Derive Execution Quality
Real slippage from every executed trade, by route (RFQ vs order book), size, strike and expiry.
Asset
Jan 2026 → Sep 202666,944 executions · Derive
BTC options · execution quality
Derive · Jan 2026 – Sep 2026 · slippage on the best execution path
Source: onchaingreeks.xyz
Total Notional
$7.56B
66,944 executions
RFQ Share
71%
of notional · 28% of fills
Median Slippage
3.2%vs 5.4%
RFQ vs order book
Avg Fill Size
$282Kvs $46K
RFQ vs order book
Price Improvement
29%
of RFQ fills beat fair value
RFQorder book
BTC options · cheapest way to trade by size and strike
Best route (lowest median slippage) for each trade size (notional volume) × moneyness (strike ÷ spot)
Source: onchaingreeks.xyz
| Notional ＼ Moneyness | <0.85 | 0.85–0.95 | 0.95–1.05 (ATM) | 1.05–1.2 | >1.2 |
|---|---|---|---|---|---|
| <$5k | 3.9% RFQ | 2.9% RFQ | 3.1% RFQ | 3.2% RFQ | 4.5% OB |
| $5–25k | 4.2% RFQ | 2.4% RFQ | 2.7% RFQ | 2.9% RFQ | 4.3% RFQ |
| $25–100k | 6.8% OB | 2.6% RFQ | 2.9% RFQ | 3.6% RFQ | 6.0% RFQ |
| $100–500k | 4.8% RFQ | 5.6% RFQ | 3.1% RFQ | 4.5% RFQ | 6.0% RFQ |
| $500k–1m | 7.3% RFQ | 12.1% OB | 3.5% RFQ | 7.4% RFQ | 3.2% RFQ |
| >$1m | 6.6% RFQ | 2.0% RFQ | 2.3% RFQ | 3.5% RFQ | 8.6% RFQ |
Read a cell as: “for a trade of this size on a strike this far from spot, you’d have been filled cheapest via this route, at this slippage.” Brighter = tighter. Cells need ≥8 fills to show.
Options notional
USD options notional per week · RFQ + order book
Source: onchaingreeks.xyz
Slippage breakdown
Size = notional volume (contracts × spot) · best execution path per bucket
Source: onchaingreeks.xyz
Source: reconstructed from Derive's public trade tape, per asset and updated continuously. Slippage = (execution price − mark) ÷ mark.