DeFi Corner #02
Exploring DeFi derivatives metrics
The Spartan Research Collective is expanding its coverage of DeFi performance and developments, with a special focus on Perps and Option DEX’s. We’re already seeing ATH’s in onchain derivatives volume and we expect this trend to continue throughout the year. Lets dive in.
DEFI Perpetuals
On-chain derivatives volume continues to maintain its record breaking volume in 2024
Aggregate Open Interest reveals that on-chain traders take size on Kwenta, GMX, Hyperliquid
Aggregate Liquidations on August 5th reveal most liquidation volume occurred on Vertex, GMX, and Kwenta
Volume Comparison excluding DYDX and Hyperliquid
Top On-Chain Perp Protocols this week by volume:
Optimism: Kwenta (Synthetix Perps), TLX (Synthetix Perps), Polynomial Protocol (Synthetix Perps)
Base: Kwenta (Synthetix Perps), JOJO, SynFutures
Arbitrum: GMX, Vertex Edge, Orderly Network
DEFI Options
On-chain Options volume continues to maintain high volume in 2024
Lyra, Thales, and Aevo are the clear leaders in the DEFI Options space by Volume
Checkout this community member tweet on why they think Lyra is the clear winner:
https://twitter.com/TheiaResearch/status/1749386581134520375
Updates
Checkout the latest updates from some on-chain Perps and Option protocols
https://twitter.com/massdotmoney/status/1823736507565531313
https://twitter.com/synthetix_io/status/1819472406437859519
https://twitter.com/FlywheelDeFi/status/1821648590961291297
https://twitter.com/mastermojo83/status/1821157233469636970
https://twitter.com/cc_yborg/status/1822193544972399059
https://twitter.com/vertex_protocol/status/1823755342284775676
https://twitter.com/HyperliquidX/status/1821558804552818721
https://twitter.com/lyrafinance/status/1823691688084381809
https://twitter.com/lyrashortput/status/1812549251634708704
Market Overview
Below is the weekly and 30d performance of the top crypto assets.
Macro recap
Many themes exist for the market panic witnessed on Friday August 2nd.
Middle Eastern tensions
BoJ raises overnight rates from 0.10% → 0.25%
Friday’s NFP report was below expectations
Fed FOMC continued to lean Hawkish
US elections feel chaotic
Crypto:
Analyzing the term structure reveals that forward volatility is distinctly accounting for an election-related kink. This suggests that the BTC volatility market is at least acknowledging the US election as a potential catalyst for market movements.
Paradigm Top Option Trades this Week:
