The retail options trading cohort is largely nonexistent onchain, and I don’t think this is because perps are the end-all be-all.
Perps and options can coexist and complement each other perfectly. I believe it’s more so that there’s no good UX for retail to trade crypto options. There’s certainly no good onchain experience for trading options on other assets either (stocks, commodities, etc). It’s now table stakes to have these on your perp venue, and projects are already seeing the huge volumes coming from RWAs.
But retail still loves options. They are fundamentally different. It’s a massive market to bring onchain for global assets, as we’ve seen with perps. Yet for some reason, they’ve been completely written off.
The crazy options plays are all over the place this year on stuff like Sandisk. Bubble Boi’s Intel calls. $2.6 TRILLION of notional SPX call volume in a single day. The $58M to $1 BILLION trade in Micron calls. Flood’s huge HYPE call spread last year. NVDA options. Gold. Oil.
This $58 million $MU trade I posted 38 days ago is now worth over $1 BILLION
Easily the craziest trade I’ve ever seen https://t.co/ACH8y8KIam pic.twitter.com/zFFAO2rQ0t
— Flow God (@FL0WG0D) May 8, 2026
Imagine options for all of these
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