Opyn
7 known investors
Opyn provides a permissionless decentralized finance protocol for deploying perpetual futures markets on any ERC-20 token pair, with features including automated market making vaults, portfolio margin, and support for linear, stable, and option-like perps. The platform enables users to trade leverage across various assets while maintaining true decentralization without custodial control.
Also known as Opyn Markets
Investors · 7
Also in the syndicate · 2
Company profile
researched Aug 2026Opyn is a decentralized finance protocol for on-chain derivatives. Its earlier products centered on decentralized options, using oToken option tokens that let users trade calls and puts, and on "power perpetuals" — tokenized high-leverage contracts whose value derives from an exponential power of an underlying asset. Its best-known instrument is Squeeth (Squared ETH), which gives exposure to ETH squared. Opyn is described as the first DeFi options protocol and the inventor of power perpetuals [4].
The current product, marketed as Opyn Markets, is a permissionless perpetual-futures trading ecosystem built on top of Uniswap pools. Anyone can deploy a market on any pair of ERC-20 tokens, and the system reframes DeFi primitives — stablecoins, Uniswap LP positions, linear perps, and Squeeth/gamma exposure — as perpetual contracts. A vault product called Flo provides automated perp market making, allowing passive liquidity providers to earn fees from trades in the market. Collateral is treated as a portfolio through on-chain portfolio margin, spanning perps, collateral assets, vaults and Uniswap LP positions, with off-chain proof generation and on-chain verification. The site lists supported/collateral assets including wBTC, wETH, stETH, UNI, MKR, DAI and ARB [0][1].
The protocol emphasizes non-custodial, immutable and permissionless design: no party controls market parameters or user funds, market rules cannot be arbitrarily changed, and there are no off-chain order books or databases. The site notes audits and a $1,000,000 bug bounty. Access is geofenced, with users from restricted territories warned that repeated wallet-connection attempts can lead to address blocking [0][1].
Founding story
Sources identify Zubin Koticha as co-founder and CEO and Alexis Gauba as co-founder; both stepped down in connection with the 2023 CFTC settlement [2][4]. The circumstances of the company's founding are not described in the sources.
Business model
Opyn operates a protocol rather than a custodial venue: markets are permissionlessly deployed by users on ERC-20 pairs, and trading fees accrue to liquidity providers in the automated market making vault (Flo), which anyone can passively supply [0][1]. Sources do not describe protocol revenue capture or fee-sharing terms.
Trading fees generated on every perp trade accrue to the automated market making vault and its liquidity providers [0][1]. Sources do not state how the company itself monetizes.
Traction
The company website reports more than $16 billion in total notional volume; a total value locked figure is displayed but not populated in the retrieved page [0][1]. Coverage describes Squeeth as a popular product [4].
Latest developments
On 11 July 2025 Coinbase announced it had hired Opyn's core leadership team — CEO Andrew Leone and head of research Joe Clark — who joined Coinbase's markets team to help expand its Verified Pools onchain liquidity feature on Base; the transaction was described as a talent lift-out and Coinbase's sixth acquisition of 2025, and reportedly did not include Opyn's protocol [4][5][6]. Coinbase VP of Engineering Harsha Bhat said the hires would accelerate efforts to move more of Coinbase's exchange business onchain [4][5].
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
Opyn is described as the first DeFi options protocol and the inventor of power perpetuals, and as the team behind Squeeth [4]. Its current positioning is summarized on its own site as "Uniswap, but for perps," i.e., permissionless deployment of perpetual markets analogous to permissionless spot pool creation [0][1].
Opyn frames itself as fully decentralized rather than centralized infrastructure presented as DeFi: permissionless market deployment on any token, non-custodial holding of funds, immutable market rules, no off-chain order books or databases, and composability with Uniswap. It also claims TradFi-style capital efficiency through on-chain portfolio margin across perps, collateral, vaults and LP positions, and offers curved/stable perps alongside linear perps [0][1].
Technology
The protocol is built on Ethereum-compatible smart contracts and layered on Uniswap pools. Core components include permissionless market deployment for any ERC-20 pair, an automated market making vault (Flo), on-chain portfolio margin that nets exposure across perps, collateral assets, vaults and Uniswap LP positions, and off-chain proof generation with on-chain verification to improve capital efficiency. Earlier technology included the Gamma protocol for on-chain options and oToken option tokens, plus power perpetuals such as Squeeth (ETH²) [0][1][2][4]. The site states the protocol has been audited and runs a $1,000,000 bug bounty [0][1].
Go-to-market
Distribution is direct and on-chain via the protocol's web interface, with permissionless market creation letting third parties bootstrap new perp markets and liquidity providers seeded through automated market making vaults; composability with Uniswap and other DeFi protocols serves as an additional distribution channel [0][1].
On-chain derivatives traders seeking leverage and options-like exposure, passive liquidity providers who deposit into market making vaults, and market deployers who want to create perp markets for specific ERC-20 pairs [0][1].
Geography
The protocol is accessible on-chain but geofenced: the website warns users connecting from restricted territories that repeated attempts can result in wallet blocking [0][1]. Sources do not state a headquarters location.
History
Opyn first went live in alpha in the summer of 2019 as a DeFi options platform [2][4]. A second-generation platform built around the Gamma protocol launched on Ethereum mainnet in late December 2020 [2]. Funding followed with a $2.16 million seed round led by Dragonfly Capital and a $6.7 million Series A led by Paradigm announced in February 2021 [2][4]. In 2023 the U.S. CFTC filed and settled charges against Opyn over allegedly offering unauthorized derivatives trading; the team paid a $250,000 fine and co-founders Zubin Koticha and Alexis Gauba stepped down [4]. Andrew Leone, previously head of research, became CEO, and in July 2025 Coinbase hired Opyn's core leadership team [4][5][6]. The Opyn Markets perpetuals product continues to be presented on the company website [0][1].
Risks & controversies
In 2023 the U.S. Commodity Futures Trading Commission filed and settled charges against Opyn, alongside two other DeFi protocols, for allegedly offering derivatives trading without authorization; the team was ordered to pay a $250,000 fine and co-founders Zubin Koticha and Alexis Gauba announced they were stepping down [4]. Access restrictions for certain territories are enforced on the front end [0][1]. In July 2025 Coinbase hired away the core leadership team, and reporting indicated the deal would not incorporate Opyn's protocol offerings [4][6].
Compiled by commissioned research from 7 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Competitors · 1
by search overlap
Companies competing with Opyn for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline · 5
launches, deals, and filingsCoinbase acquired/hired Opyn's core leadership team, including CEO Andrew Leone and head of research Joe Clark, who joined Coinbase's markets team to expand the Verified Pools onchain liquidity feature on Base. Reporting stated the deal would not incorporate Opyn's protocol offerings and described it as a lift-out and Coinbase's sixth acquisition of 2025.
The U.S. Commodity Futures Trading Commission filed and settled charges against Opyn and two other DeFi protocols for allegedly offering derivatives trading without authorization. The team was ordered to pay a $250,000 fine, and co-founders Zubin Koticha and Alexis Gauba announced they were stepping down.
$250K source ↗
DeFi options platform Opyn raised $6.7 million in a Series A led by Paradigm, with participation from existing investor Dragonfly, Synthetix co-founder Kain Warwick and Aave founder Stani Kulechov. CEO Zubin Koticha said funds would go toward development and security of the Gamma protocol and research and engineering hires.
$6.7M source ↗
Opyn's second-version platform, built around the Gamma protocol for on-chain DeFi options, launched live on Ethereum mainnet in late December.
Opyn first went live in alpha in the summer of 2019 as a decentralized options protocol.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
In the news
▸Research sources · 7
primary sources listed
- Opynopyn.co · web
7 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Opyn do?
- DeFi protocol for permissionless on-chain options and perpetuals markets on any ERC-20 pair.
- Who are Opyn's investors?
- Opyn's investors include 1k(x), 1kx, A.Capital Ventures, Coinbase Ventures, Paradigm.