What SIREN does

Siren (legally Lotus Information Ltd., dba Siren Protocol / Siren Markets) is a decentralized protocol founded in 2020 that enables trading of fully-collateralized cryptocurrency options on Ethereum/Arbitrum. The platform combines off-chain request-for-quote (RFQ) pricing from professional Quote Providers with on-chain settlement, allowing users to access multi-leg options strategies (straddles, spreads, butterflies, condors) across BTC, ETH, SOL, ARB, AVAX, and BNB with self-custody via Web3 wallets. Its technical architecture centers on a Hedged Unified Liquidity Pool denominated in USDC, with automated delta-hedging executed against Arbitrum-based perpetual protocols (GMX, Perennial, Hyperliquid), portfolio margin that recognizes offsetting positions, and Pyth Network for institutional-grade price feeds. Revenue is generated solely from trading fees calculated as MIN{0.04% × underlying price; 12.5% × premium} per contract, capped at 12.5% of premium, with no deposit/withdrawal fees. The company is product-led and fully self-serve, serving sophisticated global DeFi traders and individual USDC liquidity providers, while restricting access from US, UK, and OFAC-sanctioned jurisdictions; it is governed via the SI token with the development team remaining anonymous until full DAO transition. By March 2026 the entity had rebranded as SirenAIAgent on BNB Chain, signaling a strategic pivot toward AI agent infrastructure.

Name

SIREN

Legal name

Lotus Information Ltd.

Website

https://siren.xyz

Company type

Private

Founded year

2020

Operating status

Operating

Short description

Siren is a decentralized DeFi protocol on Arbitrum (founded 2020) offering on-chain cryptocurrency options trading with hybrid RFQ pricing, automated delta-hedged USDC liquidity pools, and portfolio margin for sophisticated global traders; it pivoted in 2026 to SirenAIAgent on BNB Chain.

Ownership category

akta.pro rank

Product category

Decentralized Options Trading Protocol

NAICS

Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

FX Request-for-Quote (RFQ) Venues (FSAFADAI)

akta.pro secondary industry

Market Surveillance & Trade Monitoring (Crypto) (FSADALAG)

Keywords

• Decentralized options trading
• Defi derivatives protocol
• On-chain options exchange
• Liquidity pool yield
• Automated delta hedging

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Trading Fees: Protocol charges trading fees on options transactions. Leg Fee formula: MIN {0.04% * Current Underlying Price; 12.5% * Premium} * number of contracts. Total Fee equals the maximum Leg Fee across all legs. Maximum fee capped at 12.5% of premium. Fees are applied in USDC for both buy and sell directions.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Siren Protocol is a decentralized options exchange on Arbitrum that enables traders to buy and sell European-style cash-settled cryptocurrency options (BTC, ETH, SOL, ARB, AVAX, BNB) with self-custody. The platform combines off-chain quote generation by market makers with on-chain settlement against a unified USDC liquidity pool, and offers automated delta-hedging for liquidity providers to earn yield. Users access trading through app.siren.xyz by connecting a Web3 wallet, with no KYC required.

Product overview

Siren is a decentralized DeFi protocol for trading cryptocurrency options, operating as a platform with multiple integrated modules. The core product is Siren Protocol/Siren Flow, which enables on-chain options trading with off-chain pricing. Key components include the Hedged Liquidity Pool for LP yield generation, the Hybrid RFQ Pricing System for competitive pricing, the Automated Hedging System for delta-neutral strategies, and the Portfolio Margin System for capital-efficient trading. Users access the platform through Siren Exchange (app.siren.xyz), utilizing tools like Position Builder and Metrics Analytics to construct and monitor options strategies across assets including BTC, ETH, SOL, ARB, AVAX, and BNB.

Differentiator

Problem solved

Functional benefit

Products and services

• Siren Protocol (Siren Flow) Decentralized protocol for creating, trading, and redeeming fully-collateralized European-style options contracts for ERC20 tokens on Arbitrum. Combines off-chain RFQ quote generation with on-chain settlement to provide CEX-competitive pricing and DeFi-native self-custody for traders globally.
• Siren Exchange Web-based trading application at app.siren.xyz that lets users browse markets, construct multi-leg strategies, and manage options positions across BTC, ETH, SOL, ARB, AVAX, and BNB using a Web3 wallet.
• Hedged Liquidity Pool (USDC Pool / Earn) On-chain smart contract where liquidity providers deposit USDC to back options market-making across multiple assets. Automated delta-hedging through perpetual protocols (GMX, Perennial, Hyperliquid) protects LPs from directional exposure and delivers yield from bid/ask spreads and premiums.
• SI Governance Token Governance token issued by the Siren protocol granting holders the right to propose and vote on protocol improvements via the on-chain governance forum at gov.siren.xyz.

Quantifiable outcome

• Traditional finance options market exceeds $300 trillion in annual notional volume, representing significant opportunity for DeFi options platforms

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature6 records

Partnerships

Seven partnerships are on record, tiered core and supporting.

• Pyth NetworkcoreTechnology or IntegrationReal-time market data oracle providing institutional-grade price feeds for options pricing. Enhances accuracy and reliability of on-chain price data.
• GMXcoreTechnology or IntegrationDecentralized perpetual exchange on Arbitrum integrated for automated delta hedging of pool exposure through perpetual positions.
• PerennialcoreTechnology or IntegrationArbitrum-based perpetual protocols integrated for delta hedging. Provides automated hedging system to protect LPs from market exposure.
• HyperliquidcoreTechnology or IntegrationPerpetual exchange protocol integrated for delta hedging. Part of automated hedging infrastructure.
• LiFicoreTechnology or IntegrationCross-chain bridge protocol enabling USDC bridging from any network supported by LiFi to Arbitrum for trading on Siren.
• IronblockssupportingTechnology or IntegrationSecurity infrastructure provider integrated for real-time smart contract monitoring and risk management.
• The GraphsupportingTechnology or IntegrationDecentralized indexing and query protocol for blockchain data, enabling efficient data access for protocol operations.

Scale indicators2 records

Recent moves6 records

Expansion highlights2 records

Direct peers

• Aevo: Decentralized exchange for options and perpetual futures built on a custom EVM rollup with off-chain order matching and on-chain settlement — architecturally the closest competitor to Siren's hybrid RFQ design, also targeting CEX-competitive pricing with self-custody.
• Dopex: Decentralized options protocol featuring option vaults and Atlantic/Mediterranean option pools with synthetic exposure to underlying perps. Directly comparable on options product, DeFi-native LP yield, and Arbitrum deployment.
• Opyn: Early DeFi options protocol offering on-chain European options and perpetuals via Squeeth and other structured products. Comparable product breadth and DeFi-native trader base, though positioned more on structured exposures than vanilla options.
• Ribbon Finance: DeFi structured products protocol specializing in automated covered calls, puts, and yield-generating options strategies. Competes for sophisticated DeFi traders seeking options-based yield and overlay strategies.
• Lyra Finance: Decentralized options AMM on Ethereum/Arbitrum that uses a hybrid off-chain pricing / on-chain settlement model similar to Siren's RFQ architecture. Directly comparable in product (options trading), target trader (sophisticated DeFi users), and composability approach.
• Hegic: Pioneer DeFi options protocol offering fully on-chain American and European options via a liquidity pool model. Competes for the same DeFi options trading and LP capital that Siren targets, with a more pure on-chain architecture.
• Premia Finance: DeFi options marketplace on Arbitrum that matches LPs and traders with on-chain order books for calls and puts. Same target customer and product surface as Siren, with similar capital-efficiency focus.

Broad incumbents

• Deribit: Dominant centralized crypto derivatives exchange for options and futures, holding the majority of BTC/ETH options open interest. Establishes the institutional pricing benchmark Siren is explicitly trying to compete with via its hybrid RFQ model.

Emerging players

• GMX: Decentralized perpetual exchange on Arbitrum that is one of Siren's primary hedging counterparties. Overlaps as a DeFi derivatives venue for sophisticated traders and competes for the same Arbitrum-based derivatives liquidity.
• Hyperliquid: Decentralized perpetual exchange with on-chain order book that is integrated into Siren's hedging stack. Adjacent competitor for derivatives flow on a similar trader base, with a more CEX-like execution experience.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/sirenprotocol
• GitHubgithub.com/sirenmarkets

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SIREN