Derive

Derive runs options, perpetuals and spot trading from one self-custodial account. Options are the part that distinguishes it: most Base derivatives venues offer perps only, and an options book needs different machinery for margin and settlement.

It holds the largest collateral position of any derivatives protocol on Base, which is why it leads the perps ranking here even though the ordering is by fees. Reading that carefully matters: collateral measures how much a venue is trusted to hold, not how much trades through it, and a venue can be large on one and small on the other.