PANews Feature | Beyond Perps: The Race for Onchain Options Heats Up @HyperliquidX, @Lighter_xyz, and @variational_io are expanding into options, taking different approaches, from trading infrastructure and short-dated binary options to planned institutional structured products. ETF inflows are fueling demand for risk management, while onchain options volumes continue to grow. Yet much of that growth remains concentrated on Derive. Can the newcomers challenge its dominance? From directional bets to volatility trading, onchain derivatives are evolving. Fragmented liquidity, trading costs, and a steep learning curve remain hurdles to broader options adoption. #DeFi #Options #PerpDEX #Hyperliquid