- Despite ~65x annualized fees, Derive’s fees rose 5x on 7.5x notional growth from Sep. ’25 to Sep. ’26; the author sees growth offsetting the higher multiple.
- Derive launched V3 and passed a vote to raise buybacks from 35% to 50%; another 5x in fees would reduce the forward fee multiple to ~9x.
- Hyperliquid’s 5x perps-volume growth preceded an 88x fee increase, supporting the possibility of 10x–20x+ fee growth for a leading options DEX, though volume does not map 1:1 to revenue.
- The author views current pricing as reasonable for a starter position, would sell near $2, and wants to watch Q4 execution; the thesis requires options growth and continued leadership despite competition.
Investment pitches
filter:
69