Interview: Derive Co-Founder Nick Forster on "Building the Onchain CME"

Fundraise: On Monday, the prominent crypto VC Variant disclosed a direct token investment in the leading onchain options exchange Derive. The announcement follows increased attention on onchain derivatives, as so-called real-world asset perpetual futures hit record volumes last week (see last week’s Briefing).

• Why it matters: Compared to perpetual futures, onchain options are still nascent. Weekly notional trading volumes on Derive average around $150 million, while perpetual futures DEXs generate more than $170 billion per week on average over the same period.

Market gap: Interestingly, this imbalance contrasts sharply with traditional finance, where options account for the majority of derivatives trading. In recent years, volumes have typically skewed toward roughly 70% options and 30% futures.

Interview: Together with Nick Forster, co-founder and CEO of Derive, we discussed how this gap emerged, why onchain options are gaining traction now, and why he expects 2026 to mark the entry of institutions into onchain options.

Why have onchain options struggled to gain adoption?

Why are onchain options gaining traction now?

Why are options more appealing to institutions than perpetuals?

What is Derive’s growth strategy going forward?

What drives institutional adoption of onchain options in 2026?