The importance and popularity of derivatives in traditional financial markets have encouraged the use of derivatives in the crypto market as well. Crypto derivatives are financial contracts that get their value from the underlying asset, such as Bitcoin and other leading cryptocurrencies. The derivatives help crypto investors to reduce the risk element, mainly volatility, when trading in cryptocurrencies. Let’s take a look at the 10 biggest derivatives cryptocurrencies.

10 Biggest Derivatives Cryptocurrencies

We have used the market capitalization of derivatives tokens from coinmarketcap.com (as of Aug. 30, 2022) to rank the 10 biggest derivatives cryptocurrencies.

10. Vega Protocol (VEGA)

It makes it possible to trade derivatives on a decentralized network. As of this writing, VEGA is trading at $1.38, giving it a market capitalization of more than $36 million. It is down by almost 87% year to date and down almost 27% in the last 90 days. VEGA has an all-time high of $22.77 (September 2021) and an all-time low of $1.01 (June 2022).

9. Mango (MNGO)

It aims to combine the liquidity and usability of CeFi and the permissionless innovation of DeFi to offer cost benefits to the user. As of this writing, MNGO is trading at $0.04463, giving it a market capitalization of more than $44 million. It is down by over 79% year to date and down almost 21% in the last 90 days. MNGO has an all-time high of $0.5102 (September 2021) and an all-time low of $0.04024 (June 2022).

8. Perpetual Protocol (PERP)

It is a DEX (decentralized exchange) for futures on Ethereum and xDai. Trading on the platform is non-custodial, meaning traders retain possession of their assets. As of this writing, PERP is trading at $0.7219, giving it a market capitalization of more than $65 million. It is down by over 90% year to date and down almost 45% in the last 90 days. PERP has an all-time high of $24.84 (August 2021) and an all-time low of $0.5053 (June 2022).

7. Persistence (XPRT)

It enables exposure to multiple asset classes, including Synthetics (Comdex), Liquid Staking (pSTAKE), and NFTs (Asset Mantle). As of this writing, XPRT is trading at $0.70, giving it a market capitalization of more than $80 million. It is down by almost 89% year to date and down over 54% in the last 90 days. XPRT has an all-time high of $16.57 (May 2021) and an all-time low of $0.6346 (August 2022).

6. dYdX (DYDX)

It is a governance token for the layer 2 protocol of the eponymous non-custodial decentralized cryptocurrency exchange. As of this writing, DYDX is trading at $1.61, giving it a market capitalization of more than $105 million. It is down by over 81% year to date and down almost 20% in the last 90 days. DYDX has an all-time high of $27.78 (September 2021).

5. Injective (INJ)

It enables users to access, create and trade unlimited decentralized finance markets. As of this writing, INJ is trading at $1.58, giving it a market capitalization of more than $110 million. It is down by over 81% year to date and down over 27% in the last 90 days. INJ has an all-time high of $25.01 (April 2021) and an all-time low of $0.6557 (November 2020).

4. UMA (UMA)

Launched in December 2018, it is a protocol for creating synthetic assets on the Ethereum (ETH) blockchain. It allows users to digitize and automate any real-world financial derivatives. As of this writing, UMA is trading at $2.85, giving it a market capitalization of more than $190 million. It is down by almost 70% year to date and down almost 13% in the last 90 days. UMA has an all-time high of $43.37 (February 2021) and an all-time low of $1.16 (May 2020).

3. Serum (SRM)

It is a decentralized exchange (DEX) and ecosystem that aims to offer exceptional speed and low transaction costs to DeFi (decentralized finance). As of this writing, SRM is trading at $0.799, giving it a market capitalization of more than $210 million. It is down by over 78% year to date and down over 23% in the last 90 days. DEX has an all-time high of $13.72 (September 2017) and an all-time low of $0.11 (August 2020).

2. Synthetix (SNX)

Launched in September 2017, it is a decentralized finance (DeFi) protocol that offers on-chain exposure to many crypto and non-crypto assets. As of this writing, SNX is trading at $3.20, giving it a market capitalization of more than $748 million. It is down by almost 47% year to date and down almost 3% in the last 90 days. SNX has an all-time high of $28.77 (February 2021) and an all-time low of $0.03258 (January 2019).

1. FTX Token (FTT)

Launched in May 2019, it is the native cryptocurrency token of FTX, which is a crypto derivatives trading platform. Initially, FTT worked as a reward for exchange transactions, but now it performs many functions. As of this writing, FTT is trading at $27.37, giving it a market capitalization of more than $3.60 billion. It is down by almost 32% year to date and down almost 4% in the last 90 days.

This article originally appeared on ValueWalk

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