The crypto derivatives market is a fast-evolving space, powering everything from leveraged trading to options and perpetual futures.
While the giants like dYdX and GMX lead the sector, there’s a new wave of under-the-radar projects innovating in the derivatives landscape.
With market caps below $1 million, these tokens represent high-risk, high-reward plays with serious upside potential if adoption kicks in. Here are 4 derivatives tokens flying low but worth a closer look.
Deri Protocol ($DERI)
- Unit Price: $0.003782
- Market Cap: $471.7K
- Volume (24H): $88.17K
Deri Protocol operates as a decentralized platform designed for trading crypto derivatives. It is built on open-source technology and is accessible on both the BNB Chain and Arbitrum. This platform caters to traders by offering a broad spectrum of blockchain networks, enhancing the flexibility and reach of its services. Additionally, it integrates a Web3-version of a popular trading visualization tool, enabling users to track and analyze DeFi tokens effectively.
The platform supports a variety of derivatives trading options, including Perpetual Futures, Everlasting Options, Power Perpetuals, and Gamma Swap.
Price Data:
- All-time high was recorded on Feb 12, 2021 at a price unit of $3.77
- All-time low was recorded on Apr 20, 2025 with a price unit of $0.003092
Exchanges: Gate
Govi ($GOVI)
- Unit Price: $0.01324
- Market Cap: $399.72K
- Volume (24H): $59.28K
Govi is a cryptocurrency that functions as a governance token within the CVI protocol and platform. This digital asset plays a critical role in the decentralized governance of the CVI, which stands for Crypto Volatility Index. The CVI platform, powered by the COTI network, offers a unique approach to measuring volatility in the cryptocurrency market, providing users and traders with valuable insights into market dynamics.
As a governance token, Govi enables its holders to participate directly in the decision-making processes that affect the CVI platform. This includes voting on key operational aspects such as which assets are tradable on the platform, the levels of leverage permitted, the minimum deposit requirements, the structure of platform fees, and other significant parameters.
Price Data:
- All-time high was recorded on May 12, 2021 at a price unit of $7.91
- All-time low was recorded on Jun 23, 2025 with a price unit of $0.00836
Exchanges: Gate
Reflexer Ungovernance Token ($FLX)
- Unit Price: $2.70
- Market Cap: $524.94K
- Volume (24H): $60.66K
The Reflexer Ungovernance Token, known by its ticker FLX, serves as the governance token for the Reflexer Finance protocol. This cryptocurrency plays a pivotal role in the ecosystem of Reflexer Finance, primarily focusing on two major functions that are critical to the protocol’s operation and governance model.
FLX will have two different core functions:
Lender of last resort: similar to other models such as the Maker protocol, the RAI system will have surplus and debt auctions. Debt auctions will autonomously mint and auction new FLX in case the system is underwater.
Ungoverning the RAI system: once the vast majority of governance capabilities are completely removed from the system, the community will be able to decide on how, when and if to securely governance minimize any remaining components. FLX will facilitate further ungovernance and allow the community to take decisions on how to remove themselves from discretion over the protocol.
Price Data:
- All-time high was recorded on Nov 16, 2021 at a price unit of $2,694.40
- All-time low was recorded on Apr 09, 2025 with a price unit of $1.15
Exchanges: MexC
Globe Derivative Exchange ($GDT)
- Unit Price: $0.003424
- Market Cap: $546.75K
- Volume (24H): $72.2K
As a second-generation cryptocurrency derivatives exchange, Globe has had time to learn from the missteps of the previous generation Globe has a unique exchange architecture to tackle this – Matching and risk engines run in colocation on high frequency trading hardware – This allows for the entire orderbook to be kept in L3 cache at all times and nanosecond latencies between services yielding faster-than-NASDAQ message processing rates to avoid overloads – Globe also benefits from the huge expense invested into fast connections between major financial data centers like London (LD4) and Tokyo, meaning that Globe can offer superior global lag characteristics and throughput to previous generation exchanges
Price Data:
- All-time high was recorded on May 12, 2021 at a price unit of $2.31
- All-time low was recorded on May 09, 2021.
Exchanges: Gate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
