Derive vs tradeXYZ

Derive V3 Options is the options market of Derive V3, the latest version of the self-custodial derivatives exchange formerly known as Lyra. V3 runs on a zkVM exchange that settles trades on Ethereum: orders are matched on a central limit order book while positions, margin and settlement stay verifiable on-chain. Traders can buy and sell European options on major crypto assets with portfolio margin shared across options, perpetuals and spot, and market makers quote directly into the book.

tradeXYZ is the first HIP-3 deployment on Hyperliquid, enabling 24/7 trading of XYZ perpetual futures with deep, on-chain liquidity. It introduces a new class of financial primitives where equity-like assets and crypto markets coexist under one unified, high-performance engine. Built on Hyperliquid’s low-latency L1, tradeXYZ offers near-instant execution, efficient margining and robust risk controls. Users can access around-the-clock equity exposure through XYZ perps, trade spot crypto at industry-low fees, and speculate or hedge with leverage on Hyperliquid perpetuals. By combining permissionless access, powerful tooling and novel market structures, tradeXYZ advances the vision of open, global capital markets where anyone can trade anything, anytime.