The missing infrastructure layer for DeFi options market makers
DeFi options are growing. Derive, Aevo, and Hyperliquid have built viable venues. Institutional desks are starting to show up. But the infrastructure that makes serious market making possible — unified risk visibility, cross-venue margin netting, reliable automated hedging — doesn't exist on-chain.
Vanna is building it.
A market maker running options books across Derive and Aevo today faces three compounding problems:
- No unified Greeks. Net delta, gamma, vega, and theta live in separate venues with no aggregation. Risk management means manually reconciling numbers that were stale the moment you pulled them.
- No margin netting. Margin is posted independently at each venue. A delta-neutral position across two venues still requires full collateral at both. Capital that should be working is sitting idle.
- No reliable hedging layer. Delta hedging runs on fragile homegrown bots that break at exactly the wrong moment. Every desk rebuilds the same infrastructure, poorly.
The root cause: DeFi options venues have matured faster than the infrastructure around them. The tooling institutional desks take for granted on Deribit simply doesn't exist on-chain. Nobody has built it yet.
Vanna provides three things:
- Unified Greeks dashboard. Aggregate delta, gamma, vega, and theta across every venue in real time. One number. No spreadsheets.
- Cross-venue margin optimization. Net positions across venues instead of posting margin independently at each one. Free up capital that's working against you.
- Automated hedge execution. Set delta thresholds. Vanna executes the hedge via on-chain perps. No fragile bots to maintain.
Initial venue support: Derive, Aevo, Hyperliquid. Deribit integration on the roadmap.
DeFi options volume has crossed the threshold where institutional market making is viable — but the infrastructure hasn't kept pace. The venues that matter (Derive, Aevo) only reached institutional maturity in late 2024. The market is large enough to justify building the layer, but early enough that no incumbent owns it.
Deribit's acquisition by Coinbase in August 2025 signals institutional appetite for crypto options at scale. The on-chain layer is next.
Vanna is founded by Alex Korbonits. Alex has a background in quantitative finance and software engineering, with deep experience in derivatives markets and blockchain infrastructure. Vanna is being built in close collaboration with active DeFi options desks to ensure the product solves real operational problems before a line of infrastructure code is written.
Vanna is in private beta. We're onboarding a small number of design partners — active DeFi options desks willing to shape the product in exchange for early access and favorable terms.