What is Dopex?
Dopex is a decentralized options protocol built primarily on Arbitrum that has pioneered innovative options products including Single Staking Option Vaults (SSOVs) and Atlantic Options. The protocol aims to maximize liquidity, minimize losses for option writers, and provide fair pricing through unique vault mechanisms and rebate systems.
Founded in 2021, the name "Dopex" derives from "Decentralized Options Exchange." The protocol has processed over $300 million in options volume and introduced several innovations adopted across the DeFi derivatives ecosystem. Dopex distinguishes itself through its focus on structured products with the dual-token model (DPX for governance, rDPX for rebates) creating unique economic incentives.
Key Statistics
- Total Value Locked: $30M+ in vaults and staking
- Trading Volume: $300M+ all-time
- Supported Assets: ETH, DPX, rDPX, and partner tokens
- Primary Network: Arbitrum
- Vault Types: SSOVs, Atlantic Options, Straddles
- Security Audits: Audited by leading blockchain security firms
How Dopex Options Work
SSOVs are Dopex's flagship product, enabling users to deposit a single asset and earn yield through options premiums. Depositors select strike prices for the epoch, earn premiums from option buyers, and at expiry either keep the premium (OTM) or have assets called away (ITM) with rDPX rebates to offset losses.
Atlantic Options are Dopex's innovative solution for capital-efficient leveraged positions. Atlantic puts can be borrowed against by other protocols like GMX, allowing users to use their put option as collateral for leveraged trades with defined maximum loss.
Key Features
The rebate system (rDPX) reduces effective losses for writers when options expire ITM, encouraging continued liquidity provision. Dopex operates in epoch-based structure with weekly or monthly cycles and clear settlement schedules. Atlantic integration allows partner protocols to leverage options for enhanced functionality.
Yield Opportunities
SSOV depositing earns 15-80% APY depending on asset and strike selection. DPX staking yields 10-20% APY with veDPX boosts for long-term stakers. RDPX bonding provides additional protocol participation mechanisms. Fensory helps track Dopex vault performance across epochs.
Fee Structure
| Fee Type | Amount |
|---|---|
| . . . . . | . . . . |
| Option Purchase | 0% beyond premium |
| Settlement | 0.1% at expiration |
| Platform Fee | 10% of vault profits |
Risk Considerations
Risks include smart contract complexity with multiple interacting contracts across SSOVs, Atlantic Options, and integrations. Token risk with heavy reliance on DPX and rDPX prices. Epoch timing risk with capital committed for full epochs. Counterparty integration risk with Atlantic Options depending on partner protocols. Assignment risk for SSOV writers when ITM.
This content is educational and not financial advice. Options trading involves significant risk of loss.. -
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