Derive adds perpetual contracts for DRV and $F tokens with 5x leverage

Derive, the onchain derivatives platform that used to go by Lyra Finance, has listed two new perpetual futures contracts: one for its native governance token $DRV, and another for $F, offering traders up to 5x leverage on both.

This expansion lands just days after Derive announced its V3 migration on September 14, signaling the platform is in full build mode.

What Derive is actually building

Derive is a self-custodial platform specializing in options, perpetual contracts, and spot trading. It originally launched as Lyra Finance back in 2021 before undergoing a restructuring and rebrand. The DRV token itself went live in January 2025.

The platform has processed billions in cumulative notional volume, and it commands the majority of market share in onchain options activity.

Derive already supports perpetual contracts with leverage up to 15x across multiple assets. The new DRV and F listings come in at a more conservative 5x ceiling.

The $DRV token has a maximum supply of 1.5 billion. The protocol allocates 35% of its fees toward weekly buybacks of DRV.

The Ford angle

The $F listing is the more eyebrow-raising part of this announcement. $F is the ticker for Ford Motor Company on traditional stock exchanges, and Derive appears to be offering a perpetual contract that tracks the automaker’s stock price.

V3 and what comes next

The V3 migration, announced on September 14, is designed to enhance functionality and increase throughput on the platform.

Derive has also been integrating additional collateral types. The platform recently added support for FXRP, expanding the range of assets that traders can use to back their positions.

The platform has also signaled interest in expanding access for institutional traders.

Staking also plays a role in the ecosystem. DRV holders can stake their tokens to earn rewards and receive discounts on trading fees.

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