DeFi options vaults (DOVs) automate options selling strategies. Deposit assets, the vault sells options weekly, and you earn premiums.
How Options Vaults Work
Covered Call Vault:
- Deposit ETH
- Vault sells call options
- Collect weekly premium
- If price stays below strike, keep ETH + premium
Put Selling Vault:
- Deposit USDC
- Vault sells put options
- Collect weekly premium
- If price stays above strike, keep USDC + premium
Popular Options Vaults
| Vault | Strategy | Typical APY |
|---|
| . . . - | . . . . . | . . . . . . - |
| Ribbon | Covered calls | 5-15% |
| Thetanuts | Multiple strategies | 10-30% |
| Lyra | Put/call selling | 8-20% |
. -
Track your options vaults with Fensory. Monitor yields and performance.
Start Tracking →Step-by-Step Instructions
1
Learn Options Basics
Understand calls, puts, strikes, and expiration. Know max profit and loss scenarios.
Tips
- ✓Covered calls cap upside
- ✓Put selling risks buying at strike
- ✓Premiums are your yield
2
Choose Vault Type
Covered calls for ETH holders, put selling for USDC holders.
Tips
- ✓Match vault to assets you hold
- ✓Check historical performance
3
Select Protocol
Ribbon, Thetanuts, or Lyra vaults. Compare yields and strategies.
Tips
- ✓Ribbon is most established
- ✓Check current APYs
- ✓Review audit status
4
Deposit Assets
Deposit before weekly epoch ends. Late deposits wait for next week.
Tips
- ✓Check deposit window
- ✓Friday close is common
5
Wait for Epoch
Vault sells options weekly. Premium flows to depositors.
Tips
- ✓Cannot withdraw mid-epoch
- ✓Yields paid weekly
6
Review Results
Check if options expired worthless (best case) or were exercised.
Tips
- ✓Exercised = gave up upside or bought asset
- ✓Worthless = kept premium + asset
7
Compound or Withdraw
After epoch ends, compound by redepositing or withdraw profits.
Tips
- ✓Compounding increases yield
- ✓Time withdrawals for epoch end
