How LEVR works on Derive.

Your Derive account

Your wallet owns a Derive account. The first deposit creates it. LEVR reads it through Derive's public API and asks your wallet to sign Derive's own login message when it needs to read private data; it never holds a key to it. The account lives on Derive, which settles on Ethereum.

Trading key (session key)

To trade without a wallet pop-up on every tap, you register a trading key with Derive. LEVR generates it in your browser, stores it there encrypted, and never sends it anywhere. Your wallet signs the registration once.

What the key can do (its Derive scopes):

• trade:orderbook:option: buy and sell options on Derive's order book. Through LEVR the sell side is only ever a close of a position you hold.
• account_info: read your own positions, orders and balances.

What the key cannot do: withdraw from Derive, transfer between accounts, register other keys, act on anyone else's account. Those scopes are never requested.

The key expires after 30 days. Renewing on Get started registers a fresh key and revokes the previous one (two wallet signatures). Revoking works there too, or in Derive's own app.

Where your funds sit

• In your own Derive account: the USDC you deposited and your 0DTE positions.
• Never with LEVR. The server forwards the requests you sign to Derive and adds LEVR's referral code to orders. It stores no key, no balance and no wallet address.

Regions

Derive does not serve some regions. From those regions LEVR refuses to register a trading key or open an order. Closing a position, cancelling and reading are always allowed.

Current setting: United States, Cuba, Iran, North Korea, Syria, Russia, Belarus, Myanmar. The list follows Derive's terms of use and can change.

Your country comes from the hosting provider's header, is used for that one decision and is not stored. Read Derive's own list in Derive's terms.

Where it runs

Real USDC on Derive, with a 30-day browser trading key. The sandbox with test money stays at testnet.levr.money.

Long only

Up buys the call, Down buys the put. LEVR never sells an option to open; the only sell it sends is a reduce-only close of a position you hold. There is no margin and no liquidation.

Expiry, strikes, size

• Expiry: the nearest daily 08:00 UTC expiry on Derive whose book is quoted, within 48 hours. Never a weekly.
• Strikes: at the money, +1 %, +2 % for Up; at the money, −1 %, −2 % for Down. Only strikes Derive lists with an ask are offered.
• Size: in contracts, one contract is one ETH. From Derive's minimum (0.1 contract on Derive today) up to what Derive can fill at that price, on Derive's size step.

The quote

Before you have a trading key, the card shows Derive's best ask and Derive's fee formula as an estimate. With a key, it asks Derive for a signed quote (order_quote) and shows the venue's estimated fill and fee, labelled “as quoted by Derive”.

Fees and maximum loss

• Derive's fee per contract: the smaller of taker_fee_rate × index and fee cap × option price, plus a base fee per order. The rates are Derive's instrument terms, read live.
• LEVR's fee: $0.25 per contract on opening orders, none on closes. It is a separate line on the quote card and part of the signed order.
• Maximum loss: premium plus both fees. That is all an Up or Down can lose.

The order

One tap sends a limit order, immediate-or-cancel, at the ask plus a 0.5 % cap, signed by the key in your browser. LEVR's server forwards it to Derive and adds LEVR's referral code. Whether and where it fills is Derive's decision. Your position then shows as Derive reports it.

Settlement

Derive settles daily options at 08:00 UTC in USDC at its settlement price (USDC · 30-min TWAP of the venue's ETH-USD index at expiry (08:00 UTC)). Up is right when the settlement price is above the strike, Down when it is below; exactly at the strike counts as neither.

No market right now

Derive's daily book is quoted around the 08:00 UTC roll and can be empty in between. When no strike within 3 % of the index has an ask, the screen says so and counts down to the next expiry instead of showing a stale price.

Closing early

“Close now” sends a reduce-only sell at Derive's bid minus the 0.5 % cap, with no LEVR fee. It needs a bid on the book. Closing is never blocked by region. Whatever does not fill stays open until Derive settles it.

Everything below happens on Get started, in order. Real USDC and a little ETH for gas, on Ethereum.

1. Wallet. Connect an injected wallet (MetaMask or similar) or WalletConnect. The wallet switches to Ethereum.
2. Derive account. Sign Derive's login message to check whether your wallet already has an account. If not, the first deposit creates it.
3. Fund. Have USDC and a little ETH on Ethereum, then deposit to Derive from the page (an exact-amount approval and a deposit, both signed by the wallet).
4. Trading key. One wallet signature registers a browser key with the scopes listed under Trading key, valid 30 days.
5. First call. Pick a market, choose Up or Down, select a strike and size, then tap to trade.

Season 1 runs since mainnet opened to everyone on 10 October 2026. Fees are the points: every order Derive fills through LEVR pays Derive's fee and LEVR's fee, and that dollar figure × 100 is the award — as Derive reports the fill, never from volume. Values below are the current settings.

• The ledger keys on a salted hash of your wallet. No wallet address or e-mail is stored with an award. Your wallet on your profile is what ties your trades and your friends' to your name on the board.
• The public leaderboard lists everyone — Season 1 first, Season 0's trading and list points added up in a second tab; your own standing sits on the 0DTE screen and your profile.
• Season 0 (until 10 October 2026) is closed: its points stand as scored and its ledger is read-only. Everyone who was here carries the Early bird badge, and it carries a bonus into every season that follows. On the list before the open, or scoring points, is what “here” means; the size of the bonus is not set yet.

List points are closed

The LEVR list's own ledger — joining, sharing, following, a wallet, referred signups — closed when mainnet opened. Balances stand as they were; nothing new is awarded there.

Season 1 points are LEVR's own record of the fees your trades generated. They are not a token, an allocation or a financial entitlement; the LEVR token does not exist yet, and any allocation depends on it launching. Points may be adjusted or reset. See the terms.

Orders carry LEVR's referral code, which Derive uses for its broker programme. It does not change the fee you pay.

Options can lose money quickly. Read this before you trade.

• 0DTE. A daily option can be worth nothing at 08:00 UTC. The whole premium plus fees can be lost in one day. The money is real: never trade more than you can lose.
• Venue. Derive can be unavailable, its book can be empty, its settlement price is its own. LEVR shows what Derive reports and cannot correct it.
• Protocol. Derive is a set of smart contracts and a matching engine. Bugs, upgrades and the v3 migration are outside LEVR's control.
• Your browser key. Anyone with your unlocked device could trade options on your account until the key expires or you revoke it. The key cannot withdraw from Derive. Revoke it on Get started if in doubt.
• Regions and rules. If your region is not served, you can still close and withdraw, but not open. Laws that apply to you are your responsibility.
• Points. Season 1, Season 0 and list points have no monetary value and may be reset; the token does not exist yet.

Nothing on this site is investment, legal or tax advice. Read the Terms of Use.

Do I need a Derive account?

Yes. Your wallet owns it and the first deposit creates it. LEVR reads it and forwards what you sign; it never controls it.

Where is my money?

In your own Derive account. Never with LEVR.

Can LEVR withdraw my funds?

No. LEVR holds no key to your account, and your browser key never has a withdraw or transfer scope.

What can the trading key do, and for how long?

Buy options and close them on your account. It expires after 30 days; renew or revoke it on Get started.

Why does 0DTE say “No market right now”?

Derive's daily book is quoted around the 08:00 UTC roll and can be empty in between. The screen shows the countdown to the next expiry instead of a stale price.

What is my maximum loss on 0DTE?

The premium plus Derive's fee plus LEVR's fee, all shown before you tap. No margin, no liquidation.

Is this real money?

Yes. Orders route to Derive with real USDC. The sandbox with test money stays at testnet.levr.money.

What are points worth?

Nothing in money. Season 1 points are LEVR's record of the fees your trades generated; Season 0 and list points stand closed. Separate ledgers, all of them, and any may be reset. The LEVR token does not exist yet.

• Terms of Use: what the site is and is not, the Derive lane, points, liability.
• Privacy Notice: what is collected through the site, the Derive lane and the LEVR list.
• LEVR is an independent product on Derive's public API. Not operated or endorsed by Derive. Your use of Derive is governed by Derive's terms.
• Contact: contact@levr.money.

Read-only endpoints, public, no key. Every value is passed through from Derive with the venue named in the payload.