The crypto derivatives market is rapidly expanding, facilitating a range of activities from leveraged trading to options and perpetual futures.
While established platforms like dYdX and GMX dominate the space, a fresh wave of lesser-known projects is innovating within the derivatives sector.
With market capitalizations below $1 million, these tokens provide high-risk, high-reward opportunities with significant upside potential contingent on future adoption. Here are four lesser-known derivatives tokens that merit further exploration.
Deri Protocol ($DERI)
- Unit Price: $0.003782
- Market Cap: $471.7K
- Volume (24H): $88.17K
Deri Protocol is a decentralized platform focused on crypto derivatives trading. Built using open-source technology, it operates on both the BNB Chain and Arbitrum. The platform offers traders a wide range of blockchain network access, enhancing service flexibility. It also incorporates a Web3-enabled version of a popular trading visualization tool, allowing users to efficiently track and analyze DeFi tokens.
Deri Protocol supports various derivatives trading options, including Perpetual Futures, Everlasting Options, Power Perpetuals, and Gamma Swap.
Price Data:
- All-time high: $3.77 on Feb 12, 2021
- All-time low: $0.003092 on Apr 20, 2025
Exchanges: Gate
Govi ($GOVI)
- Unit Price: $0.01324
- Market Cap: $399.72K
- Volume (24H): $59.28K
Govi serves as a governance token within the CVI protocol and platform. As a governance asset, it enables holders to participate in the decentralized governance of the Crypto Volatility Index (CVI), which is designed to offer unique insights into cryptocurrency market volatility, powered by the COTI network.
As a governance token, Govi allows its holders to influence critical operational decisions on the CVI platform, including tradable assets, permissible leverage levels, minimum deposit requirements, fee structures, and other significant aspects.
Price Data:
- All-time high: $7.91 on May 12, 2021
- All-time low: $0.00836 on Jun 23, 2025
Exchanges: Gate
Reflexer Ungovernance Token ($FLX)
- Unit Price: $2.70
- Market Cap: $524.94K
- Volume (24H): $60.66K
The Reflexer Ungovernance Token, abbreviated as FLX, functions as the governance token for the Reflexer Finance protocol. It is integral to the protocol’s governance model and operations, focusing on two key functions.
FLX serves two primary roles:
- Lender of Last Resort: Similar to mechanisms used in the Maker protocol, the RAI system employs surplus and debt auctions. Debt auctions will autonomously mint and auction new FLX if the system faces financial difficulties.
- Ungovernance of the RAI System: As governance capabilities are stripped from the system, the community will determine how and when to minimize any remaining governance elements. FLX will support this ungovernance process, allowing the community to decide on the protocol’s management.
Price Data:
- All-time high: $2,694.40 on Nov 16, 2021
- All-time low: $1.15 on Apr 09, 2025
Exchanges: MexC
Globe Derivative Exchange ($GDT)
- Unit Price: $0.003424
- Market Cap: $546.75K
- Volume (24H): $72.2K
As a next-generation cryptocurrency derivatives exchange, Globe has learned from past experiences to refine its approach. Its cutting-edge architecture features matching and risk engines co-located on high-frequency trading hardware, allowing the entire order book to be kept in L3 cache at all times, achieving nanosecond latencies. This structure provides faster-than-NASDAQ message processing speeds to mitigate overloads and benefits from significant investment in fast connections between major financial data centers, such as those in London (LD4) and Tokyo, enhancing global transaction efficiency.
Price Data:
- All-time high: $2.31 on May 12, 2021
- All-time low: Recorded on May 09, 2021.
Exchanges: Gate