Hegic

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.

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

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

• Decentralized options trading
• Defi options protocol
• Crypto derivatives trading
• Peer-to-pool liquidity
• On-chain options market

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core 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

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators4 records

Recent moves4 records

Expansion highlights4 records

Emerging 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

• Xx.com/HegicOptions

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 Hegic