Hegic
Hegic is an on-chain peer-to-pool options trading protocol on Arbitrum that lets retail and DeFi users trade BTC and ETH options with zero trading fees, one-click multi-leg strategies, and anonymous no-KYC execution.
- Company typePrivate
- Founded2020
- HeadquartersSingapore, Singapore
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Hegic does
Hegic is an on-chain peer-to-pool options trading protocol operating on the Arbitrum blockchain, launched in February 2020 and operated by a Singapore-incorporated private entity run by an anonymous founder (Molly Wintermute, branded 'Anon, For Anons'). The protocol enables users to buy call and put options on BTC and ETH via non-custodial smart contracts, supporting both 'Classic' options with holding periods up to 90 days and '0DTE' options that expire within 24 hours. Users can execute multi-leg strategies—including Bull Call Spread, Bull Put Spread, and Strap—through a one-click interface, with the protocol guaranteeing full net P&L payouts for in-the-money options via smart-contract logic. The protocol is no-KYC, supporting anonymous global access for anyone with an Ethereum-compatible wallet.
Hegic serves retail crypto options traders as its primary customer base, with secondary segments including DeFi power users executing advanced strategies and privacy-focused traders avoiding centralized exchange KYC requirements. Revenue is sourced from option premiums embedded in each trade; the protocol charges zero taker and maker fees, so total cost equals the premium alone. Users can also participate as liquidity providers through the 'Stake & Cover' module, staking collateral to underwrite the options pool in exchange for yield from collected premiums. Distribution is exclusively product-led and self-serve via the web app, with marketing concentrated in Discord and Twitter community channels and no sales team or enterprise go-to-market motion.
Scale signals disclosed on the protocol's public site include 3.5+ years of operational history, $1.5B+ in cumulative options trading volume, and 20,000+ contracts traded. No direct revenue figure, funding history, or institutional backing is disclosed, and the protocol operates without a parent company, strategic partnerships, named enterprise customers, or disclosed management beyond its anonymous founder.
Hegic firmographics
Firmographics- Name
- Hegic
- Legal name
- Hegic
- Website
- https://hegic.co
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Hegic is an on-chain peer-to-pool options trading protocol on Arbitrum that lets retail and DeFi users trade BTC and ETH options with zero trading fees, one-click multi-leg strategies, and anonymous no-KYC execution.
- Ownership category
- akta.pro rank
Hegic industry classification
Industry- Product category
- Decentralized Options Trading
- NAICS
- Commodity Contracts Intermediation (52316), Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (52321)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Derivatives, Perpetuals & Options Protocols (FSADAMAC)
- akta.pro secondary industries
- Derivatives Trading Venues (perps, futures, options) (FSAPADAE), Decentralized Derivatives (perps, options, futures, synthetics) (FSAPAEAC)
Keywords
Where Hegic is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Markets served
Hegic business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales
Revenue model
- Option Premiums: Hegic earns revenue through option premiums paid by buyers. The total cost of an option is always equal to its premium, with no additional taker fees or trading fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Single-tier premium pricing based on option parameters |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Hegic product offering
Product offeringCore offering
Hegic is a peer-to-pool options trading protocol on the Arbitrum blockchain that lets users buy BTC and ETH call and put options through smart-contract-based execution. The platform offers Classic options (up to 90-day holding period), 0DTE options (24-hour expiry), and one-click multi-leg strategies such as Bull Call Spread, Bull Put Spread, and Strap, with guaranteed full P&L payouts when options expire in-the-money. A separate Stake & Cover product allows users to deposit assets to provide liquidity to the options pool and earn yield, while the entire experience carries zero trading fees — users only pay the option premium.
Product overview
Hegic is an on-chain peer-to-pool options trading protocol on Arbitrum, offering a unified platform for trading BTC and ETH options. The core products include Classic Options (up to 90 days holding period), 0DTE Options (24-hour expiration), and one-click option strategies such as Bull Call Spread, Bull Put Spread, and Strap. The platform is complemented by Stake & Cover for liquidity provision, and includes Analytics, Tokenomics, and Referrals modules. Hegic emphasizes zero trading fees (only premium costs), guaranteed P&L payouts, and anonymous trading.
Differentiator
Problem solved
Functional benefit
Products and services
- Hegic Classic Options Options-based strategies with up to 90 days holding period, allowing traders to buy call and put options on BTC and ETH with ATM and OTM strikes on the Hegic Arbitrum-based protocol.
- Hegic 0DTE Options Options that expire within 24 hours, enabling traders to place same-day options strategies before major announcements (FOMC, CPI, etc.) on BTC and ETH.
- Stake & Cover A liquidity provision feature allowing users to stake collateral and provide coverage for the options protocol, earning yields while supporting the pool that backs option payouts.
Quantifiable outcome
- $1.5B+ in cumulative options trading volume over 3.5+ years
- +2 more outcomes
Companies that use Hegic
Customer profileSegments3 records
Ideal customer profiles3 records
Hegic technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Hegic partnerships and signals
Strategic signalScale indicators4 records
Recent moves4 records
Expansion highlights4 records
Hegic competitors and assessment
Company assessmentEmerging players
- GMX: GMX is a leading decentralized perpetual swaps protocol on Arbitrum, sharing the same Arbitrum ecosystem and liquidity provider base as Hegic. While not options-specific, it competes for the same DeFi trader capital and LP attention on Arbitrum.
- Buffer Finance: Buffer is a newer DeFi options protocol on Arbitrum focused on simplified options trading with single-click strategies similar to Hegic's one-click execution. It is a direct emerging competitor with product overlap.
Direct peers
- Aevo: Aevo is an on-chain options and perps order book DEX built on Arbitrum using an off-chain order matching, on-chain settlement model. It directly competes with Hegic for crypto options volume with a more high-performance, professional-grade trading experience.
- Opyn (now Convey): Opyn was an early DeFi options protocol on Ethereum offering composable option tokens. It is one of the original on-chain options platforms that established the space alongside Hegic's early product iteration.
- Dopex: Dopex is a decentralized options protocol built on Arbitrum offering single and multi-leg options strategies via option vaults. It competes directly with Hegic on the same chain with overlapping BTC/ETH options products and LP incentive structures.
- PsyOptions: PsyOptions is a DeFi options protocol on Solana offering American-style options with order book matching. While on a different chain, it addresses the same on-chain options use case with similar non-custodial design goals.
- Lyra: Lyra is a decentralized options protocol on Arbitrum and Optimism offering similar peer-to-pool options trading with automated market makers and a ve-token governance model. Both protocols compete directly for the same DeFi options liquidity and trader base.
- Ribbon Finance: Ribbon Finance is a DeFi structured products protocol offering automated options strategies (covered calls, puts) on Ethereum and Avalanche. It overlaps directly with Hegic's options vaults and one-click strategy execution targeting yield and volatility traders.
- Premia Finance: Premia is a decentralized options protocol on Arbitrum, Optimism, and other chains with peer-to-peer and peer-to-pool options markets. It targets the same DeFi options traders as Hegic with similar BTC/ETH options products.
Broad incumbents
- Deribit: Deribit is the largest centralized crypto derivatives exchange, dominating BTC and ETH options volume globally. While a CEX with KYC, it is the primary destination Hegic's on-chain offering competes against from a product category standpoint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights7 records
Customer concentration
Hegic social profiles
Digital presenceHegic financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hegic leadership team
Management profileNumber of profiles
Hegic funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hegic M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hegic
What does Hegic do?
Hegic is a peer-to-pool options trading protocol on the Arbitrum blockchain that lets users buy BTC and ETH call and put options through smart-contract-based execution. The platform offers Classic options (up to 90-day holding period), 0DTE options (24-hour expiry), and one-click multi-leg strategies such as Bull Call Spread, Bull Put Spread, and Strap, with guaranteed full P&L payouts when options expire in-the-money. A separate Stake & Cover product allows users to deposit assets to provide liquidity to the options pool and earn yield, while the entire experience carries zero trading fees — users only pay the option premium.
Is Hegic a public or private company?
Hegic is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Hegic founded?
Hegic was founded in 2020. It employs 11 to 50 people.
Where is Hegic based?
Hegic is headquartered in Singapore, Singapore, in the Asia region.
How does Hegic make money?
One revenue line is on record: option Premiums.
Who are Hegic's main competitors?
Emerging players on record are GMX and Buffer Finance. Direct peers are Aevo, Opyn (now Convey), Dopex, PsyOptions, Lyra, Ribbon Finance and Premia Finance. Deribit is listed as a broad incumbent.
Does Hegic have an API?
No public API is recorded for Hegic.
What industry is Hegic in?
Hegic's product category is Decentralized Options Trading. Its primary akta.pro industry code is FSADAMAC, Derivatives, Perpetuals & Options Protocols, with a secondary code of FSAPADAE, Derivatives Trading Venues (perps, futures, options). Its NAICS code is 52316 and its SIC code is 6200.