# Options on Derive

> Trade Derive's options from a strategy or by hand, on paper or from a live project's wallets, with implied volatility to decide on and perps to hedge with.

## What's covered

Derive's calls and puts on ETH, BTC, SOL, HYPE, XRP, ADA, ZEC, XAUT (gold), LIT, VVV, PUMP and CC. **Markets → Options** shows each chain and its order book beside Deribit's prices.

## In a strategy

```text
uses { bars: "^1", derive: "^1" }
const iv = derive.iv30d("eth", interval);      // at-the-money volatility 30 days out, percent
when (iv > 80 && derive.positions() == 0) { derive.sell({ type: "call", days: 30, usd: 500 }); }
when (iv < 60 && derive.positions() > 0) { derive.close({}); }
```

| Read | Means |
|---|---|
| `derive.index(u, interval)` | The venue's index for the underlying |
| `derive.iv7d`, `derive.iv30d` | At-the-money implied volatility 7 and 30 days out |
| `derive.value()`, `derive.delta()`, `derive.positions()` | What's held, at the model's value, its delta in USD, and how many are open |

`derive.buy` and `derive.sell` take a type, days to expiry, an optional strike and a size; sales are cash-secured (a put locks its strike). Options settle at expiry against the index.

## Hedged with perps

The **Options volatility, hedged on the perp book** starter sells a strangle when implied volatility is rich against what ETH realizes on Hyperliquid, buys a straddle when it's cheap, and hedges the options' delta on the perp every bar: resting at the touch while it can wait, and taking (capped to the book near the middle) when it's far off.

## Live

On a live project each wallet holds the same options on Derive from a subaccount of its own.