AMM](https://docs.drift.trade/drift-dynamic-amm)
- [Drift dAMM Deep Dive](https://foregoing-script-fd0.notion.site/Drift-dAMM-deep-dive-ff154003aedb4efa83d6e7f4440cd4ab)
- [A reinforcement learning based approach to optimizing vAMMs](https://github.com/mystericalfox/working-docs/blob/main/A_reinforcement_learning_based_approach_to_optimizing_vAMMs.pdf)

### Power Perpetuals, Everlasting Options, and Perpetual Swaps
- [Cartoon Guide to Perps](https://research.paradigm.xyz/cartoon-guide-to-perps)
- [Everlasting Options](https://www.paradigm.xyz/2021/05/everlasting-options/)
- [Power Perpetuals](https://www.paradigm.xyz/2021/08/power-perpetuals/)  
- [Power Claims](https://github.com/waynenilsen/zendax/blob/master/latex/PowerClaims.pdf)
- [Raw Moments](https://llllvvuu.dev/blog/raw-moments)
- [Unbundling Gamma - ETH^2-PERP Proposal](https://llllvvuu.dev/blog/unbundling-gamma)
- [Floor Perps](https://www.paradigm.xyz/2021/08/floor-perps/)

### Other
- [A Protocol for Margining Derivatives](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3746200)
- [An automatic market maker with a dynamic repeg](https://curve.fi/files/crypto-pools-paper.pdf)