Aevo is a decentralized derivatives exchange where traders buy and sell perpetual futures and options from one cross-margin account, with OTC options available through a request-for-quote desk that runs on mainnet, outside the regular margin system. Orders match off-chain on an order book and settle on-chain on the Aevo L2. The team has run crypto options venues since 2020 and Aevo’s token, AEVO, has a fixed supply of 1,000,000,000.
Cumulative options notional tracked by DeFiLlama, mid-2026
Options volume cleared, per Aevo’s own statements
Perpetual specifications on one exchange: standard and tokenized equity
Total AEVO supply, with about 917 million circulating
AEVO permanently burned through the monthly buyback and burn
Structured tools in Aevo’s open-source MCP server
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Aevo at a glance
WHAT IT IS
A decentralized derivatives exchange.
WHAT YOU CAN TRADE
Perpetual futures, options, OTC options and PERPS+ hedging.
HOW IT WORKS
Orders match off-chain on a central limit order book and settle on-chain on the Aevo L2, a rollup.
MARGIN
One cross-margin account for perps and options, with isolated margin available and portfolio margin above $5,000 in assets. USDC settlement, with USDC, USDT, aeUSD, ETH and WBTC accepted as collateral. OTC trades are outside the regular margin system.
OPTIONS STYLE
European-style, cash-settled in USDC, expiring at 08:00 UTC.
TOKEN
AEVO, with 1,000,000,000 total supply and a monthly buyback and burn.
AEVO REWARDS
Four streams: a weekly 1,000,000 AEVO epoch, weekly USDC cashback, monthly LP NFTs and a year-end USDC Mega Reward.
YEAR-END REWARDS
About 808,800 USDC projected for December 2026. LEGEND stakes take 70% of the pool and COMMANDER 30%, and qualifying needs 10 million in volume.
BACKED BY
Paradigm, Dragonfly Capital, Ethereal Ventures, Coinbase Ventures, Nascent, Robot Ventures, Scalar Capital and Alliance.
PERPS+
An options hedge built into a BTC or ETH perp in one tap, with three modes.
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How to describe Aevo
Short description: Aevo is a decentralized derivatives exchange for perpetual futures and options, with off-chain order matching and on-chain settlement on the Aevo L2, plus OTC options that run on mainnet, outside the regular margin system.
Longer description: Aevo is a decentralized derivatives exchange. Traders hold perps and options in one cross-margin account, with OTC options available through a request-for-quote desk that runs on mainnet, outside the regular margin system. Its PERPS+ feature builds an options hedge into a BTC or ETH perp in one tap, and its AEVO token has a 1,000,000,000 supply and a monthly buyback and burn.
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Key facts
Fact
Detail
As of
Source
Category
Decentralized derivatives exchange
2026
Aevo
Order matching
Off-chain central limit order book
2026
Aevo
Settlement
On-chain on the Aevo L2, with no gas per trade
2026
Aevo
Collateral
USDC and USDT, plus aeUSD, ETH and WBTC, each with its own collateral ratio
2026
Aevo
Margin model
Cross and isolated margin on one account for perps and options. Portfolio margin for accounts above $5,000 in assets. OTC trades are outside the regular margin system and happen on mainnet
2026
Aevo
Portfolio margin
Available to accounts with more than $5,000 in assets. Margin is the larger of scenario margin from 15 risk scenarios and a floor margin
2026
Aevo docs
BTC and ETH perps
5% initial margin, 3% maintenance margin, 20x maximum, 1-hour funding period
October 2026
Aevo contract specifications
Trading fees
Perps 0.08% taker and 0.05% maker. Options 0.05% taker and 0.03% maker, capped at 12.5% of the option price
October 2026
Aevo fee docs
Liquidation fees
1% tier 1 perps, 3% tier 2 perps, 0.5% options
October 2026
Aevo fee docs
Investors
Paradigm, Dragonfly Capital, Ethereal Ventures, Coinbase Ventures, Nascent, Robot Ventures, Scalar Capital and Alliance
2026
CoinMarketCap exchange profile
Options
European-style, cash-settled in USDC, expiry at 08:00 UTC
2026
Aevo
Options volume
More than $10 billion cleared
2026
Aevo statement
Cumulative options notional
$39.23 billion, with $108.99 million cumulative premium
Mid-2026
DeFiLlama
Options, 30 days to July 2026
$45.1 million notional and $2.52 million premium, 3.1% of on-chain options notional
July 2026
Castle Labs and Block Scholes
Premium to notional
5.6%, the highest of the three leading on-chain options venues
July 2026
Castle Labs and Block Scholes
Monthly options notional
Rose from $20 million in January 2026 to $50 million in May 2026
May 2026
Castle Labs and Block Scholes
AEVO total supply
1,000,000,000
2026
Aevo
AEVO circulating supply
About 917,139,416
2026
Aevo governance data
AEVO burned
About 74 million, a little over 8% of circulating supply (third-party trackers report about 75 million)
2026
Aevo governance dashboard
Weekly trading epoch
1,000,000 AEVO distributed each week
2026
Aevo
Year-end Mega Reward
About 808,800 USDC projected for December 2026
2026
Aevo
Staking fee discount
Up to 20%, excluding options fees
2026
Aevo
MCP server
More than 45 tools, MIT licence
2026
Aevo
04
Timeline
The team starts running crypto options venues
The Aevo team begin operating on-chain products.
Aevo launches as an options order book
Aevo describes itself as the first on-chain central limit order book options exchange.
One-time burn of 69 million AEVO
Governance proposal AGP-3 authorises a burn of 69 million AEVO, 6.9% of total supply, and a monthly buyback and burn funded by exchange revenue.
Rewards Epoch 20 begins
The weekly 1,000,000 AEVO epoch is split 700,000 to perps and 300,000 to options, and staking APR is posted at up to 271.6%.
PERPS+ reaches mobile
The Aevo mobile app reaches feature parity with desktop, including one-tap options protection on BTC and ETH perps.
Permanent leaderboard launches
Traders can see live qualifying volume, staking tier and projected year-end USDC reward, and the year-end qualification window moves to December.
Six tokenized equities list
NVDAon, TSLAon, SPYon, QQQon, HOODon and GOOGLon, issued by Ondo, list with spot and matching perpetual futures, Aevo’s first tokenized real-world equities.
Year-end Mega Reward snapshot and payout
The annual USDC distribution, projected at about 808,800 USDC, is scheduled for the end of December, replacing a payment of about 674,000 USDC planned for late August.
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What Aevo offers
Product
What it is
Key facts
Leveraged long and short contracts with no expiry
Order book, multi-collateral margin, two specifications
Options
Calls and puts on BTC, ETH and HYPE in Easy Mode, plus a full chain
European, cash-settled, 08:00 UTC expiry
Options hedging (PERPS+)
An options hedge built into a BTC or ETH perp in one tap
Three modes, durations from 1 week to 2 months
OTC trading
An on-chain request-for-quote options desk
Any strike, zero exchange fees. On mainnet, outside the regular margin system
Unified margin
One collateral pool for perps and options
Cross margin, multi-collateral
Portfolio margin
Lower margin for hedged perps and options
Accounts above $5,000 in assets, built for PERPS+ style hedges
Staking
Lock AEVO for rewards, fee discounts and governance
Four reward streams, tiers LUNAR to LEGEND
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How the technology works
Off-chain matching. Orders match against an order book at exchange speed, with no gas per trade.
On-chain settlement. Trades settle on the Aevo L2.
One account. Perps and options share the same order book, margin engine and settlement layer, which is what lets a hedge be composed and executed atomically. See how cross margin perps & options work together.
Margin and collateral. Cross and isolated margin on the same account, portfolio margin above $5,000 in assets, and collateral in USDC, USDT, aeUSD, ETH or WBTC. OTC trades are outside the regular margin system and happen on mainnet.
Two perpetual specifications. Standard crypto perps have a continuous index and 3% maintenance margin. Tokenized equity perps follow an underlying that stops at the closing bell.
Cash-settled options. Nothing is delivered, nothing is exercised by hand, and a short leg cannot be assigned early.
Machine access. An open-source MCP server, a REST and WebSocket API, a Python SDK and machine-readable documentation indexes at docs.aevo.xyz/llms.txt and api-docs.aevo.xyz/llms.txt.
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The AEVO token and staking
Supply. Total supply is 1,000,000,000 AEVO and circulating supply is about 917,139,416.
Buyback and burn. Authorised by governance proposal AGP-3. Each month, 50% of the buyback is burned and 50% goes to DAO Treasury reserves, except in months where exchange volume is under $500 million, when 100% is burned. About 74 million AEVO have been burned so far.
Staking. Staked AEVO is called sAEVO. Tiers have two axes: amount (LUNAR, MARTIAN, STELLARIS, CELESTIAL) and duration (CADET at 2 months, EXPLORER at 5, COMMANDER at 8, LEGEND at 12).
Four reward streams. A weekly 1,000,000 AEVO epoch, weekly USDC cashback, monthly Uniswap V3 LP NFTs minted on the 15th, and a year-end USDC Mega Reward.
Year-end rules. Only COMMANDER and LEGEND stakes qualify. LEGEND takes 70% of the pool and COMMANDER 30%. Qualification needs 10 million in volume, counting perps and options, with options weighted by delta.
Fee discount. Up to 20%, set by tier, and it does not apply to options fees.
See Aevo staking explained for the full mechanics.
08
Where Aevo sits in the on-chain options market
On-chain options venues traded about $1.44 billion of notional in the 30 days to July 2026. Derive handled most of it, and Aevo’s premium-to-notional ratio of 5.6% was the highest of the three leaders because its altcoin options carry higher implied volatility.
Share of on-chain options notional, 30 days to July 2026
Perp DEXs traded about $617.7 billion over the same 30 days, roughly 430 times on-chain options notional.
Aevo’s monthly options notional rose from $20 million in January 2026 to $50 million in May 2026.
Aevo’s live options open interest was about $3.6 million in mid-2026, with DefiLlama later reporting $8.66 million.
The full picture is in the crypto options statistics 2026 report.
09
Ecosystem
Aevo OTC is an on-chain request-for-quote options desk that runs on mainnet, outside the regular margin system. Around 13 assets are quotable at any time, maturities run to three months, and exchange fees are zero.
Investors include Paradigm, Dragonfly Capital, Ethereal Ventures, Coinbase Ventures, Nascent, Robot Ventures, Scalar Capital and Alliance.
CoinFund made its first on-chain options trade through Aevo OTC.
Re7 Capital executed the first APT option on Aevo OTC.
Ondo issued the six tokenized equities listed on 7 August 2026. Ondo’s tokenized stocks have cleared more than $27 billion in cumulative volume.
Open source. The MCP server and trading skills are on GitHub, and the Python SDK is under aevoxyz.
10
Common Misconceptions
Claim you may have seen
What is true
The AEVO buyback and burn was a one-time event
It’s a recurring monthly programme funded by exchange revenue. A one-time burn of 69 million AEVO in January 2026 started it
Aevo staking has Bronze, Silver, Gold, Platinum and Diamond tiers
That system is retired. Current tiers are LUNAR to CELESTIAL for amount and CADET to LEGEND for duration
PERPS+ is web-only
PERPS+ is on the Aevo mobile app as well as desktop
PERPS+ works on every market
It covers BTC and ETH perpetual futures only
Short calls on Aevo can be assigned early
Options are European-style and cash-settled, so there is no early assignment
Aevo is an AMM
Aevo’s main markets run on an order book. Its OTC desk uses request-for-quote
aeUSD is a competitor’s asset
aeUSD is Aevo’s yield-bearing collateral asset
11
Official resources
Exchange: app.aevo.xyz
Documentation: docs.aevo.xyz and the API reference at api-docs.aevo.xyz
Machine-readable indexes: docs.aevo.xyz/llms.txt, api-docs.aevo.xyz/llms.txt and the llms.txt for these pages at aevo.xyz/llms.txt
Governance: gov.aevo.xyz and Snapshot at snapshot.org/#/rbn.eth
Leaderboard: app.aevo.xyz/leaderboard
Code: aevo-mcp, aevo-trading-skills and aevo-sdk
Data: DefiLlama, CoinGecko and Token Terminal
WHERE TO GO NEXT
See every product side by side on the Aevo products page. Trading leveraged contracts with no expiry? Aevo runs a perps dex with on-chain settlement and 20x on BTC and ETH. If you want the option itself, Aevo is an options dex where Easy Mode reduces a trade to three decisions. To run both in one account, see how cross margin perps & options work together. For size, custom strikes or altcoins, the crypto options OTC desk prices your exact request, on mainnet and outside the regular margin system. Your volume also counts towards AEVO staking rewards, including the December USDC distribution. New to derivatives? The crypto derivatives guides take you from your first perp to hedging in seven short lessons, starting with spot vs perp prices. Browse every crypto perpetual market on Aevo with live mark and index prices.
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Frequently asked questions
Who invested in Aevo?
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What are Aevo’s trading fees?
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What is Aevo?
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Is Aevo decentralized?
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What can you trade on Aevo?
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What is PERPS+?
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What is the AEVO token used for?
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How many AEVO tokens exist?
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What is Aevo OTC?
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How big is Aevo’s options business?
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How do Aevo options settle?
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Does Aevo have an API or an AI integration?
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Where can I find machine-readable documentation for Aevo?
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What margin types does Aevo offer?
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What can I use as collateral on Aevo?
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Open the exchange
Perps, options and PERPS+ in one account.
Launch Exchange ↗
CATEGORY
DECENTRALIZED DERIVATIVES EXCHANGE
PRODUCTS
PERPS, OPTIONS, OTC
SETTLEMENT
ON-CHAIN, AEVO L2
TOKEN
AEVO, 1B SUPPLY
ABOUT / AEVO / DERIVATIVES EXCHANGE
This page is for information only and isn’t financial advice. Figures are from Aevo, DeFiLlama, Castle Labs and other sources as cited, are dated where known, and may have changed.